January 2024 Public Pension Brief

Overview

Dakota's January 2024 Pension Brief delivers insights from over 1,300 public pension plans, featuring $130B+ in new allocations and investment strategy shifts. With major commitments to private equity, infrastructure, and credit strategies, the brief reveals institutional interest in co-investments and emerging managers. Staffing updates and CIO transitions at major systems like CalSTRS and Ontario Teachers’ highlight organizational evolution. You'll also find details on upcoming manager searches, rebalancing decisions, and asset allocation overhauls that signal the direction of pension capital in early 2024.

Highlights from January:

$130B+ in new pension fund allocations across private equity, credit, real estate, and infrastructure strategies.
Major moves in real estate with Stonepeak, Carlyle, and Blackstone securing significant mandates.
CIO transitions at CalSTRS and the Church Commissioners for England signal evolving leadership at top institutions.
Tactical rebalancing from Ohio PERS and Stanislaus County indicate shifting risk preferences.
Real assets surge with multiple funds — Connecticut, Rhode Island, and NYC systems—investing in infrastructure and farmland.
Active manager churn: Multiple terminations and hires in small-cap, mid-cap, and international equity sleeves.
Robust search activity, including fixed income, real assets, international equity, and custodial mandates.
Big bets on private credit: TCDRS, Michigan, and New Mexico lead with sizable commitments to direct lending and special situations.