June 2024 Public Pension Brief

Overview

Dakota's June 2024 Pension Brief tracks investment activity across 1,300+ public pension funds, offering an insider view into $10B+ in commitments. Mega-plans like CalPERS, CPP Investments, and Washington State led the charge, making billion-dollar moves into private equity, infrastructure, and private credit. Major shifts in public equity—like NY State Common's $1.9B reallocation to cash—highlight evolving risk postures. The report uncovers new mandates, pacing plans, manager hires/firings, and allocation strategy shifts across top U.S. and international pensions. Whether you’re raising capital or tracking peer behavior, this report is an invaluable resource for understanding allocator priorities right now.

Highlights From June:

CalPERS deployed over $6B in alternative strategies, including infrastructure, venture, private equity, and global growth co-investments.

Washington State Investment Board made a massive $1.3B in commitments, including $800M to a private equity co-investment fund.
Virginia Retirement System committed $1.2B across real assets, private equity, and private credit.
CPP Investments (Canada) committed $1.8B+ across real estate, PE, and venture capital globally.
New York State Common terminated Baillie Gifford, reallocating $1.9B to cash, signaling a major public equity shift.
Texas TRS and San Francisco ERS approved new private markets and real asset commitments totaling hundreds of millions.
Los Angeles County ERS backed $270M in infrastructure and co-investments.
Private debt, infrastructure, and co-investments continue to dominate commitment trends among large U.S. and global public funds.