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.