July 2025 Public Pension Brief

July's Public Pension Brief reflects continued broad deployment across private equity, private credit, infrastructure, and venture capital, alongside a wave of consultant search outcomes, OCIO and leadership transitions, and manager terminations tied to underperformance. Flagship plans including Teacher Retirement System of Texas, New York State Teachers, LACERA, and San Francisco Employees' Retirement System drove significant commitment volume, while several plans advanced strategic asset allocation reviews and pacing plans ahead of fiscal year 2027. Personnel and governance changes were also prominent this month, from CIO retirements to major restructurings at international funds, alongside continued activity from CPP Investments, OMERS, Border to Coast, and other non-U.S. plans.

Highlights From July:

CalPERS appointed Justin Scripps as Managing Investment Director of Global Fixed Income, where he will oversee the fund's $175 billion global fixed income portfolio after previously leading private debt investments.
Los Angeles County Employees' Retirement Association ($88B) committed $220M to Kingswood Capital Opportunities Fund IV and $100M to Kingswood Capital Opportunities Small Cap Fund I.
Teacher Retirement System of Texas ($211.6B) approved eleven commitments spanning private equity, venture capital, real estate, and real assets, including $115M to Axcel VIII K/S 2 and $100M to Trinity Hunt Partners Fund VIII.
New York State Teachers Retirement System ($143B) committed $134M to Phoenix Equity Partners Insight Fund III, $100M to Valor Equity Partners VII, and $150M to Turning Rock Partners Fund IV, while renewing contracts with nine existing managers.
San Francisco Employees' Retirement System ($41B) approved eight new commitments across private credit, private equity, and infrastructure, and terminated its $276M investment in Select Equity Group's Baxter Street strategy.
Denver Employees Retirement Plan selected Cambridge Associates as OCIO following an 18-month review, replacing NEPC's non-discretionary model ahead of CIO Randall Baum's retirement on October 1, 2026.
OMERS ($133.6B) restructured its investment leadership, appointing Michael Hill as Global Head of Infrastructure and Private Equity and Scott McIntosh as Global Head of Equities and Multi-Asset Strategies, both reporting to CEO Blake Hutcheson.
CPP Investments ($570.1B) committed US$1.75 billion to EQT's AI infrastructure strategy, led by EdgeConneX, expanding its global digital infrastructure exposure.
Kansas Public Employees Retirement System ($32B) approved a new five-year contract with Meketa as general consultant and committed $150M to IFM Global Infrastructure and $135M to CD&R Fund XIII.
Pennsylvania State Employees Retirement System ($38.7B) committed $150M to TJC Resolute Fund VII and approved transitioning a $2 billion international small cap mandate to a passive Russell 3000 strategy.
New Mexico Public Employees Retirement Association terminated its ~$378M AllianceBernstein Global Core Equity account, approved selling its EnCap Energy Capital interests, and committed to General Catalyst XIII Venture and a $100M top-up to ITE Diversified Transportation.
Border to Coast ($160B LGPS Pool) announced Kent Pension Fund will take over as Joint Committee secretariat from South Yorkshire Pensions Authority, part of the broader LGPS Fit for the Future reorganization.