Large Allocations from New York State Common and Connecticut Retirement Plans: Combined commitments of $1.75B to HarbourVest private equity and private credit funds, alongside $300M to Clearlake Capital Partners VIII and $300M to Warburg Pincus Capital Solutions
Washington State Investment Board committed $600M to KKR North America Fund XIV, continuing its sizable private equity allocations
Orange County Employees’ Retirement System targeted $850M across private income and real assets for 2025, with recent commitments to healthcare funds, energy transition, and logistics value-add strategies
Texas Municipal Retirement System made diversified allocations, including $109M to Pioneer Infrastructure Partners II, $50M to Arch Venture XIII, and $100M to WCP NewCold III (Real Estate)
Iowa Public Employees’ Retirement System outlined $2.35B in private markets pacing for 2025, split across private equity, credit, and real assets
Virginia Retirement System adjusted its FY 2025 targets, increasing allocations to private equity and credit strategies, adding new commitments to Pretium Homebuilder Finance Fund ($150M) and Artemis Income & Growth II ($175M)
Private Credit Momentum continued with multiple funds (e.g., Antares Senior Loan Fund III, Blue Torch Credit Opportunities IV, NB Private Debt Fund V) receiving commitments from state and municipal plans
Leadership changes and consultant searches were active, including North Dakota’s new investment consultant (NEPC), and multiple RFPs for international equity, fixed income, and real estate mandates