New York State Common Retirement Fund committed over $1.1B to private equity and credit, including $300M to Thoma Bravo Fund XVI, $150M to GenNx360 Capital Partners IV, and $200M to WCP NewCold (Real Estate)
Connecticut Retirement Plans allocated $1.2B across private markets, including $300M to Crescent Private Credit, $250M each to HarbourVest Infrastructure and Palistar Digital Infrastructure, and $200M to Reverence Capital PE Opportunities IV
Texas Teacher Retirement System committed over $900M to real estate and growth equity, including $250M to Blue Owl Real Estate Fund VII and $200M to MSD Hospitality Partners
Private credit and structured debt continue to gain traction, with commitments to funds such as Atlantic Park Strategic Capital III, Hayfin HOF II ($150M), and HPS Strategic Investment Partners VI ($100M)
Venture capital allocations rose, highlighted by multiple commitments to Khosla Ventures IX, DCVC VII, CRV XX, and StepStone VC funds from Texas County & District, Delaware PERS, and others
Infrastructure and real assets pacing plans were expanded, with Kansas PERS allocating $210M to timberland and $95M to IFM Global Infrastructure, while Arkansas PERS and San Antonio Fire & Police targeted new secondaries and core infrastructure funds
Strategic asset allocation reviews were active across plans like San Diego City Employees’ Retirement System and San Antonio Fire & Police, with shifts increasing private credit, private equity, and infrastructure while trimming public equities
Leadership and consultant changes included CalPERS naming a new Managing Director of Private Debt, Oregon PERS appointing a new Director of Private Markets, and multiple ongoing RFPs for private markets and international equity mandates