January 2026 Public Pension Brief

Highlights from January:

New York State Common Retirement Fund approved more than $2.3B in commitments across international equity, private equity, and real estate, including $700M each to Earnest Partners International Equity and Schroder International Equity Alpha, $300M to NYSCRF NB Co-Investment Fund III, and $300M to Artemis Real Estate Partners Healthcare Fund III, while also terminating a $2.6B Goldman Sachs public equity mandate.
Texas Municipal Retirement System disclosed over $1.4B in new allocations across private credit, real assets, private equity, infrastructure, and hedge funds, highlighted by $600M to LibreMax Structured Credit Fund, $200M to MW TOPS World Equities, $150M to PIMCO Specialty Finance Income Fund, and approximately $130M to ERA Blade Continuation Fund.
Minnesota State Board of Investment outlined a $4.3B private markets pacing plan for 2026, including $3.0B to private equity, $500M to private credit, and $300M each to real estate and real assets, signaling continued large-scale deployment across alternatives.
Maryland State Retirement & Pension System committed $325M across private equity buyout strategies, including $125M to Great Hill Equity Partners IX and $100M to HG Saturn 4, alongside a $25M allocation to Galvanize Real Estate Fund I.
Connecticut Retirement Plans and Trust Funds approved one of the largest pacing frameworks disclosed in January, targeting $2.75B each for private equity and private credit in 2026, $1.15B for real estate, and $800M for infrastructure and natural resources.
Teachers Retirement System of Texas approved approximately $1.1B in commitments across private equity, real estate, venture capital, and infrastructure, including $350M to Cerberus Proper Partners, $200M to Carlyle Global Infrastructure Opportunity Fund II, and multiple middle-market buyout funds.
Los Angeles County Employees’ Retirement Association approved new private equity and real estate allocations, including $150M to Dragoneer Opportunities Fund VII and $50M to a Partners Group real estate co-investment, while also expanding its emerging manager platform with up to $400M programs for real estate and real assets.
Ontario Teachers’ Pension Plan announced the appointment of Jenny Hammarlund as Executive Managing Director of Real Estate, tasking her with leading the global real estate portfolio and strategy beginning January 2026.
Texas Teachers Retirement System, San Bernardino County Employees’ Retirement Association, and Ohio Police & Fire Pension Fund each disclosed updated 2026 pacing plans spanning private equity, private credit, real estate, and infrastructure, with individual targets ranging from $155M to over $735M.
Multiple public plans announced senior leadership changes, including Tom Masthay named CIO at Texas Municipal Retirement System, Monte Tarbox appointed interim CIO at New York City Comptroller’s Office, and Karl Cheng named CIO of the Wyoming State Treasurer’s Office.