August 2025 Public Pension Brief

Dakota’s August 2025 Public Pension Brief highlights investment activity across over 350 public pension funds nationwide. Major commitments include Virginia Retirement System’s $2.2B across 13 alternative funds, Florida SBA’s $5.5B+ to private credit and real estate, and New Mexico SIC’s $2.1B+ to venture capital and infrastructure. Private credit continues to lead allocations, with increasing focus on real estate value-add, data infrastructure, and energy transition strategies. Several systems, including Chicago Teachers and Arkansas PERS, updated pacing plans and allocations toward alternatives. Leadership changes and new consultant hires reflect a continued shift in public pension investment strategy and execution.