Massive Private Market Commitments: Public pensions like CalSTRS, CalPERS, Texas TRS, and NY State Common committed billions to private equity, real estate, and private credit, reinforcing strong demand for alternatives.
Real Estate Gains Momentum: Dozens of real estate commitments—especially value-add and opportunistic funds—were recorded, with notable activity from Teacher Retirement System of Texas and NY State Common.
Private Credit Allocations Expand: Michigan, Virginia, Alameda, and others made large allocations to distressed, structured credit, and direct lending funds, signaling a shift toward yield and downside protection.
Pacing Plans for 2025 Launched: Plans such as Orange County, San Joaquin, and Chicago Teachers laid out updated pacing plans for private equity and credit commitments heading into 2025.
Growing Co-Investment Strategies: Multiple pensions, including Indiana PRS and LACERA, emphasized co-investments to reduce fees and gain exposure to high-conviction assets.
Leadership & Consultant Updates: Several staff transitions occurred (Rest Super, Fairfax, Indiana PRS), along with strategic shifts in consultant roles and manager terminations.
Infrastructure & Global Mandates Increase: Infrastructure was a top theme, with commitments from CDPQ, Oregon, Indiana, and others reflecting strong global diversification.
Venture Capital & Secondaries Attract Niche Interest: Select funds like Spark Capital, Antler, and Kline Hill Partners drew support, suggesting pensions remain cautiously active in early-stage and secondary strategies.