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)
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