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Institutional investors across the U.S. have maintained a strong focus on private credit allocations throughout Q4 2024, with consultants playing a pivotal role in directing these commitments. Major public pensions and retirement systems have partnered with leading advisory firms, such as Meketa Investment Group, RVK, Aksia, and NEPC, to deploy significant capital into diverse private credit strategies. These investments have ranged from direct lending funds to opportunistic credit strategies, reflecting a robust appetite for portfolio diversification and stable returns despite ongoing market uncertainties.
While the involvement of specific consultants in these investment decisions is not always explicitly confirmed in public documents, it is assumed that they provided guidance or assistance based on their role as private equity or general consultants for the respective institutions.
In this article, we highlight the largest public pension commitments to private credit, showcasing the critical role consultants play in identifying and executing these opportunities. By the end, you’ll gain insights into which consultants are steering the largest allocations in this growing sector.
California Public Employees' Retirement Systems
California State Teachers' Retirement System
Maryland State Retirement & Pension System
City of San Jose Police and Fire Department Retirement
State of Wisconsin Investment Board
Quincy Retirement System
Orange County Employees Retirement System
New Mexico State Investment Council
Montana Board of Investments
New York State Common Retirement Fund
Vermont Pension Investment Committee
Wyoming State Loan and Investment Board
Los Angeles City Employees' Retirement System
Virginia Retirement System
New Jersey Division of Investment
Fresno County Employees Retirement Association
Kern County Employees' Retirement Association
Pennsylvania Public School Employees' Retirement
South Carolina Retirement System Investment Commission (RSIC)
Tennessee Consolidated Retirement System
Boston Retirement System
City of Orlando (FL) Police Pension
Howard County Master Trust
Metropolitan Government of Nashville & Davidson County Employees Benefit Trust Fund
New Castle County Employees Pension
Rhode Island State Pension
Seattle City Employees Retirement System
Stanislaus County Employees' Retirement Association
Texas Municipal Retirement System
Ventura County Employees' Retirement Association
Teachers Retirement System of Louisiana
Virginia Retirement System
Minnesota State Board of Investments
San Diego County Employees Retirement Association
Maine Public Employees' Retirement System
Texas County & District Retirement System
Arizona Public Safety Personnel Retirement System
Virginia Retirement System
Florida State Board of Administration
Colorado Fire and Police Pension Association
Kentucky Public Pensions Authority
Illinois Municipal Retirement Fund
San Francisco Employees' Retirement System
Pittsburgh Comprehensive Municipal Pension
Los Angeles Fire & Police Pension System
Milford Pension & Retirement Board
City of Holyoke Retirement Board
Private credit remains a critical component of institutional portfolios, with consultants providing essential guidance on fund selection and strategy. The Q4 2024 allocations underscore the importance of private markets in achieving enhanced returns and mitigating risks amid economic volatility. As the demand for private credit persists, the role of consultants will remain integral in helping public pensions and retirement systems optimize their investment strategies across a wide range of sectors and geographies.
To view more allocations across all asset classes, book a demo of Dakota Marketplace.
Written By: Koncheng Moua, Director of Data Management and Strategy
Koncheng Moua is the Director of Data Management and Strategy at Dakota.
January 08, 2025
September 26, 2024
October 16, 2024
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