Analyst Reports

Quarterly Public Pension Allocations Report - Q3 2026

Public pensions committed $64.1B to private markets in Q3 2026. This report covers what the quarter’s commitments looked like by asset class, which managers drew broad support, how the largest systems invest differently from the rest, and what that means for approaching the channel for capital raising.

Key Takeaways

  • Mid-sized plans continue to back many of the same established managers

  • Large allocators want scale and customization

  • CalPERS and North Carolina drove more than 40% of all commitments

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