Over $13 billion in new commitments across asset classes, including CalSTRS, NYSTRS, and WSIB, showcasing strong continued deployment by major pensions.
Emerging markets under pressure: Several plans reduced or eliminated EM allocations, favoring U.S. small-cap and developed international equity.
Private equity dominates: Numerous buyout and co-investment mandates were approved, including $750M in pacing from ERS Texas and major allocations by Connecticut and Massachusetts PRIM.
Major real estate reallocations: LACERS and LACERA approved detailed pacing plans targeting core, value-add, and opportunistic strategies, while CalSTRS adjusted RE weightings.
Infrastructure remains hot: Commitments to funds like KKR Global Infrastructure V, Partners Group, and SDC Capital highlight continued institutional interest.
Private credit momentum grows with mezzanine, distressed, and direct lending strategies receiving substantial allocations from Florida SBA, OPERS, and Connecticut.
Staff and consultant updates: Several systems, including CalSTRS and Teacher Retirement System of Texas, announced leadership changes in CIO and deputy roles.
Manager terminations and RFPs signal movement: Multiple RFPs launched for consultants and asset managers, with over a dozen manager changes tracked.