October's public pension minutes show heavy private markets deployment, led by more than $4.1 billion in private equity commitments at California State Teachers' Retirement System. Plans also approved strategic asset allocation changes, outlined 2027 commitment pacing, advanced active manager searches and terminations, and announced a run of senior investment staff transitions.
Highlights from October:
- California State Teachers’ Retirement System: Private equity commitments for the six months ending June 30, 2026 totaled more than USD 4.1 billion, led by USD 500 million to Strategic Partners X – C (Overage) and USD 400 million each to Francisco Partners VII, Lone Star XIII, and Apollo Fund XI.
- Oregon Public Employees Retirement Fund, Virginia Retirement System, and New Mexico State Investment Council: Oregon committed about USD 1.25 billion, led by USD 308 million to Kirkoswald Global Macro. Virginia committed about USD 1.33 billion, led by USD 400 million to JP Morgan Hybrid Growth. New Mexico SIC committed about USD 1.07 billion, led by USD 225 million to Copenhagen Infrastructure Fund VI.
- Teachers’ Retirement System of the State of Illinois, Pennsylvania PSERS, and Teacher Retirement System of Texas: Illinois TRS committed about USD 1.28 billion, led by USD 500 million to AEW Capital Partners, and proposed up to USD 1.05 billion in FY2027 private debt commitments. PSERS committed USD 650 million, including USD 200 million to Clayton, Dubilier & Rice Fund XIII. TRS Texas committed roughly USD 503 million, led by USD 200 million to EnCap Energy Capital Fund XIII.
- Wyoming State Loan and Investment Board, Nest, and Norges Bank Investment Management: Wyoming approved about USD 1.6 billion in hires, including UBS for two fund-of-one vehicles deploying about USD 915 million over three years. Nest committed £3.5 billion (USD 4.6 billion) to Wellington for active emerging markets equity, replacing its passive approach. Norges committed €1.2 billion (USD 1.35 billion) to Copenhagen Infrastructure VI.
- Alaska Permanent Fund, Arizona State Retirement System, and Pennsylvania SERS: Alaska approved its FY2027 target allocation, raising public equities to 34% (+2) and trimming private equity to 17% (-1). Arizona SRS raised private equity to 15% (+2) and cut private credit to 20% (-2). Pennsylvania SERS lowered private equity from 16% to 14% and real estate from 7% to 3%.
- Hartford, Illinois Police Officers, Contra Costa, Montana, Stanislaus, and Santa Barbara: Hartford approved Mix F, moving 2% from emerging markets to international equity. Illinois Police Officers eliminated its passive U.S. small cap and Treasury allocations. Contra Costa recommended adding a 3% Russell 1000 Growth allocation, Montana proposed moving 1% from domestic to international equity, and Santa Barbara approved no changes ahead of an April 2027 study.
- Missouri DOT & Patrol, Hartford, San Joaquin County, Marin County, and Dallas Police & Fire: Missouri DOT & Patrol projected USD 300 million in 2027 commitments. Hartford is targeting USD 73 million. San Joaquin is targeting USD 180 million in real estate and USD 125 million annually in private equity. Marin County plans about USD 72 million annually to fund-of-funds vehicles. Dallas Police & Fire’s draft plan recommends USD 90 million in private equity for 2027.
- Illinois Municipal Retirement Fund, New Jersey Division of Investment, Sacramento County, DC Retirement Board, and LA Water & Power: IMRF committed USD 320 million across eight funds. New Jersey committed USD 400 million, led by USD 250 million to American Industrial Partners Capital Fund IX. Sacramento County reported USD 300 million in September activity, DC committed USD 275 million, and LA Water & Power committed USD 150 million and removed its USD 100 million Vistria investment.
- Oklahoma Police, San Antonio Fire & Police, Pompano Beach, Louisiana Firefighters, Alameda County, and Ohio BWC: Oklahoma Police narrowed its USD 25 million infrastructure search to Brookfield and IFM. San Antonio named four finalists for a USD 20 million core real estate mandate and launched a non-core search. Pompano Beach and Louisiana Firefighters advanced private debt finalists to interviews, Alameda County will present global equity finalists in February 2027, and Ohio BWC heard high yield presentations from Brigade, KKR, Oaktree, and Oak Hill.
- Baltimore Fire and Police, Fresno, New Mexico PERA, Hartford, and Louisiana Teachers: Baltimore terminated William Blair and approved a USD 300 million minimum investment in Acadian. Fresno recommended up to USD 400 million to GQG and Acadian. New Mexico PERA hired ARGA for a USD 444 million emerging markets ex-China account and redeemed Dorsal Capital Partners (USD 116.1 million) and Rockwood Multifamily. Hartford terminated Walter Scott, and Louisiana Teachers recommended replacing Hamilton Lane.
- Arizona State Retirement System, LACERS, LA Deferred Compensation, Sacramento County, Merced, and Oakland: Arizona SRS appointed StepStone to support Meketa and Callan to support NEPC. LACERS approved a draft general fund consultant RFP and recommended three-year renewals with CenterSquare and Loomis, Sayles. LA Deferred Compensation retained Marsh for five years, Sacramento County expects to pick a consultant in Q1 2027, Merced extended Meketa, and Oakland recommended a five-year Northern Trust extension.
- Teacher Retirement System of Texas, KZVK and VKPB, Ontario Teachers’, Berea College, and Colorado Health Foundation: TRS Texas approved a CIO search after Jase Auby announced his retirement effective January 31, 2027. KZVK and VKPB named Katharina Grisar to succeed Wolfram Gerdes on March 1, 2027. Ontario Teachers’ named Olivia Steedman Executive Managing Director, Teachers’ Venture Growth & Head, Asia-Pacific. Berea College appointed Joshua Shannon as its first in-house CIO, and Colorado Health Foundation named Cecelia Chen managing director for private markets.
