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Dakota’s May 2025 Public Pension Brief highlights investment activity from over 1,300 public pension funds nationwide. This edition captures billions in new commitments across private equity, private credit, venture capital, real estate, and infrastructure. Notable allocations include CPP Investments’ $1B+ to Nordic Capital, Blackstone Asia, and Trident X, CalSTRS’ multiple large buyout and co-investments, and Kansas PERS’ $140M to Brookfield Super-Core Infrastructure. Venture capital and private credit continue to gain momentum, while several funds adjusted equity allocations and launched new manager searches. Leadership changes and consultant appointments suggest evolving strategies shaping future public pension investment decisions.
Significant Private Equity Commitments Across Plans: Large allocations were made to major buyout funds:
CPP Investments committed over $1B across Nordic Capital XI (€460M), Blackstone Asia III ($300M), and Trident X ($200M)
California State Teachers' Retirement System (CalSTRS) disclosed multiple 2024 investments, including $350M to Summit Partners Growth Equity XII, $250M to Thoma Bravo Fund XVI, and several co-investments
Private Credit Activity Remains Strong: Many plans increased exposure to private credit:
Teachers’ Retirement System of Oklahoma committed $400M to new private credit funds (Private Credit Fund O LLC and KKR Scissor-Tail)
Rhode Island State Pension added $33M to TPG AG Asset Based Credit Evergreen Fund
Infrastructure and Real Assets Continue to Gain Traction: Plans expanded their infrastructure portfolios:
Kansas PERS committed $140M to Brookfield Super-Core Infrastructure Partners
NEST (UK) committed €530M ($596M) to a new infrastructure debt fund with IFM Investors
Venture Capital Allocations Rising: Venture capital continues to see attention:
Los Angeles County Employees' Retirement Association invested $150M in early-stage funds (Primary Select Fund IV, PVP Fund V)
Teacher Retirement System of Texas allocated $60M to Altimeter and $55M to Radical Ventures IV
Shift Toward Active Equity Management: The New Mexico State Investment Council is moving its U.S. public equities portfolio from 32% active to 50% active, increasing manager diversification and tracking error targets
Multiple Consultant and Manager Searches Underway: Several public pension funds launched RFPs or manager searches:
Oklahoma Police Pension issued an RFP for a new investment consultant
Arkansas PERS shortlisted six managers for an infrastructure secondaries mandate
Asset Allocation Adjustments: Strategic changes included:
Arizona PSPRS shifting domestic equity to 27% (+3%) while trimming global private equity and fixed income
Memphis Light, Gas & Water Corp reduced real estate exposure from 18% to 14%, increasing global fixed income
Leadership Changes Signaling Future Shifts
Texas Municipal Retirement System appointed John Ritter as Head of Real Assets
Rest Super (Australia) announced Michael Clancy as new CIO, starting August 2025
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