Institutional investors continued to allocate meaningfully to private equity in Q4 2025, reinforcing the asset class’s role as a primary driver of long-term portfolio returns amid a selective dealmaking environment. As valuation discipline improved and exit markets showed early signs of reopening, consultants played a central role in guiding capital toward private equity strategies aligned with return targets, portfolio construction goals, and risk management priorities.
Throughout the quarter, consultant-led activity reflected sustained conviction across large and middle-market buyouts, complemented by continued allocations to growth equity, secondaries, and co-investment strategies. Together, these allocations highlight private equity’s enduring position within institutional portfolios and underscore the influence of consultants in shaping capital deployment across global private markets.
Quarter-in-Review: Consultant Influence & Allocation Activity
During Q4 2025, consultants including Meketa Investment Group, Albourne, StepStone Group, Hamilton Lane, and others guided more than $18 billion in private equity commitments. Capital was concentrated in middle-market and large buyout strategies, with significant allocations to growth equity, secondaries, and co-investment vehicles designed to enhance diversification, fee efficiency, and vintage-year exposure.
Large public pension plans remained the primary drivers of activity, frequently pairing commingled fund commitments with co-investment and secondary allocations to manage pacing and portfolio construction. Across consultants, the quarter reflected a consistent emphasis on disciplined manager selection, portfolio customization, and long-term value creation.
For investment managers and sales teams tracking institutional demand, consultant-led private equity allocations continue to provide some of the clearest signals into where capital is actively being deployed.
Book a demo of Dakota Marketplace to track consultant-led private equity allocations by pension plan, strategy, and fund in real time.
1. Meketa Investment Group: $5.95B
California Public Employees’ Retirement System – $5.6B
- Three Pillars Secondaries Fund – Secondary Private Equity
- GSCI – Middle Market Buyout
- Sixth Street Sports & Live Entertainment Fund (A) – Middle Market Buyout
- Q-Street Capital – PE Fund of Funds
- Nordic Bear II SCSp – Middle Market Buyout
- Infra Bear Partners, L.P. – Growth Equity
- Greenleaf Co-Invest Partners – Co-Investment Private Equity
- CIPS Holdings IV – Middle Market Buyout
- BC CLP INVESTORS, L.P. – Growth Equity
- Sixth Street Sports and Live Entertainment (A), L.P. Pro Rata Co-Invest – Co-Investment Private Equity
- Apollo S3 Equity & Hybrid Solutions Fund, L.P. – Growth Equity
- Innovation Opportunities – Growth Equity
- Essential Innovation Partners (Opportunities) LP – Growth Equity
- JSC Capital Partners, L.P. – Growth Equity
- Windy Oaks Opportunities – Growth Equity
- Jomo Growth Opportunities Fund – Growth Equity
- GB Palisade Partners, L.P – Middle Market Buyout
- Coastal Pacific Partners – Middle Market Buyout
- NM Pacific – Growth Equity
District of Columbia Retirement Board – $100M
- Ridgemont Equity Partners V – Middle Market Buyout
Metropolitan Government of Nashville & Davidson County Employees Benefit Trust Fund – $80M
- AKKR-NV SMA – Middle Market Buyout
- Reverence Capital Partners Opportunities Fund IV – Middle Market Buyout
Illinois Firefighters' Pension Investment Fund – $66M
- Great Hill Equity Partners IX – Middle Market Buyout
- Bain Capital Fund XIV, L.P. – Large Buyout
The City of San Jose Office of Retirement Services – $37M
- NB SJFED PE Strategic Partnership – PE Fund of Funds
- Melange Secondaries Partners – Secondary Private Equity
- Lime Rock New Energy II – Growth Equity
City of Baltimore Employees' Retirement System – $30M
- Chicago Pacific Founders Fund IV – Growth Equity
- Avance Investment Partners II – Middle Market Buyout
Fairfax County Educational Employees' Supplementary Retirement System – $12.5M
- Quantum Energy Partners IX – Large Buyout
El Paso Firemen & Policemen's Pension Fund – $10M
- Ridgemont Equity Partners V – Middle Market Buyout
2. Albourne: $3.03B
Minnesota State Board of Investments – $1.45B
- Blackstone Supplemental Account-M – Middle Market Buyout
- Permira IX – Large Buyout
- Blackstone Strategic Partners X – Secondary Private Equity
- Wind Point Partners IX – Middle Market Buyout
- Bridgepoint Europe VIII – Middle Market Buyout
- Nordic Capital Fund XII – Large Buyout
- Merit Capital Fund VIII – Lower Middle Market Buyout
Washington State Investment Board – $1.4B
- Warburg Pincus Global Growth 15 – Growth Equity
- TowerBrook Investors VII – Large Buyout
- Permira IX – Large Buyout
Texas Municipal Retirement System – $3.03B
- Curewell Capital I, LP – Growth Equity
- Aspirity Partners I – Growth Equity
3. StepStone Group: $2.34B
Los Angeles County Employees' Retirement Association – $600M
- Advent International GPE XI SCSp – Large Buyout
- Dragoneer Opportunities Fund VII – Growth Equity
- Leonard Green & Partners – Co-Investment Private Equity
State of Wisconsin Investment Board – $576.2M
- T-X Badger Co-Invest LP – Large Buyout
- JMI Equity Fund XII-A – Growth Equity
- Hg Genesis 11 – Middle Market Buyout
- Ridgemont Equity Partners V – Middle Market Buyout
- Gemspring Growth Solutions II, LP – Lower Middle Market Buyout
- Hg Mercury 5 – Lower 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
New York State Teachers Retirement System – $400.5M
- Hg Genesis 11 – Middle Market Buyout
- Valor Equity Partners VII – Growth Equity
- CapStreet VI – Middle Market Buyout
- Hg Mercury 5 – Lower Middle Market Buyout
- CapStreet VI Co-Invest SMA I – Co-Investment Private Equity
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
- TowerBrook Investors VII – Large Buyout
Pennsylvania State Employees Retirement System – $150M
- HarbourVest Dover Street XII – Secondary Private Equity
- Harbourvest Secondary Overflow Fund VI-A – Secondary Private Equity
Los Angeles Water & Power Employees' Retirement Plan – $100M
- Arcline Capital Partners IV – Middle Market Buyout
New York City Fire Department Pension Fund – $15M
- BIP IV Iceman Co-Investment L.P. – Middle Market Buyout
4. Hamilton Lane Advisors: $2.26B
New York State Common Retirement Fund – $876.32M
- NYSCRF NB Co-Investment Fund III – Co-Investment Private Equity
- KKR Empire PE Co-Investments – Co-Investment Private Equity
- Hg Saturn 4 A L.P. – Growth Equity
- CVC Capital Partners Locron (A) SCSp – Large Buyout
- NYS 1 Co-Invest L.P. – Co-Investment Private Equity
- Insignia Capital Partners III, L.P. – Lower Middle Market Buyout
- Diversis Capital Partners III – Growth Equity
- Wavecrest Growth Partners III, L.P. – Growth Equity
Connecticut Retirement Plans and Trust Funds – $672M
- CRPTF-GCM Emerging Manager Partnership L.P. - 2026 PE Investment Series – Middle Market Buyout
- 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
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
Houston Firefighters' Relief and Retirement Fund – $190M
- HarbourVest Co-Investment Fund VII Combined L.P. – Co-Investment Private Equity
- Green Equity Investors X – Large Buyout
- Insignia Capital Partners III-A, L.P. – Lower Middle Market Buyout
- BPEA Private Equity Fund IX – Middle Market Buyout
Teachers Retirement System of Louisiana – $125M
- Blackstone Tactical Opportunities Fund V L.P. – Middle Market Buyout
Public Employee Retirement System of Idaho – $85M
- STG Allegro Fund II, L.P. – Lower Middle Market Buyout
Santa Barbara County Employees' Retirement System – $7.5M
- Argos Mid-Market IX – Middle Market Buyout
Want to see allocations by consultant, allocator, and strategy across every quarter? Book a demo of Dakota Marketplace to access!
5. Aksia: $1.76B
Pennsylvania Public School Employees' Retirement – $550M
- HarbourVest Partners Co-Investment Fund VII – Co-Investment Private Equity
- Harbourvest Centre Street Co-Investment Fund L.P. - Series 1 – Co-Investment Private Equity
- OceanSound Partners Fund III – Middle Market Buyout
Virginia Retirement System – $300M
- Charlesbank Equity Fund XI – Middle Market Buyout
New Jersey Division of Investment – $270M
- PSG Europe III – Middle Market Buyout
- Coller International Partners IX – Secondary Private Equity
- Coller International Partners IX Co-Investment – Co-Investment Private Equity
Orange County Employees Retirement System – $256.5M
- Advent International GPE XI – Large Buyout
- Nordic Capital Fund XII – Large Buyout
- H.I.G. Small-Cap & Growth Buyout Fund IV – Middle Market Buyout
- Hg Genesis 11 – Middle Market Buyout
- Blackstone Strategic Capital Holdings II (VOL Co-Invest) – PE Fund of Funds
- Hg Mercury 5 – Lower Middle Market Buyout
- Advent Global Technology III – Middle Market Buyout
- EnCap PE Co-Invest – Co-Investment Private Equity
- Project Moon Co-invest – Co-Investment Private Equity
- Altor III Co-Invest – Co-Investment Private Equity
- NEA SH 2025 SPV – Co-Investment Private Equity
State Universities Retirement System of Illinois – $150M
- Fairview Lincoln Fund I – PE Fund of Funds
Los Angeles City Employees' Retirement System – $125M
- REVERENCE CAPITAL PARTNERS PE OPPORTUNITIES FUND IV (FUND VIII), L.P. – Lower Middle Market Buyout
- Nordic Capital XII Beta, SCSp – Middle Market Buyout
- Auldbrass Partners Secondary Opportunity Fund IV, L.P. – Secondary Private Equity
Ohio Police and Fire Pension Fund – $63M
- CapVest Equity Partners VI – Middle Market Buyout
- Inflexion Buyout Fund VII – Middle Market Buyout
Fort Worth Employees Retirement Fund – $50M
- JMI Equity Fund XII-A – Growth Equity
- Arlington Capital Partners VII – Middle Market Buyout
6. Grosvenor Capital Management, LP: $814M
Teacher Retirement System of Texas – $814M
- Greenbriar Equity Fund VII – Middle Market Buyout
- Updata Partners VII – Growth Equity
- Sage Equity Investors, LP – Secondary Private Equity
- FH Lone Star PIV, L.P. – Middle Market Buyout
- Blue Wolf Capital Fund VI, L.P. – Middle Market Buyout
- Riverstone Iris Continuation Fund – Middle Market Buyout
- Sage Equity Investors-A, L.P. – Co-Investment Private Equity
- Hg Genesis 11 A L.P. – Growth Equity
- Graham Partners Genesis – Middle Market Buyout
- Hg Mercury 5 A L.P. – Lower Middle Market Buyout
7. Cambridge Associates: $795.6M
Florida State Board of Administration – $495M
- Florida Sunshine State Fund LP Tranche C – Co-Investment Private Equity
- Advent International GPE XI – Large Buyout
- KKR Marble Co-Invest LP – Co-Investment Private Equity
- VRS Parent Holdings, LP – Co-Investment Private Equity
- Menrva Co-Investment LP – Co-Investment Private Equity
- 26N Guava Co-Investment Partners LP – Growth Equity
Colorado Fire and Police Pension Association – $190M
- Lexington Co-Investment Partners VI – Co-Investment Private Equity
- Banner Ridge Secondary Fund VI – Secondary Private Equity
- Serve Capital Partners VI, LP – Lower Middle Market Buyout
- Lexington CIP VI-Overage, L.P. – Co-Investment Private Equity
- Kester Capital Fund IV – Lower Middle Market Buyout
- Hudson Ferry Capital III – Middle Market Buyout
- Artea Secondaries II, LP – Secondary Private Equity
San Francisco Employees' Retirement System – $90.6M
- OrbiMed Private Investments X, LP – Growth Equity
- Polaris Growth Fund III – Growth Equity
- PeakSpan CGP IV Co-Invest, L.P. – Co-Investment Private Equity
Kern County Employees' Retirement Association – $20M
- OrbiMed Private Investments X, LP – Growth Equity
8. Mercer Investment Consulting: $655M
New Mexico State Investment Council – $655M
- Bain Capital Asia Fund VI – Middle Market Buyout
- Sixth Street Opportunities Partners VI – Middle Market Buyout
- Reverence Capital Partners Opportunities Fund IV Co-Investment – Co-Investment Private Equity
- Reverence Capital Partners Opportunities Fund IV – Middle Market Buyout
- Greenbriar Equity Fund VII – Middle Market Buyout
- Bain Capital Tech Opportunities Fund III, L.P. – Growth Equity
- Bain Capital Japan Middle Market Fund II – Middle Market Buyout
9. Callan Associates: $635M
North Carolina Retirement Systems – $275M
- (Stone Point) Trident X US Fund, L.P. – Middle Market Buyout
- Levine Leichtman Capital Partners VII – Middle Market Buyout
- Gulf Pipes Coinvest, LP – Co-Investment Private Equity
New Hampshire Retirement System – $150M
- BlackRock Private Equity Partners Co-Investment Program – Co-Investment Private Equity
Illinois Municipal Retirement Fund – $75M
- OceanSound Partners Fund III – Middle Market Buyout
Alaska Retirement Management Board – $75M
- NB Secondary Opportunities Fund VI LP – Secondary Private Equity
Marin County Employees Retirement Association – $60M
- Abbott Annual Program 2026 – PE Fund of Funds
10. Cliffwater: $584.2M
Rhode Island State Pension – $322M
- Arlington Capital Partners VII – Middle Market Buyout
Texas County & District Retirement System – $217.2M
- OrbiMed Private Investments X, LP – Growth Equity
- Encore Consumer Capital Fund V, LP – Lower Middle Market Buyout
- One Two Capital Fund III Cooperatief U.A. – Lower Middle Market Buyout
- Carnelian Acquisition & Development, L.P. – Energy Private Equity
- Spectrum Select Opportunities II-A, L.P. – Growth Equity
- EnCap Energy Capital Fund VIII MergeCo, L.P. – Energy Private Equity
- EnCap Energy Capital Fund VIII Co-Investors MergeCo, L.P. – Energy Private Equity
Sacramento County Employees Retirement System – $584.2M
- OrbiMed Private Investments X, LP – Growth Equity
Allocation Discipline Remains Intact
Consultant-led activity in Q4 2025 reinforced the central role private equity continues to play within institutional portfolios. Across buyout, growth equity, secondaries, and co-investment strategies, consultants guided pension systems toward diversified exposure designed to generate long-term capital appreciation while balancing risk and liquidity considerations.
As capital flowed into established platforms and repeat managers, a consistent theme emerged: consultants prioritized portfolio construction, vintage diversification, and fee efficiency alongside return generation. With more than $18 billion allocated during the quarter, private equity remains a cornerstone allocation supported by sustained institutional demand and strong consultant conviction.
To explore consultant-led private equity allocations by quarter, allocator, strategy, and fund… and to monitor activity as it unfolds… book a demo of Dakota Marketplace!
