Search activity for the first quarter of 2015 was up 10% from the prior quarter but down 19.2% from the first quarter of 2014. Global equity searches totaled $30.55 billion, led by AP7's $27.9 billion search for passive global equity managers. Four other mandates totaled $2.65 billion, which would have been the second highest quarterly total since 2010. One highlight was the $580 million University System of Georgia, which is looking for an OCIO.
In hiring activity, nearly $36 billion was at stake for the first quarter, down 27.9% from the previous quarter and down 14.9% from the first quarter of 2014. Several alternative funds raised significant capital in the quarter, including Blackstone Real Estate Partners VIII, which raised more than $1.5 billion. Both the Pennsylvania Public School Employees' Retirement System and Illinois Teachers' Retirement System committed $300 million to the Blackstone fund. Oaktree Capital Group's latest distressed debt funds received more than $1 billion in commitments in the quarter, led by $600 million from the Washington State Investment Board.