November 2024 Public Pension Brief

Overview

Dakota's November 2024 Pension Brief delivers insights from over 1,300 public pension systems, highlighting billions in allocations across private equity, credit, real estate, and infrastructure. Major players like CalPERS, CPP, and Washington State led the way, while smaller plans ramped up 2025 pacing strategies. Real estate and private credit remained top priorities, with rising interest in co-investments and global diversification. Venture capital saw continued support for early-stage AI and healthcare funds. Leadership transitions and consultant changes signaled evolving investment priorities. Download the full report to access exclusive intel on where institutional capital is moving—and how public pensions are positioning for the year ahead.

Highlights from November:

Massive Allocations from Top Pensions: CalPERS, CPP Investments, and the Washington State Investment Board committed billions to private equity, credit, real estate, and infrastructure strategies.
Real Estate Gathers Steam: Across the board, public pensions deployed over $3B into value-add, opportunistic, and debt-focused real estate funds including major commitments from New York State Common, CalPERS, and Texas TRS.
Private Credit Stays in Focus: Oaktree, Sixth Street, Bain Capital, and Blue Owl all received significant allocations, as pensions sought downside protection in an uncertain rate environment.
AI & Venture Still Attract Capital: General Catalyst, Lerer Hippeau, Bonfire Ventures, and Atlas Venture secured large early-stage venture commitments from several state investment boards.
Pension Manager Turnover & Strategy Shifts: AIMCo and STRS Ohio announced leadership changes, while plans like LACERS and Sacramento ramped up 2025 implementation strategies with major pacing plans.
Rising Co-Investment Activity: Several pensions—including New York State Common and Virginia Retirement System—pursued co-investment structures, enhancing fee efficiency and direct exposure.
Global Exposure Expands: Managers across Europe and Asia received capital, from Carlyle Europe and EQT to Copenhagen Infrastructure Partners, showing global diversification trends.
Private Markets Remain Central: Nearly every fund—large and small—focused their pacing plans and reviews on private equity, private credit, and real assets for 2025, reinforcing long-term conviction.