Private equity mandates defy cautious mood

• Adia, Pennsylvania PSERS, New Mexico SIC allocating capital
• Private equity being hit by rising rates, less dealmaking
• Harvard cautious on slower repricing in privates

Private equity: hard-to-access investments facing weaker returns as rates rise and storm clouds gather, or a safe haven which will protect capital until the outlook improves?

It is a question dividing the industry. After record fundraising last year, there has been much talk of weaker returns, muted dealmaking and the rise of continuation funds, a phenomenon which jars with the fiercely competitive, gain-and-move-on nature of PE.