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CVC Capital Partners VIII is targeting just under $19bn.
The request comes as recent public market volatility has caused the pension's value to drop over $3bn.
Across the private equity industry, the impacts of the pandemic-spurred economic downturn are being felt in dealmaking, which has slowed or paused fundraising processes while LPs work to understand the status of their portfolios.
The increased estimated fees are due to greater commitments in the space, and do not include performance fees.
If Gryphon Partners VI meets its $2.7 billion goal, it will be the largest fund in the San Francisco private equity firm’s 25-year history.
LPs have reported frequent and broad communication from GPs, who are keeping fund investors updated on the status of portfolio companies, vulnerable spots, and actions GPs are taking to defend investments.
LPs may be better served to make sure they have liquidity elsewhere in their portfolio before making drastic changes to their private markets allocations.
A massive calling of the credit facilities by banks would lead to GPs calling down huge amounts of capital from LPs, who are already dealing with cratering public equity portfolios. This would be a nightmare scenario. 
The fund entered into its second co-investment vehicle with asset manager Neuberger Berman.
Avy Stein, Cresset Capital, opportunity zones
"The most important thing is to have a plan and stick with the plan. Nobody knows how this is going to play out. Let's not shoot all our bullets at one time.”
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