November 2025 Public Pension Brief

Overview

Public pension investment activity remained steady through November, with continued momentum in private credit and private equity allocations. Major pension systems such as CalPERS and Florida SBA drove activity with billion-dollar commitments, while others focused on refining manager rosters and consultant mandates. Asset allocation and risk management strategies also came into focus, with several funds signaling forward-looking shifts into 2026. Globally, international plans added infrastructure and real assets exposure, and staffing updates continued across multiple systems.

Highlights from November:

CalPERS approved multiple billion-dollar mandates, including $2B each to CC&L Q International Equity, Columbia Threadneedle Global ex-US, and Lazard ACW ex-US Equity, along with over $5B in new commitments to private credit and private equity vehicles managed by Ares, Sixth Street, Blackstone, and Carlyle.
Florida SBA made major Q3 private credit allocations, including $400M to Ardian European Private Credit Strategies II and $400M to Bridgepoint Credit FSBA SMA. The system also allocated $500M each to multiple EMD strategies.
CalPERS unveiled a major strategic shift to adopt a Total Portfolio Approach, replacing its traditional asset allocation framework with a more holistic performance-driven model by July 2026.
SWIB (Wisconsin Investment Board) proposed FY2026 allocation changes, including a reduction in public equity and leverage exposure, and the elimination of long-duration Treasuries from its portfolio.
Indiana Public Retirement System placed seven investment managers on watch, including Baillie Gifford, Artisan, William Blair, and Oaktree.
Colorado PERA reappointed Aon as its general investment consultant following a competitive review.
Maryland SRPS announced the appointment of Dianne Sandoval as Chief Investment Officer, effective January 2026.
Texas Teachers (TRS) approved $725M in commitments across private equity and real estate strategies.
CPP Investments (Canada) committed over $2B across infrastructure, real estate, and PE in Q2, with allocations to Great Hill Partners, KKR Global Infrastructure, and Blue Owl Real Estate Fund VII.
France’s FRR selected Mercer, AXA Investment Managers, and Amundi to manage equity overlay and passive mandates.