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September 21, 2023

August 2023 Public Plan Commitment Summary

In the month of August, Dakota tracked a total of approximately $12.5 billion across 144 investments. 48 individual pension funds reported commitments during the month.

Top allocators:

Florida State Board of Administration allocated $2.5 billion
Virginia Retirement System allocated $2.1 billion
Oregon Public Employees’ Retirement Fund allocated $1.15 billion
Illinois Municipal Retirement Fund allocated $625 million

Asset Classes: Private Equity took in approximately 49% of commitments, Private Credit maintained second with 23% of commitments, Real Estate took in 14% of commitments, Real Assets received about 6% of commitments.

Sub-Asset Classes: Stemming from the private equity asset class, buyouts made up about 20% of commitments, this includes lower middle market, middle market, and large buyout funds. Energy related private equity funds accounted for 8% of commitments. Also in private equity, it is worth noting that Venture Capital funds made up over 6% of commitments. In private credit, Opportunistic Credit made up 10% of commitments. Opportunistic and Value-add Real Estate totalled 12.5% of total commitments.

Top shifts:

Florida SBA committed $600M to the Lexington Co-Investment Partners Fund VI-F (PE)
Virginia Retirement committed $585M to OHA Oak Hill Syndicated Loan fund (PC)
Minnesota State BOI committed $300M to the Lexington Co-Investment Partners Fund VI (PE)
Virginia Retirement committed $300M to both TA XV and GTCR XIV (PE)

Also of note were four Hedge Fund commitments as we slowly see more activity in this space:

Virginia RS committed $250M was committed to Aksia Totsumen
Illinois TRS committed $100M to Brevan Howard Special Opportunities fund
Kern County ERS committed $30M to Hudson Bay Special Opportunities Fund
San Jose Federated committed $10M to Unifi Capital K India Fund

Terminations:

NY State Common Retirement terminated the Rock Creek Adirondack Emerging Markets Fund ($566M)
Oklahoma TRS terminated the Wellington International Quality Growth as part of the international equity structure change
St. Louis Public School Retirement approved the full liquidation of the Xponance fixed income account ($11M)
Kansas PERS approved the full liquidation of the SSgA international equity account ($652M). Funds reallocated equally to current four managers
Idaho PERS terminating the Genesis Emerging Markets account
North Dakota State Investment Board is terminating the Axiom Emerging Markets account. Funds will be reallocated to the DFA EM Portfolio
Sacramento County ERS is terminating Third Point Partners Qualified ($59M) and the Brookfield Diversified Real Assets Strategy ($108M)
LA Fire & Police is terminating DFA and Harding Loevner after the approval of eliminating the 5% allocation to emerging markets
Austin Firefighters Retirement is terminating the Sanderson International Equity account - Sanderson intends to close business operations by year end
Virginia RS is terminating the Beach Point Credit Separate account ($628M)