June 2026 Public Pension Brief

Overview

June's Public Pension Brief reflects broad and sustained deployment activity across private credit, infrastructure, and private equity, with several large plans completing mid-year strategic asset allocation reviews and pacing plan updates ahead of fiscal year 2027. Major commitments from flagship plans including Teacher Retirement System of Texas, CalPERS, Washington State Investment Board, Virginia Retirement System, and New York State Common drove volume, while a notable wave of manager terminations — primarily in public equity due to underperformance and organizational changes — signals continued portfolio rationalization across the channel. International plans including CPP Investments, Border to Coast, NEST, and Rest Super also contributed meaningful activity, alongside a number of leadership appointments at both domestic and international funds.

Highlights from May:

Illinois Municipal Retirement Fund committed $250M across private infrastructure (J.P. Morgan and Macquarie Global) and $225M in private credit (Manulife Comvest, Turning Rock Fund IV), while approving a full redemption from Brown Capital Management's $100M International Equity portfolio due to underperformance and personnel changes.
Teacher Retirement System of Texas ($211.6B) made over $970M in commitments spanning real estate ($460M across BDT & MSD, Amperage Industrial, and TSRE Coinvest VI), private equity ($310M), and energy-focused strategies including Blackstone Energy Transition Partners V and a Blackstone co-invest.
Virginia Retirement System ($132B) deployed across real assets, infrastructure, and private equity with commitments totaling over $1.1B, while also terminating a $187M farmland account and hiring PIMCO for a $500M multi-strategy mandate. The board recommended FY2027 target allocation shifts reducing private equity by 1% and increasing diversifying strategies by 1%.
California Public Employees' Retirement Systems ($627.7B) disclosed Q4 2025 commitments totaling several billion dollars across fixed income, hedge funds, private credit, and an extensive private equity co-investment program spanning more than 30 vehicles.
South Carolina RSIC ($53.9B) approved $575M in new private equity commitments including Brookfield Capital Partners VII ($100M), Kingswood Capital Opportunities Fund IV ($100M), and Barings Blue Ridge Fund ($250M in private credit-direct lending).
Orange County Employees Retirement System committed over $660M across 10+ vehicles including Ares Pathfinder III ($200M), Altor Fund VII, General Catalyst Group XIII, and multiple Main Capital vehicles, while adding Schroders Value Core Fund to the watch list.
Teachers' Retirement System of the State of Illinois ($76.8B) made 14+ commitments spanning private equity, real assets, infrastructure, and private credit, including a $400M international equities mandate to Connor, Clark & Lunn and Northern Trust Global Equity.
San Diego County Employees Retirement Association approved FY2027 asset allocation changes shifting 3% out of liquid equity, increasing risk-reducing fixed income from 21% to 23%, and raising return-seeking fixed income from 7% to 8%.
School Employees Retirement System of Ohio (OHSERS) approved notable asset allocation changes including reducing real estate by 6% (to 7%), increasing infrastructure by 3% (to 10%), and adding a new 3% gold allocation, alongside appointing a new executive director from Mississippi PERS.
Pennsylvania Public School Employees' Retirement engaged Cerity Partners (post-merger with Verus) as its new general investment consultant and approved hiring BNY Investments to manage up to $25 billion in passive public equity portfolios.
Rest Super (Sydney, $105B) appointed Andy Moser as Head of CIO Office, while Border to Coast (Leeds, $160B) added AllianceBernstein to its £4.9B Global Equity Alpha Fund, and NEST ($82B) committed £200M to IFM Investors' NextGen Infrastructure Credit Strategy targeting climate technology and infrastructure.
Vermont Pension Investment Commission completed a comprehensive asset allocation review targeting 44% global equities, 11% private equity, and 11% private/alt credit, while Kentucky Public Pensions Authority outlined a 2027 private equity pacing target of $500M across buyout, venture/growth, and distressed debt.

Download the Full Report PDF

June 2026 Public Pension Brief

Overview

Highlights from May:

Related Reports, Briefs & Ebooks

December 2024 Public Pension Brief

May 2026 Public Pension Brief

December 2025 Public Pension Brief

Address

Products & Services

Resources

Podcasts

Events

Company