July 2024 Public Pension Brief

Overview

Dakota's July 2024 Pension Brief features investment actions from over 1,300 public pension funds, including major allocation updates, search activity, and new consultant relationships. Florida SBA and New York Common led with billions deployed across private equity, credit, and infrastructure. Texas TRS, Connecticut, Alaska, and San Francisco plans followed with sizable alternative investments. Key themes include expanding real asset programs, scaling private credit, and embracing secondaries and co-investments. With over 100 pages of sourced minutes, this roundup offers unmatched visibility into how the nation’s largest pensions are positioning in today’s market. A must-read for asset managers and allocators alike.

Highlights from July:

Florida SBA committed over $4B across private equity, credit, real estate, and emerging markets—its most active quarter to date.
New York Common deployed $1.6B+, including €700M to European infrastructure via Copenhagen Infrastructure and Stonepeak.
Texas TRS approved $330M in diversified alternatives, including real assets, PE, and venture capital.
San Francisco ERS set 2024 targets of $1B for PE and $600M for real assets, expanding international and co-investment exposure.
Connecticut CRPTF allocated $450M across Insight Partners and Hollyport secondaries.
Alaska Permanent Fund listed 20+ alternative commitments totaling billions—including PE, infra, and hedge fund moves.
Massachusetts Water plans $24M in private credit in 2024 per its pacing model.
Private credit and real estate continue to dominate allocation trends across nearly every major U.S. public fund.