Virginia Retirement System committed over $2.2B across 13 alternative funds, including $400M to Ardian Secondaries Fund IX, $300M to HPS Strategic Investment Partners VI, and $300M to Lexington Partners X, signaling a continued push into private equity, credit, and secondaries.
Florida State Board of Administration (SBA) allocated $5.5B+ across private credit and real estate, including $1.3B to Ares Pathfinder II, $800M to Real Estate Co-Investments, and $700M to Ares Senior Direct Lending Fund IV.
New Mexico State Investment Council committed over $2.1B, with major allocations to TPG Rise Climate Fund II ($300M), Global Infrastructure Partners V ($300M), and Lightspeed Venture Partners XV ($100M).
Private credit remains a top priority, with large commitments to Hayfin Origin Fund II, Silver Point Specialty Credit Fund III, and Blue Owl Credit, reflecting demand for opportunistic and direct lending strategies.
Venture capital allocations surged, with recurring commitments to Khosla Ventures X, Lightspeed XV and Select V, and StepStone VC Partners, notably from Texas County & District, Delaware PERS, and New Mexico SIC.
Infrastructure and digital real assets strategies gained momentum, including $100M+ commitments to Palisade Infrastructure Fund IV, IFM Global Infrastructure Fund, and DigitalBridge Partners III.
Asset allocation updates included Arkansas Teacher Retirement System raising private equity pacing to $700M annually, and Chicago Teachers approving new pacing plans across PE, VC, credit, and infrastructure.
Leadership and consultant activity featured California State Teachers’ Retirement System announcing a CIO transition, and multiple consultant searches across real estate, private markets, and international equity strategies.