September 2026 Public Pension Brief

Highlights from September:

• North Carolina Investment Authority disclosed more than $15 billion in commitments across asset classes, including $2.1B to North Star Investment Holdings, $2B each to BlackRock World REIT and Internal Public Infrastructure, $1.5B to NCL IV Outside Opportunities A, $1.2B to Eagle Tower and Little Sister Road SMA, and $1B each to an A16Z SMA and NC Garnett Infra Staging Portfolio.
• California Public Employees' Retirement Systems reported commitments for the quarter ended March 31, 2026 led by $3B to PIMCO EM Sovereign Bonds Local Currency, $2.996B to GoldenTree Asset Management, $2B to Lazard ACW ex-US Equity Advantage, $1B to Grand Isle Fund, and $872M to Innovation Opportunities II, alongside multiple Thrive Capital X vehicles totaling $950M.
• Florida State Board of Administration disclosed Q2 2026 commitments led by $1B to Discretionary Core Fixed Income, $800M to Two Seventy St. Marks Credit Partners, $500M to Brevan Howard Alpha Strategies, and $465.5M to Black Bear Capital Partners EMD, plus a broad slate of private equity, real estate joint venture, and infrastructure allocations.
• Washington State Investment Board approved $950M in private equity commitments, including $650M to GTCR Fund XV and $300M to CD&R Associates XIII, and recommended an active Emerging Markets Equity strategy with Ashmore funded from the existing passive EM allocation, while Teacher Retirement System of Texas committed $200M each to Artemis Real Estate Partners Healthcare Fund III, BDT & MSD Bluebonnet, and GTCR Fund XV/A&B.
• Virginia Retirement System disclosed commitments including $300M each to GTCR XV and Blue Owl Real Estate Fund VII, $200M each to Apollo Investment Fund XI, General Atlantic SMA II, and ValueAct Strategic Global Fund II, and $150M each to Apollo Manufactured Housing and Kayne Anderson Core Real Estate, while approving the termination of AQR Equity Market Neutral (~$591M) and the closure of Eminence Capital (~$581M).
• Minnesota State Board of Investments and State of Wisconsin Investment Board each reported Q2 2026 slates, with Minnesota committing $300M each to Brookfield Capital Partners VII and Blackstone Energy Transition Partners V and $250M to Strategic Partners X, and Wisconsin committing $353M to DE Shaw WAE CTF, $250M to Artisan International CTF, and $200M each to CC&L CTF and BlackRock GAO; Alaska Permanent Fund Corporation also reported quarter-to-date activity including a $250M credit long/short subscription and a $188M residential property refinance.
• San Francisco Employees' Retirement System approved 2027 pacing plans targeting $1.2B in private equity commitments (20% target allocation) and $500M in real assets (10% target), while Connecticut Retirement Plans and Trust Funds outlined 2027 targets of $600M–$800M across 3–5 infrastructure and natural resources commitments, a pause in 2026 real estate commitments with ~$450M of 2027 re-ups, and a new five-year Hamilton Lane private equity and private credit consulting contract.
• San Diego City Employees' Retirement System proposed a 2027 real estate plan including $150M to 3–4 non-core equity funds and $50M to 1–2 non-core debt funds, and Contra Costa County Employees Retirement Association set a $90M 2027 infrastructure pacing target, while Employees' Retirement System of the City of Milwaukee projected no new private equity commitments over the next 10 years given $490M of uncalled capital.
• Oregon Public Employees Retirement Fund approved Portfolio D as its new long-term policy, adding 7.5% to Credit and 2.5% to Real Assets while reducing Fixed Income by 5%, Dallas Police & Fire Pension System approved a strategic allocation of 60% Equity, 15% Credit, 10% Infrastructure and Other Real Assets, and 15% Core Fixed Income and Defensive Assets, and Vermont Pension Investment Commission reviewed an allocation study recommending a portfolio that moves 4% out of Global Equity; Iowa Public Employees Retirement System said its current allocation remains highly efficient.
• Los Angeles Fire & Police Pension System recommended terminating several U.S. equity mandates by September 30, 2026 and extending core managers through December 31, 2029, New Mexico State Investment Council hired four small cap managers at roughly $300M each, Chicago Teachers' Pension Fund approved RFPs for domestic small cap value and international small cap growth, and New York State Common Retirement Fund terminated Mondrian Investment Partners (~$1.2B), reallocating the assets to cash.
• Alaska Retirement Management Board hired Principal Real Estate, AEW, and TA Realty for core open-end real estate mandates with $100M initial contributions each, Illinois Police Officers Pension Fund named TA Realty and 1 Seed Capital finalists for its $450M non-core real estate mandate, and Ontario Teachers' Pension Plan plans to invest an additional $10B in Canada by year-end 2027, while New York City's pension funds committed $300M to the AFL-CIO Housing Investment Trust and the Comptroller's office recommended presenting $5B in new private market climate opportunities.
• Andrew W. Mellon Foundation appointed Abigail Kahn Archibald as Chief Investment Officer, succeeding Scott Taylor; Brown University Investment Office announced that Jane Dietze will depart December 31, 2026, with Joshua Kennedy succeeding her as CIO and Peter Levine becoming Deputy CIO; and Border to Coast Pensions Partnership appointed Chris Cooper as Head of Real Estate and Luke Baker to lead its local investment programme for Partner Funds.