August 2024 Public Pension Brief

Overview

Dakota's August 2024 Pension Brief features strategic moves from over 1,300 public pension systems, spotlighting billions in new allocations across private equity, credit, real estate, and global equities. Major highlights include Massachusetts PRIM’s $3B+ in approvals, CPP Investments’ $1B+ in alternatives, and New Jersey’s diversified $750M deployment. CDPQ reinforced local commitments with a $600M mandate to Fiera Capital, while Virginia and Texas systems leaned into direct lending and real assets. With detailed pacing plans, consultant updates, and emerging manager activity, this report delivers unmatched insights into where institutional capital is flowing—and how public plans are positioning for the year ahead.

Highlights From August:

Massachusetts PRIM Approves $3B+ in Allocations: Major moves into international equities and private credit, with $400M each to three international equity managers and over $2B committed across five private credit strategies.
New Jersey Div. of Investments Commits $750M+: Diversified commitments into private credit, hedge funds, secondaries, and growth equity—including $300M to GCM Grosvenor’s emerging manager platform.
CDPQ Allocates $600M to Fiera Capital: The Canadian giant is doubling down on its commitment to Québec-based managers with this new mandate for global fixed income and equity strategies.
New York State Teachers’ Retirement System Plans $3.4B for 2025: Strategic pacing recommendations include increased focus on small/mid buyouts and niche funds in North America.
CPP Investments Commits $1B+ in Alternatives: Includes $600M to Thoma Bravo XVI and €500M to Blackstone Real Estate Partners Europe VII. Also announces new global head of private equity.
Virginia Retirement System Commits Over $1.6B: Large-scale commitments in real estate, private equity, and multi-asset strategies, including $750M to GCM Grosvenor VRS VI.
Texas County & District Adds $200M in Direct Lending and CLOs: Reflects growing interest in income-generating private credit strategies amid shifting market dynamics.
Over 100 Fund Updates and Allocations Across the U.S. and Canada: The brief aggregates activity from pensions managing over $5 trillion, covering everything from RFPs and terminations to manager searches and strategic reviews.