While shifting PE mandates, Marin County debates more direct involvement in private equity - PEI Private Equity

PEI reports that a California pension has relied on a pair of funds-of-funds managers, Abbott and Pathway, to make investments in its private equity portfolio since the program began roughly two decades ago. The article, written by Brett Johnson and published on February 11, 2026, places this arrangement against a backdrop of shifting private equity mandates at the fund.

Alongside those mandate changes, the pension is debating whether to take a more direct role in private equity investing rather than continuing to depend primarily on intermediary fund-of-funds managers. PEI's coverage is framed around that internal discussion and the implications of moving from an indirect to a more direct approach.

The original report is brief, and this summary reflects the core facts available in it. Readers seeking the specific allocation sizes, performance figures, or the outcome of the debate should consult the full PEI article.