April 2024 Public Pension Brief

Overview

The April 2024 Pension Brief delivers a detailed breakdown of investment activity from over 1,300 public pension systems, spotlighting billions in commitments across private equity, credit, real estate, and infrastructure. Major allocators like CalPERS, NY State Common, and Texas TRS made large moves into secondaries, buyouts, and core real estate, while others updated 2024 pacing models. The report also captures shifts in emerging manager platforms, consultant hires, and asset allocation rebalancing. With data-rich insights into current deployment trends and forward-looking strategies, this brief is a must-read for managers, allocators, and consultants navigating today’s institutional capital landscape.

Highlights From April:

CalPERS leads again, committing over $2.8B to private equity, real estate, and secondaries, including allocations to Advent, Insight, and Landmark.
New York State Common made $1.7B in commitments, including real estate, international buyouts, and infrastructure via EQT and Harrison Street.
Texas TRS backed multiple private equity and private credit funds with a combined value exceeding $1.2B.
Washington State Investment Board committed nearly $1B, reinforcing continued support for global alternatives and co-investments.
Emerging manager activity expanded with new programs and platforms launched or reviewed in California, New Jersey, and Illinois.
Real estate strategies gained traction, with funds like LaSalle and Stockbridge securing new capital across value-add and core-plus mandates.
Co-investments and secondaries in focus, as multiple pensions emphasized enhanced exposure to LP-led deals and fee-efficient structures.
Consultant updates and RFP activity were active, with more than a dozen firms being reviewed, reappointed, or replaced across equity, fixed income, and real assets.