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.