Institutional investors continued to deploy capital into private equity in Q1, with investment consultants playing a central role in guiding allocation size, strategy mix, and manager selection. Against a backdrop of selective deal activity, tempered distributions, and ongoing portfolio rebalancing, consultant-led commitments underscore private equity's enduring role as a core portfolio allocation for long-term growth, diversification, and alpha generation.
Across the quarter, consultants steered capital toward a broad range of private equity strategies, including large and middle market buyouts, lower middle market buyouts, growth equity, secondaries, co-investments, and specialized sector-focused funds. Large public pension systems anchored much of the activity, pairing sizable commitments to flagship buyout funds with targeted exposure to co-investment vehicles and niche growth equity managers. The data reflects a continued emphasis on manager selection, strategy diversification, and co-investment participation as investors navigate a more disciplined dealmaking environment.
Quarter-in-Review: Consultant Influence & Allocation Activity
During Q1, consultants including Meketa Investment Group, StepStone Group, Hamilton Lane, Albourne, Grosvenor, Callan Associates, Aksia, NEPC, Mercer, and Cambridge Associates collectively guided more than $27 billion into private equity commitments. Allocation activity spanned commingled funds, co-investment vehicles, and secondaries, with large and middle market buyouts capturing a significant share of capital alongside growing interest in growth equity and GP-led secondary transactions.
For sales teams and managers tracking institutional demand, consultant-led private equity allocations continue to offer some of the clearest signals into how pensions are positioning portfolios for long-term growth and risk-adjusted returns. As consultants maintain a strong influence over pacing and portfolio construction, private equity remains a foundational pillar within institutional private markets allocations.
Want clearer insight into how consultants and pensions are allocating private equity? Book a demo of Dakota Marketplace to track consultant-led commitments and manager activity.
1. Meketa Investment Group: $11.20B
California Public Employees' Retirement Systems – $9.462B
- Blackwell Capital Partners II, L.P. – Lower Middle Market Buyout
- Rubicon Partners – Middle Market Buyout
- Nordic Bear II SCSp – Co-Investment Private Equity
- Newbury Ridge Investors – Secondary Private Equity
- Hornet Co-Invest – Co-Investment Private Equity
- CA Co-Investment II Limited Partnership – Co-Investment Private Equity
- Roark CApital Partners VII – Large Buyout
- Advent International GPE XI SCSp – Large Buyout
- TPG Partners X – Large Buyout
- Crosspoint Capital Partners Fund II – Growth Equity
- BPEA Private Equity Fund IX (No. 2), SCSp – Middle Market Buyout
- Arlington Capital Partners VII – Middle Market Buyout
- 2SP I L.P. – Private Equity
- Whitney Global Partners II – Growth Equity
- PGSF VIII USD Feeder (Delaware) LP – Growth Equity
- MFC Select III, L.P., Delaware Limited Partnership – PE Fund of Funds
- Corps of Discovery LP – Growth Equity
- Clearlake Capital Partners VIII – Middle Market Buyout
- Blackstone Capital Partners Asia III – Growth Equity
- ChrysCapital X – Lower Middle Market Buyout
- Verdane Freya XII (D1) AB – Middle Market Buyout
- Triton Fund VI – Middle Market Buyout
- North Sea Partners – Middle Market Buyout
- Coastal Pacific Partners – Growth Equity
- Hg Saturn 4 A L.P. – Growth Equity
- GC Ferry Co-Invest I, L.P. – Co-Investment Private Equity
- Bain Capital Insurance Fund II – Middle Market Buyout
- NM Pacific – Growth Equity
- Hg Genesis 11 A L.P. – Growth Equity
- Niobrara Founders Fund – Middle Market Buyout
- Carmel Co-Investment – Co-Investment Private Equity
- Blackwell Capital Partners – Middle Market Buyout
- BjorkTree AB – Middle Market Buyout
- Advent Global Technology III SCSp – Large Buyout
- Gorseway Park PE – Middle Market Buyout
- Prelude Growth Partners III – Growth Equity
- Hg Mercury 5 A L.P. – Lower Middle Market Buyout
- Patient Square Equity Partners II – Middle Market Buyout
- Otro Capital Fund I-A – Middle Market Buyout
- Hedosophia Partners VI – Early Stage
- Forecastle, L.P. – Middle Market Buyout
- JSC Capital Partners, L.P. – Growth Equity
- WCAS Blackjack Co-Investment – Co-Investment Private Equity
Oregon Public Employees Retirement Fund – $1.13B
- TPG Partners X – Large Buyout
- Francisco Partners VIII, L.P. – Large Buyout
- TPG Healthcare Partners III, L.P. – Middle Market Buyout
- Francisco Partners Agility IV – Middle Market Buyout
District of Columbia Retirement Board – $316M
- CapVest Equity Partners VI – Middle Market Buyout
- Updata Partners VIII, L.P. – Growth Equity
- Quantum Energy Partners IX – Large Buyout
Teacher Retirement System of Texas – $175M
- Cerberus Verne Investor – Middle Market Buyout
- Lapis Investors LP – Growth Equity
Metropolitan Government of Nashville & Davidson County Employees Benefit Trust Fund – $60M
- Updata Partners VIII, L.P. – Growth Equity
- Axiom Asia Opportunity Fund II – Middle Market Buyout
Illinois Firefighters’ Pension Investment Fund – $33M
- KKR North America Fund XIV – Large Buyout
Fairfax County Educational Employees’ Supplementary Retirement System – $17.5M
- Quantum Energy Partners IX – Large Buyout
- Updata Partners VIII, L.P. – Growth Equity
St. Paul Teachers’ Retirement System – $10M
- Franklin Park Corporate Finance Access Fund III – Lower Middle Market Buyout
- BVIP Fund XII, L.P. – Middle Market Buyout
2. StepStone Group: $4.1B
State of Wisconsin Investment Board – $1.444B
- Blackstone Tactical Opportunities Fund V L.P. – Middle Market Buyout
- Updata Partners VIII, L.P. – Growth Equity
- T-X Badger Co-Invest LP – Large Buyout
- Merit Capital Fund VIII – Lower Middle Market Buyout
- JMI Equity Fund XII-A – Growth Equity
- Blackstone GP Stakes III L.P. – Secondary Private Equity
- Hg Genesis 11 – Middle Market Buyout
- Shamrock Capital Content Fund IV – Growth Equity
- SCF IV Bucky Co-Invest – Co-Investment Private Equity
- Ridgemont Equity Partners V – Middle Market Buyout
- Gemspring Growth Solutions II, L.P. – Lower Middle Market Buyout
- Hg Mercury 5 – Lower Middle Market Buyout
- STG Allegro II, L.P. – Lower Middle Market Buyout
- Fortino Capital PE III Fund – Middle Market Buyout
- Green Equity Investors X – Large Buyout
- CB Madison IV, LP – Middle Market Buyout
- Blackstone GP Stakes III - W (Overage) – Secondary Private Equity
- Carnelian Acquisition & Development, L.P. – Middle Market Buyout
- Radian Capital Partners IV, L.P. – Growth Equity
- Monterro M5 – Middle Market Buyout
- Activant Capital IV – Growth Equity
- PSG Encore Warehouse Fund – Growth Equity
Los Angeles County Employees’ Retirement Association – $1.406B
- Green Equity Investors X – Large Buyout
- AE Industrial Partners Fund IV – Middle Market Buyout
- Bregal Sagemount V – Growth Equity
- Regal Healthcare Capital Partners IV – Growth Equity
- Dragoneer Opportunities Fund VII – Growth Equity
- Otro Capital Fund I-A – Middle Market Buyout
- Kingswood Capital Management – Co-Investment Private Equity
- Primary Venture Partners – Co-Investment Private Equity
Teachers’ Retirement System of the State of Illinois – $371.3M
- Greenbriar Equity Fund VII – Middle Market Buyout
- Quantum Energy Partners IX – Large Buyout
- Bregal Sagemount V-B L.P. – Growth Equity
- ASP ILSTRS Asia SMA 1 – Middle Market Buyout
- Bain Capital Asia Fund VI – Middle Market Buyout
Contra Costa County Employees Retirement Association – $300M
- TPG Partners X – Large Buyout
- TPG Healthcare Partners III, L.P. – Middle Market Buyout
- OceanSound Partners Fund III – Middle Market Buyout
- Dragoneer Opportunities Fund VII – Growth Equity
- Bregal Sagemount V – Growth Equity
Mass PRIM – $200M
- Quad-C Partners XI – Middle Market Buyout
Pennsylvania State Employees Retirement System – $180M
- Francisco Partners VIII, L.P. – Large Buyout
- Francisco Partners VII PA Co-Invest – Co-Investment Private Equity
- Francisco Partners Agility IV – Middle Market Buyout
Los Angeles Water & Power EMployees’ Retirement Plan – $100M
- Arcline Capital Partners IV – Middle Market Buyout
Rhode Island State Pension – $85M
- L Squared Capital Partners V – Middle Market Buyout
- Updata Partners VIII, L.P. – Growth Equity
3. Hamilton Lane Advisors : $3.82B
New York State Common Retirement Fund – $1.395B
- Apollo Hybrid Value Fund III – Growth Equity
- NYSCRF NB Co-Investment Fund III – Co-Investment Private Equity
- K6 Private Investors – Growth Equity
- Sage Equity Investors-A, L.P. – Co-Investment Private Equity
- Sage Equity Investors, L.P. – Secondary Private Equity
- Cortland Co-Investment Fund VI – Co-Investment Private Equity
- CVC Capital Partners Locron (A) SCSp – Large Buyout
- Insignia Capital Partners III, L.P. – Lower Middle Market Buyout
- Diversis Capital Partners III – Growth Equity
- Demopolis Equity Partners – Lower Middle Market Buyout
- Palm Peak Capital Fund I, L.P. – Lower Middle Market Buyout
- Cross Rapids Capital Partners I L.P. – Private Equity
- CVC Capital Partners Globetrotter SCSp – Large Buyout
Connecticut Retirement Plans and Trust Funds – $1.272B
- CRPTF-GCM Emerging Manager Partnership L.P. – Middle Market Buyout
- Harbourvest Secondary Overflow Fund IV – Secondary Private Equity
- Harbourvest Dover Street XII – Secondary Private Equity
- Bregal Sagemount V – Growth Equity
- Hg Mercury 5 A L.P. – Lower Middle Market Buyout
- Hg Genesis 11 A L.P. – Growth Equity
- Hg CT1 Co-Investment – Co-Investment Private Equity
Teachers Retirement System of Louisiana – $450M
- Centerbridge Keystone Fund, L.P. – Middle Market Buyout
- Jade Equity Investors – Middle Market Buyout
- Francisco Partners VIII, L.P. – Large Buyout
- Francisco Partners Agility IV – Middle Market Buyout
Houston Firefighters’ Relief and REtirement Fund – $308M
- Heathrow Forest Asia Opportunities Fund II – Middle Market Buyout
- EQT XI (No.2) EUR SCSp – Large Buyout
- AE Industrial Partners Fund IV – Middle Market Buyout
- Bridgepoint Europe VIII B SCSp – Middle Market Buyout
Maryland State Retirement & Pension System – $300M
- Great Hill Equity Partners IX – Middle Market Buyout
- Hg Saturn 4 – Large Buyout
- Littlejohn Fund VII, L.P. – Middle Market Buyout
Fresno County Employees Retirement Association – $50M
- CVI Aviation Income Fund II – Middle Market Buyout
- CVC Catalyst III – Middle Market Buyout
- Avista Healthcare Partners IV – Middle Market Buyout
Santa Barbara County Employees’ Retirement System – $37.5M
- STG Allegro II, L.P. – Lower Middle Market Buyout
- Quantum Energy Partners IX – Large Buyout
- Northampton Infrastructure Partners – Middle Market Buyout
- Gridiron Capital Fund VIl, L.P. – Middle Market Buyout
- CapVest Equity Partners VI A SCSp – Middle Market Buyout
Boston Retirement System – $10M
- CapVest Equity Partners – Middle Market Buyout
Stay ahead of institutional private equity flows across buyouts, growth equity, and co-investments. Book a demo of Dakota Marketplace to monitor consultant-led allocation activity.
4. Albourne: $2.628B
Washington State Investment Board – $674M
- Francisco Partners VIII, L.P. – Large Buyout
- Charterhouse Capital Partners XII – Middle Market Buyout
- Public Pension Capital I – Large Buyout
South Carolina Retirement System Investment Commission (RSIC) – $550M
- Blackstone Strategic Partners X – Secondary Private Equity
- Francisco Partners VIII, L.P. – Large Buyout
- HighVista Private Equity XI, L.P. – Lower Middle Market Buyout
- Francisco Partners Agility IV – Middle Market Buyout
Illinois Police Officers Pension Fund – $450M
- Lexington Capital Partners I – Secondary Private Equity
New Mexico Public Employees Retirement Association – $425M
- Thoma Bravo Fund XVI – Growth Equity
- Arlington Capital Partners VII – Middle Market Buyout
- JMI Equity Fund XII – Growth Equity
- Thoma Bravo Discover V – Growth Equity
- NMPERA Roadrunner Co-Invest – Co-Investment Private Equity
- Arlington Capital Partners VII Co-Investment – Middle Market Buyout
- JMI Equity Fund XII Co-Investment – Co-Investment Private Equity
Texas Municipal Retirement System – $289M
- ERA Blade Continuation Fund LP – Energy Private Equity
- Curewell Capital I, L.P. – Growth Equity
- Aspirity Partners I – Growth Equity
Texas County & District Retirement System – $175M
- Blackstone Life Sciences VI – Growth Equity
Dallas Police & Fire Pension System – $65M
- Blackstone Strategic Partners X – Secondary Private Equity
- Lexington Continuation Vehicle Investors Co-Investment – Co-Investment Private Equity
- Lexington Continuation Vehicle Investors – Secondary Private Equity
5. Grosvenor Capital Management, L.P.: $1.55B
Teacher Retirement System of Texas – $1.55B
- Quantum Quest SIF, L.P. – Special Situations
- Quantum Energy Partners IX-O, L.P. – Middle Market Buyout
- Shortree, L.P. – Middle Market Buyout
- Bregal Sagemount V-B L.P. – Growth Equity
- Greenbriar Equity Fund VII – Middle Market Buyout
- Updata Partners VII – Growth Equity
- LGP Co-Invest - T – Co-Investment Private Equity
- FH Lone Star PIV, L.P. – Middle Market Buyout
- Blue Wolf Capital Fun VI, L.P. – Middle Market Buyout
- Encore Consumer Capital Fund V, L.P. – Lower Middle Market Buyout
- TA Investors Thunderbolt, L.P. – Growth Equity
- Blackstone Voltron Co-Invest L.P. – Co-Investment Private Equity
6. Callan Associates: $1.2B
North Carolina Retirement Systems – $867M
- Bridgepoint Europe VII – Large Buyout
- Baillie Gifford Co-Invest – Co-Investment PRivate Equity
- Hg Genesis 11 – Middle Market Buyout
- Hg Saturn 4 – Large Buyout
Illinois Municipal Retirement Fund – $204M
- Francisco Partners VIII, L.P. – Large Buyout
- Inflexion Buyout Fund VII – Middle Market Buyout
- STG Allegro II, L.P. – Lower Middle Market Buyout
- Awani Capital Fund, L.P. – Middle Market Buyout
Marin County Employees Retirement Association – $120M
- Abbott Annual Program 2026 – Lower Middle Market Buyout
San Diego City Employees’ Retirement System – $25M
- Francisco Partners VIII, L.P. – Large Buyout
- Francisco Partners Agility IV – Middle Market Buyout
7. Aksia: $1.2B
Virginia Retirement System – $300M
- Green Equity Investors X – Large Buyout
New Jersey Division of Investment – $250M
- Wind Point Partners XI-A, L.P. – Middle Market Buyout
- Gridiron Capital Fund VI, L.P. – Middle Market Buyout
Tennessee Consolidated Retirement System – $215M
- Inflexion Buyout Fund VII – Middle Market Buyout
- Bregal Sagemount V – Growth Equity
Orange County Employees Retirement System – $181M
- Blackstone GP Stakes III L.P. – Secondary Private Equity
- Avista Healthcare Partners IV – Middle Market Buyout
- H.I.G. Europe Capital Partners IV, SCSp – Lower Middle Market Buyout
- NC Mermaid Co-Invest Alpha, L.P. – Co-Investment Private Equity
- Hg Genesis 11 – Middle Market Buyout
Los Angeles City Employees’ Retirement System – $180M
- Quantum Energy Partners IX – Large Buyout
- CapVest Equity Partners VI A SCSp – Middle Market Buyout
- OceanSound Partners Fund III – Middle Market Buyout
- Hg Genesis 11 A, L.P. – Growth Equity
Nebraska Investment Council – $80M
- OceanSound Partners Fund III – Middle Market Buyout
- Francisco Partners VIII, L.P. – Large Buyout
- Francisco Partners Agility IV – Middle Market Buyout
8. NEPC: $914M
Seattle City Employees Retirement System – $300M
- Adams Street Partners SCERS IV – Secondary Private Equity
Louisiana State Employees Retirement System – $200M
- Warburg Pincus Global Growth 15 – Growth Equity
- Apollo Investment Fund XI – Large Buyout
Ventura County Employees’ Retirement Association – $104.9M
- CapVest Equity Partners VI – Middle Market Buyout
- Charlesbank Equity Fund XI – Middle Market Buyout
- Ridgemont Equity Partners V – Middle Market Buyout
- Green Equity Investors X – Large Buyout
- ECI Special Purpose - Project Murray – Special Situations
San Antonio Fire & Police Pension Fund – $85M
- NB Secondary Opportunities Fund VI L.P. – Secondary Private Equity
- Merit Energy Partners M – Energy Private Equity
- Apollo Investment Fund XI – Large Buyout
North Dakota State Investment Board – $75M
- Guidepost Growth Equity IV – Growth Equity
Alameda County Employees’ Retirement Association – $60M
- Warren Equity Partners Fund V – Lower Middle Market Buyout
Boston Retirement System – $52.5M
- Lexington Middle Market Investors – Secondary Private Equity
- Capital Dynamics Global Secondaries Fund VII – Secondary Private Equity
- Francisco Partners VIII, L.P. – Large Buyout
- STG Allegro II, L.P. – Lower Middle Market Buyout
- Francisco PArtners Agility IV – Middle Market Buyout
Howard County Master Trust – $30M
- HarbourVest Dover Street XII – Secondary Private Equity
Medford Contributory Retirement System – $7M
- PRIM Vintage Year 2026 – Middle Market Buyout
9. Mercer Investment Consulting: $523.5M
Mexico State Investment Council – $388.5M
- Waterland PRivate Equity Fund X – Middle Market Buyout
- Waterland Partnership Fund II – Middle Market Buyout
- Kinderhook Strategic Opportunities Fund I – Middle Market Buyout
Kansas Public Employees Retirement System – $135M
- Green Equity Investors X – Large Buyout
10. Cambridge Associates: $374.1M
Florida State Board of Administration – $232.4M
- Wind Point Partners XI-A, L.P. – Middle Market Buyout
- WindRose Health Investors VII – Middle Market Buyout
- Project Jupiter Co-Invest Fund, L.P. – Co-Investment Private Equity
- Project Dawn Co-Invest Fund, L.P. – Growth Equity
- Hetairos Co-Investment – Co-Investment Private Equity
- Fremman 2 MM Co-Investment 3 Salus SCSp – Co-Investment Private Equity
Kern County Employees’ Retirement Association – $80M
- Shamrock Capital Content Fund IV – Growth Equity
- Warren Equity Partners Fund V – Lower Middle Market Buyout
Colorado Fire and Police Pension Association – $61.7M
- FPE Fund IV LP – Lower Middle Market Buyout
- North Sky Clean Growth Fund VII – Secondary Private Equity
- Climate Efficiency Partners Co-Investment – Co-Investment Private Equity
- Artea Secondaries II Co-Invest – Secondary Private Equity
Allocation Discipline Remains Intact
Consultant-led activity in Q1 reinforced private equity's role as a core allocation within institutional portfolios, particularly as investors continue to prioritize long-term growth, manager selection, and access to top-tier fund managers. Across large buyouts, middle market strategies, growth equity, secondaries, and co-investments, consultants guided pension systems toward managers with demonstrated track records and the operational capabilities to create value in a more selective deal environment.
As capital flowed into established buyout platforms, repeat manager relationships, and targeted co-investments, a consistent theme emerged: consultants emphasized manager quality, strategy diversification, and co-investment discipline over chasing recent vintage performance. With tens of billions allocated during the quarter, private equity remains a strategically supported allocation, underpinned by sustained consultant confidence in the asset class's ability to deliver long-term outperformance across market cycles.
Consultants continue to shape private equity portfolios. Book a demo of Dakota Marketplace to track institutional demand and allocation trends.
