Consultant Led Private Equity Allocations in Q2 2026

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Institutional investors continued to deploy capital into private infrastructure in Q2 2026, 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 infrastructure's enduring role as a core portfolio allocation for long-term growth, diversification, and inflation-linked income.

Across the quarter, consultants steered capital toward a broad range of private infrastructure strategies, including core, core-plus, and value-add infrastructure, global and international infrastructure funds, secondaries, and co-investments. Large public pension systems anchored much of the activity, pairing sizable commitments to flagship infrastructure funds with targeted exposure to co-investment vehicles and niche sector-focused 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 Q2 2026, consultants including Meketa Investment Group, Albourne, Franklin Park, State Street, Callan Associates, Mariner Institutional, Mercer Investment Consulting, Aksia, StepStone Group, and NEPC collectively guided roughly $48.1 billion into private equity commitments. Allocation activity spanned buyout, growth equity, secondaries, co-investment, and PE fund of funds vehicles, with middle market and large buyout strategies capturing the majority of capital alongside continued interest in growth equity and co-investment structures.

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. State Street: $14.38B

New York City Employees' Retirement System – $14.38B

• NYC-NorthBound Emerging Managers Program II LP – Buyout
• Apollo Investment Fund IX – Large Buyout
• NYCERS - Evergreen Emerging Manager Program – Emerging Manager
• Warburg Pincus Private Equity XII – Growth Equity
• NYCERS - 2019 Emerging Manager Program – Emerging Manager
• CVC Capital Partners IX (A) LP – Large Buyout
• Vista Equity Partners Fund VII – Middle Market Buyout
• ASF VIII B – Special Situations
• Harbourvest Centre Street Co-Investment Fund L.P. - Series 1 – Co-Investment Private Equity
• CVC Capital Partners VIII – Large Buyout
• EQT VII – Middle Market Buyout
• KKR North America Fund XIII – Large Buyout
• Vista Equity Partners Fund VI – Middle Market Buyout
• KKR Americas Fund XII L.P. – Middle Market Buyout
• Clearlake Capital Partners VIII – Middle Market Buyout
• Platinum Equity Capital Partners V – Middle Market Buyout
• Platinum Equity Capital Partners VI – Large Buyout
• CVC Capital Partners VII – Large Buyout
• Warburg Pincus Global Growth XIV Co-Invest – Co-Investment Private Equity
• Thoma Bravo Partners XVI – Large Buyout
• HarbourVest Centre Street Co-Investment Fund L.P. - Series 2 – Co-Investment Private Equity
• FCO MA Centre Street II EXP (ER) LP – Growth Equity
• Permira VIII – Large Buyout
• Clearlake Capital Partners VII – Middle Market Buyout
• FCO MA Centre Street II (ER) LP – Growth Equity
• Apollo Investment Fund VIII – Middle Market Buyout
• Providence Strategic Growth VI – Growth Equity
• Apax XI, L.P. – Large Buyout
• Apax IX USD, L.P. – Large Buyout
• Warburg Pincus Global Growth Partners, L.P. – Middle Market Buyout
• Vista Equity Partners Fund V – Middle Market Buyout
• Ares Corporate Opportunities Fund IV – Middle Market Buyout
• Vista Equity Partners Fund VIII – Middle Market Buyout
• Thoma Bravo Fund XV – Large Buyout
• Apollo Investment Fund X – Large Buyout
• CVC Capital Partners VI – Middle Market Buyout
• Green Equity Investors VI – Large Buyout
• Green Equity Investors IX – Middle Market Buyout
• Bridgepoint Europe VI – Large Buyout
• Secondary Overflow Fund V LP – Secondary Private Equity
• HarbourVest Dover Street XI – Secondary Private Equity
• GCM Grosvenor NYC Emerging OFI Managers, L.P. - Class A – Emerging Managers
• Insight Partners Fund XIII, L.P. – Growth Equity
• Platinum Equity Capital Partners IV – Large Buyout
• EQT X – Middle Market Buyout
• EQT VIII – Large Buyout
• Warburg Pincus Private Equity XI – Growth Equity
• Green Equity Investors VIII – Middle Market Buyout
• Lexington Capital Partners IX, L.P. – Middle Market Buyout
• Apax X USD, L.P. – Healthcare Private Equity
• Warburg Pincus Financial Sector Fund – Growth Equity
• ASF IX B NYC Co-Invest – Co-Investment Private Equity
• Maranon Centre Street Partnership, L.P. – Middle Market Buyout
• KKR Asian Fund IV – Large Buyout
• FTV VIII – Growth Equity
• KKR - NYC Co-Investment – Co-Investment Private Equity
• Sage Equity Investors-N – Secondary Private Equity
• Vista Equity Partners Fund IV – Middle Market Buyout
• Platinum Equity Capital Partners III – Special Situations
• NYCERS - 2015 Emerging Manager Program – Emerging Managers
• New Mountain Partners III – Large Buyout
• Ares Corporate Opportunities Fund VI – Middle Market Buyout
• ICG Centre Street Partnership, L.P. - Series S – Secondary Private Equity
• WCAS XIV – Large Buyout
• Lexington Capital Partners X – Secondary Private Equity
• Insights Venture Partners XII – Growth Equity
• Green Equity Investors VII – Middle Market Buyout
• Ares Corporate Opportunities Fund V – Middle Market Buyout
• ASF VII B – Special Situations
• Clayton, Dubilier & Rice Fund XII – Middle Market Buyout
• EQT IX (No.2) USD SCSp – Healthcare Private Equity
• TPG Rise Climate Co-Invest, L.P. – Co-Investment Private Equity
• Centerbridge Capital Partners V – Middle Market Buyout
• Nordic Capital Fund XI – Large Buyout
• Lindsay Goldberg VI – Middle Market Buyout
• Harrison Street Core Property Fund, L.P. – Middle Market Buyout
• Apollo Investment Fund VI – Large Buyout
• Welsh, Carson, Anderson & Stowe XIII, L.P. – Middle Market Buyout
• ICG Strategic Equity Fund V – Secondary PRivate Equity
• ICG Strategic Equity Co-Investment Fund V-A – Co-Investment Private Equity
• Lindsay Goldberg V L.P. – Middle Market Buyout
• ASF VIII B NYC Co-Invest – Co-Investment Private Equity
• Warburg Pincus Financial Sector II – Growth Equity
• KKR European Fund V (USD) SCSp – Healthcare Private Equity
• ASF VI B – Secondary Private Equity
• Resolute Fund VI, L.P. – Large Buyout
• Sage Equity Investors, LP – Large Buyout
• Welsh, Carson, Anderson & Stowe XII, L.P. – Middle Market Buyout
• Platinum Equity Partners Small Cap Fund II – Middle Market Buyout
• Ares Corporate Opportunities Fund III – Large Buyout
• TPG Rise Climate II Co-Invest L.P. – Co-Investment Private Equity
• Hg Genesis 10, L.P. – Large Buyout
• Resolute Fund V, L.P. – Middle Market Buyout
• ASF IX B – Special Situations
• KKR European Fund VI (USD) SCSp – Large Buyout
• Clearlake Capital Partners VIII Co-Invest – Co-Investment Private Equity
• EQT Future Co-Invest – Co-Investment Private Equity
• USPF II Institutional Fund, L.P. – Middle Market Buyout
• Lexington Capital Partners X Co-Invest – Co-Investment Private Equity
• Centerbridge Capital Partners IV, L.P. – Middle Market Buyout
• EQT Future (No.2) SCSP – Middle Market Buyout
• Bridgepoint Europe V – Large Buyout
• Bridgepoint Europe VII – Large Buyout
• Centerbridge Capital Partners V - N Co-Invest, L.P. – Co-Investment Private Equity
• Hg Saturn 4 A L.P. – Growth Equity
• Lindsay Goldberg VI - Gotham Co-Inv – Co-Investment Private Equity
• Ares Corporate Opportunities Fund VI Co-Invest – Co-Investment Private Equity
• FTV VII – Growth Equity
• Thoma Bravo Discover V – Growth Equity
• Stellex Capital Partners III – Middle Market Buyout
• NYCERS - 2012 Emerging Manager Program – Emerging Managers
• ICG Centre Street Partnership, L.P. - Series N – Secondary Private Equity
• BPEA EQT Mid-Market Growth Partnership – Growth Equity
• Valor Equity Partners VI – Growth Equity
• Platinum Equity Capital Partners VI (Co-Invest) – Co-Investment Private Equity
• One Rock Capital Partners IV – Middle Market Buyout
• Stellex Capital Partners II – Special Situations
• Hg Genesis 9 – Middle Market Buyout
• Lexington Capital Partners VII – Secondary Private Equity
• Hg Saturn 3, L.P. – Large Buyout
• JAMESTOWN Premier Property Fund, L.P. – Middle Market Buyout
• Clearlake Capital Partners VI – Middle Market Buyout
• ASF VII B NYC Co-Invest – Co-Investment Private Equity
• EQT PCA Co-Invest Platform (No.2) SCSp – Co-Investment Private Equity
• TPG Rise Climate – Middle Market Buyout
• Apax Digital Fund II – Middle Market Buyout
• One Rock Capital Partners III – Middle Market Buyout
• Reverence Capital Partners V (PE Fund III), L.P. – Healthcare Private Equity
• Vista Co-Invest Fund 2022-4, L.P. – Co-Investment Private Equity
• Thoma Bravo XV Co-Invest – Co-Investment Private Equity
• Platinum Equity Small cap Fund, L.P. – Middle Market Buyout
• Apollo Fund X NYC Sidecar Co-Invest – Co-Investment Private Equity
• Green Equity Investors IX Co-Invest – Co-Investment Private Equity
• EQT VIII Co-Investment – Co-Investment Private Equity
• Platinum Equity Capital Partners V Co-investment – Co-Investment Private Equity
• Nordic Capital XI Co-Invest – Co-Investment Private Equity
• PESCF II Co-Investment, L.P. – Co-Investment Private Equity
• IP XIII CoInvest N, L.P. – Co-Investment Private Equity
• One Rock Capital Partners - NYC Co-Investment, L.P. – Co-Investment Private Equity
• EQT X Co-Invest – Co-Investment Private Equity
• Green Equity Investors VIII Coinvest N, L.P. – Co-Investment Private Equity
• Lexington IX Co-Invest – Co-Investment Private Equity
• PdG Capital Partners II – Buyout
• Welsh, Carson, Anderson & Stowe XIV N Co-Invest – Co-Investment Private Equity
• Raine Partners IV – Growth Equity
• Insight Venture Partners XII Buyout Annex Fund – Middle Market Buyout
• Centerbridge Capital PArtners IV Co-Invest – Co-Investment Private Equity
• Bridgepoint Europe VII Co-Invest – Co-Investment Private Equity
• Bridgepoint Europe VI Co-Investment – Co-Investment Private Equity
• Vista Equity Partners Fund III – Middle Market Buyout
• FTV Growth VIII-Centre, L.P. – Growth Equity
• TRF VI Co-Investment SMA II – Co-Investment Private Equity
• ASF VI B NYC Co-Invest – Co-Investment Private Equity
• Bridgepoint Europe IV – Large Buyout
• Valor Equity Partners V – Growth Equity
• Hg NYC Co-Invest – Co-Investment Private Equity
• Project Elite – Co-Investment Private Equity
• Centerbridge Capital Partners III – Middle Market Buyout
• FTV VI – Growth Equity
• FTV Ascend I – Growth Equity
• Bridgepoint Europe V Co-Investment – Co-Investment Private Equity
• Platinum Equity Capital Partners IV Co-Investment – Co-Investment Private Equity
• Reverence III Side Car – Middle Market Buyout
• Stellex Capital III NYC Co-Invest LP – Co-Investment Private Equity
• FTV VII Co-Invest – Co-Investment Private Equity
• Crestview Partners II – Buyout
• Grain Communications Opportunity Fund III – Growth Equity

2. Meketa Investment Group: $10.956B

California Public Employees' Retirement Systems – $6.888B

• Hornet Co-Invest – Co-Investment Private Equity
• Newbury Ridge Investors – Secondary Private Equity
• Three Pillars Secondaries Fund – Secondary Private Equity
• Phoenix Bear Partners II – Middle Market Buyout
• Kairx L.P. – Private Equity
• West Street LP V Co-Investment Partners (C) – Co-Investment Private Equity
• CapVest Equity Partners VI A SCSp – Middle Market Buyout
• Carlyle AlpInvest Private Markets Secondaries Fund I – Secondary Private Equity
• Blackstone NM Pacific Parallel Series, L.P. (Series B) – Co-Investment Private Equity
• Bain Capital Asia Fund VI – Middle Market Buyout
• AlphaKeys Greenbriar Equity Fund VII, L.P. – Middle Market Buyout
• Onex Raven Co-Invest II LP – Co-Investment Private Equity
• Coastal Pacific Partners – Growth Equity
• Bain Capital Tech Opportunities Fund III, L.P. – Growth Equity
• Bain Capital Fund XIV, L.P. – Large Buyout
• Rubicon Partners – Middle Market Buyout
• Arctic US Aggregator, LP – Middle Market Buyout
• Woodruff Opportunities Fund, LP – Growth Equity
• TPG Sports, L.P. – Large Buyout
• TPG Emerging Companies Asia Equity, L.P. – Middle Market Buyout
• Reverence Capital Partners Opportunities Fund IV – Middle Market Buyout
• Lead Edge Capital VII Feeder, LP – Growth Equity
• Grafine Hexara Capital Fund I LP – Middle Market Buyout
• Fraser Island SPV, LP – Co-Investment Private Equity
• Blackstone NM Pacific Parallel Series, L.P. (Series A) – Co-Investment Private Equity
• ECP V (Bears Co-Invest) – Large Buyout
• BVP Forge II Institutional, L.P. – Growth Equity
• Blackwell Capital Partners II, L.P. – Lower Middle Market Buyout
• Bain Capital Double Impact Fund III, L.P. – Middle Market Buyout
• Grain Spectrum Holdings V – Growth Equity
• Muir Woods Partners – Growth Equity
• Cerberus CAL Strategic Partners, L.P. – Co-Investment Private Equity
• Blackwell Capital Partners – Middle Market Buyout
• SLP Valor Co-Invest Feeder Blocker Cayman, L.P. – Private Equity
• Grafine Direct Opportunities I LP – Co-Investment Private Equity
• SLP Garfield Co-Invest – Large Buyout

Teacher Retirement System of Texas – $1.4B

• Green Equity Investors X – Large Buyout
• Blackstone Supplemental Account – Bobcat – Co-Investment Private Equity
• Blackstone Energy Transition Partners V L.P – Energy Private Equity
• Axcel VIII K/S 2 – Middle Market Buyout
• Trinity Hunt Partners VIII, L.P. – Middle Market Buyout
• Gridiron Capital Fund VI, L.P. – Middle Market Buyout
• Cerberus Verne Investor, L.P. – Middle Market Buyout
• Kingswood Capital Opportunities Fund IV, L.P. – Middle Market Buyout
• Lapis Investors LP – Growth Equity
• Littlejohn Altitude Fund, LP – Middle Market Buyout
• Align Capital Partners Fund IV, LP – Lower Middle Market Buyout
• Avant Infrastructure Co-Investment Fund, LP – Co-Investment Private Equity
• Align Collaborate Fund II, LP – Lower Middle Market Buyout
• TW Pickton Co-Invest LP – Co-Investment Private Equity
• Kingswood Capital Opportunities Small Cap Fund I, L.P. – Lower Middle Market Buyout

District of Columbia Retirement Board – $1B

• Pantheon Capital Partners, L.P. – PE Fund of Funds
• Warburg Pincus Private Equity X – Middle Market Buyout
• Pantheon Global Secondary Fund III "B" – Secondary Private Equity
• EnCap Energy Capital Fund XII, L.P. – Large Buyout
• Ridgemont Equity Partners V-A, L.P. – Middle Market Buyout
• Chequers Capital XVIII – Middle Market Buyout
• Birch Hill Equity Partners (Global) VII – Middle Market Buyout
• Resource Capital Fund I – Special Situations
• Lime Rock Partners VII, L.P. – Middle Market Buyout
• EnCap Energy Capital XI – Middle Market Buyout
• EnCap Energy Capital X – Energy Private Equity
• Blackstone Capital Partners IV – Middle Market Buyout
• Warburg Pincus Private Equity VIII – Growth Equity
• EnCap Energy Capital IX – Middle Market Buyout
• Riverstone Global Energy and Power Fund V – Large Buyout
• One Rock Capital Partners III – Middle Market Buyout
• Centerbridge Capital Partners IV, L.P. – Middle Market Buyout
• TCV XI – Growth Equity
• Onex Partners V – Middle Market Buyout
• Kelso Investment Associates X – Middle Market Buyout
• Advent Latin American Private Equity Fund VII SCSp – Middle Market Buyout
• Birch Hill Equity Partners VI – Middle Market Buyout
• Chequers Capital XVII – Middle Market Buyout
• Capvest Equity Partners IV – Middle Market Buyout
• Epiris Fund II, L.P. – Middle Market Buyout
• Wellspring Capital Partners VI – Middle Market Buyout
• Updata Partners VI – Growth Equity
• Riverside Fund VI, L.P. – Middle Market Buyout
• One Rock Capital Partners II – Middle Market Buyout
• Clearhaven Fund I – Middle Market Buyout
• Vector Capital V – Middle Market Buyout
• Summit Partners Growth Equity Fund IX – Growth Equity
• Birch Hill Equity Partners V – Middle Market Buyout
• TCV X – Growth Equity
• Onex Partners IV – Middle Market Buyout
• Kelso Investment Associates IX – Middle Market Buyout
• CVC Capital Partners VI – Middle Market Buyout
• Riverside Capital Appreciation Fund VI – Middle Market Buyout
• Odyssey Investment Partners V – Middle Market Buyout
• Centerbridge Capital Partners III – Middle Market Buyout
• Advent Latin American Private Equity Fund VI – Middle Market Buyout
• Spectrum Equity VII – Growth Equity
• Spectrum Equity Investors VIII, L.P. – Growth Equity
• Onex ONCAP IV – Middle Market Buyout
• Sentinel Capital Partners V – Middle Market Buyout
• Accel-KKR Capital Partners V Strategic Fund, L.P. – Middle Market Buyout

New Mexico State Investment Council – $450M

• SRCP LF Tactical 23 A – PE Fund of Funds

Plymouth County Retirement Association – $411.6M

• Summit Partners Growth Equity Fund XII-B, L.P. – Growth Equity
• Summit Partners Growth Equity Fund XI – Growth Equity
• Ridgemont Equity Partners IV – Special Situations
• One Rock Capital Partners IV – Middle Market Buyout
• Ironsides Co-Investment Fund VII – Co-Investment Private Equity
• Ironsides Co-Investment Fund VI – Co-Investment Private Equity
• HarbourVest Partners Co-Investment Fund VII – Co-Investment Private Equity
• Ridgemont Equity Partners V-A, L.P. – Middle Market Buyout
• Reverence Capital Partners Opportunities Fund IV – Middle Market Buyout
• K6 Private Investors – Growth Equity
• Charlesbank Equity Fund XI – Middle Market Buyout
• Wellspring Capital Partners VI – Middle Market Buyout
• Trilantic Capital Partners VI – Middle Market Buyout
• Searchlight Capital III – Middle Market Buyout
• Ridgemont III – Buyout
• LLR Equity Partners V, L.P. – Middle Market Buyout
• Ironsides Direct Investment Fund V, L.P. – Co-Investment Private Equity
• HarbourVest Co-Investment Fund V, L.P. – Co-Investment Private Equity
• FS Equity Partners VIII – Middle Market Buyout
• Charlesbank Technology Opportunities Fund – Middle Market Buyout
• Waud Capital Partners VI – Middle Market Buyout
• Waud Capital Partners V – Middle Market Buyout
• Trilantic Capital Partners VII – Middle Market Buyout
• Summit Partners Growth Equity Fund IX – Growth Equity
• Searchlight Capital IV – Middle Market Buyout
• LLR Equity Partners VII – Middle Market Buyout
• Lexington Capital Partners VII – Secondary Private Equity
• Kohlberg X – Large Buyout
• Kohlberg Partners IX, L.P. – Middle Market Buyout
• Ironsides Opportunities Fund III, L.P. – Co-Investment Private Equity
• Atlantic Street Capital V – Middle Market Buyout
• TRG Growth Partnership II – Large Buyout
• Euro Choice V – PE Fund of Funds
• Siguler Guff III – PE Fund of Funds
• Landmark Equity Partners XIV – Secondary Private Equity
• Euro Choice II – Secondary Private Equity
• Timbervest Partners III, L.P. – Middle Market Buyout
• Leeds Equity Partners IV – Middle Market Buyout
• DN Partners II – Middle Market Buyout
• Mesirow Private Equity Fund IX – PE Fund of Funds
• Leeds Equity Partners V – Middle Market Buyout

Illinois Firefighters' Pension Investment Fund – $340.4M

• Pomona Capital XI, L.P. – Large Buyout
• Adams Street Co-Investment Fund VI – Co-Investment Private Equity
• Banner Ridge Secondary Fund VI – Secondary Private Equity
• Nordic Capital Evolution Fund II – Middle Market Buyout
• Neos Partners II LP – Energy Private Equity

Oregon Public Employees Retirement Fund – $150M

• Arctos Sports Partners Fund III, LP – Special Situations

City of Baltimore Employees' Retirement System – $100M

• GenNx360 Capital Partners IV – Lower Middle Market Buyout

Massachusetts Housing Finance Agency Retirement System – $69.9M

• Mesirow Private Equity Fund IX – PE Fund of Funds
• Ironsides Partnership Fund VII, L.P. – PE Fund of Funds
• HarbourVest Partners XIII – Middle Market Buyout
• HarbourVest Partners X Buyout Fund L.P. – Middle Market Buyout
• HarbourVest Partners XI – Co-Investment Private Equity
• HarbourVest Partners IX L.P. – Middle Market Buyout
• Constitution Capital Partners Ironsides III – PE Fund of Funds
• HarbourVest Partners XII – PE Fund of Funds
• Constitution Capital Co-Investment Fund VI – Co-Investment Private Equity
• Constitution Capital Partners Ironsides IV – PE Fund of Funds
• Constitution Capital Direct IV – Co-Investment Private Equity
• HarbourVest Partners VIII – PE Fund of Funds
• Constitution Capital Partners Ironsides V – PE Fund of Funds
• Constitution Capital Direct V – Co-Investment Private Equity
• Goldman Sachs PEP 2005 – Middle Market Buyout

Metropolitan Government of Nashville & Davidson County Employees Benefit Trust Fund – $55M

• Savano Capital Partners IV, L.P. – Growth Equity
• LGT Crown Europe Small Buyouts VII – Lower Middle Market Buyout

San Diego City Employees' Retirement System – $50M

• LaSalle Asia Opportunity Fund IV, L.P. – Middle Market Buyout

Quincy Retirement System – $16M

• Searchlight Capital IV – Middle Market Buyout
• FS Equity Partners IX – Middle Market Buyout

Fairfax County Educational Employees' Supplementary Retirement System – $7.3M

• L Squared Capital Partners V – Middle Market Buyout
• Seidler Equity Partners IX, L.P. – Middle Market Buyout

Ann Arbor Employees' Retirement System – $7M

• Mesirow Financial Private Equity Fund VIII-A – PE Fund of Funds
• Strategic Investors Fund VIII – Growth Equity
• Ironsides Partnership Fund V, L.P. – Lower Middle Market Buyout
• HighVista Fund X – Special Situations

3. Franklin Park: $5.1B

Arkansas Teacher Retirement System – $5.1B

• CSFB-ATRS 2006-1 Series – Middle Market Buyout
• ATRS-FP PE – PE Fund of Funds
• HMTF V – Middle Market Buyout
• DLJ Merchant Banking Partners III – Middle Market Buyout
• Highland Contingent Note – Special Situations
• FP Co-Investment VI – Co-Investment Private Equity
• HMTF IV – Middle Market Buyout
• Doughty Hanson & Co Fund III – Middle Market Buyout
• FP CF Access II – Middle Market Buyout
• FP CF Access – Middle Market Buyout
• FP CF Access III – Middle Market Buyout
• HMTF III – Middle Market Buyout
• Highland Equity – Special Situations
• Cinven Second Fund – Middle Market Buyout
• FP Intnl XI – Middle Market Buyout
• FP Intnl X – Middle Market Buyout
• Vista Equity Partners Fund III – Middle Market Buyout
• Oak Hill I – Middle Market Buyout
• DH Tech I – Buyout
• Cypress Merchant Banking Partners II – Middle Market Buyout
• Boston Ventures VII – Lower Middle Market Buyout
• LLR III – Growth Equity
• EnCap Energy Capital VIII – Energy Private Equity
• MML Capital VIII – Growth Equity
• BV XII – Middle Market Buyout
• Wicks IV – Middle Market Buyout
• Wellspring Capital Partners V – Middle Market Buyout
• TA XI – Large Buyout
• Riverside IV – Middle Market Buyout
• KPS III Supplemental – Buyout
• DW Healthcare III – Middle Market Buyout
• Court Square Capital Partners III – Middle Market Buyout
• Arlington Capital Partners VII – Middle Market Buyout
• Advent International GPE VI-A – Middle Market Buyout
• JF Lehman III – Middle Market Buyout
• Veritas Capital Fund IX – Large Buyout
• Riverside Value Fund II – Middle Market Buyout
• Riverside V – Middle Market Buyout
• Peak Rock Capital Fund IV – Middle Market Buyout
• Novacap TMT VII – Middle Market Buyout
• Enlightenment Capital Solutions Fund V – Middle Market Buyout
• EnCap Energy Capital XI – Middle Market Buyout
• Bison Capital Partners V – Middle Market Buyout
• Beekman Investment Partners V – Middle Market Buyout
• Vista Foundation Fund III – Middle Market Buyout
• Thoma Bravo XIII – Middle Market Buyout
• Thoma Bravo XII – Middle Market Buyout
• SK Capital Partners V – Middle Market Buyout
• Siris Partners IV – Middle Market Buyout
• Riverside VI – Middle Market Buyout
• Riverside Value Fund I – Middle Market Buyout
• Revelstoke III – Middle Market Buyout
• One Rock II – Middle Market Buyout
• Mason Wells III – Middle Market Buyout
• LLR Equity Partners VII – Middle Market Buyout
• LLR Equity Partners VI – Middle Market Buyout
• KPS V – Special Situations
• KPS Mid Cap II – Special Situations
• JF Lehman VI – Middle Market Buyout
• JF Lehman V – Middle Market Buyout
• JF Lehman IV – Middle Market Buyout
• Insight Equity II – Growth Equity
• Greenbriar VI – Middle Market Buyout
• Greenbriar Equity Fund V, L.P. – Middle Market Buyout
• FP Intnl 2019 – PE Fund of Funds
• EnCap Energy Capital X – Energy Private Equity
• DW Healthcare V – Middle Market Buyout
• DW Healthcare IV – Middle Market Buyout
• Clearlake Capital Partners VII – Middle Market Buyout
• Clearlake Capital Partners VI – Middle Market Buyout
• Clearlake Capital Partners V – Large Buyout
• BV XI – Middle Market Buyout
• BV X – Middle Market Buyout
• BV VIII – Middle Market Buyout
• BV IX – Middle Market Buyout
• Bison Capital Partners VI – Middle Market Buyout
• Arlington Capital Partners VI – Middle Market Buyout
• American Industrial Partners Capital Fund VII – Middle Market Buyout
• Alpine Investors VIII – Middle Market Buyout
• Alpine Investors IX – Middle Market Buyout
• Sycamore Partners III – Middle Market Buyout
• Sycamore Partners II – Middle Market Buyout
• Siris Partners III – Middle Market Buyout
• KPS Special Situations Fund IV – Middle Market Buyout
• FP Intnl 2018 – PE Fund of Funds
• FP Intnl 2017 – PE Fund of Funds
• FP Intnl 2016 – PE Fund of Funds
• FP Intnl 2015 – PE Fund of Funds
• FP Intnl 2014 – PE Fund of Funds
• FP Intnl 2012 – PE Fund of Funds
• FP Intnl 2011 – PE Fund of Funds
• EnCap Energy Capital IX – Middle Market Buyout
• Arlington Capital Partners V – Middle Market Buyout
• 21st Century Group I – Middle Market Buyout
• Altaris IV – Middle Market Buyout
• Arlington Capital Partners IV – Middle Market Buyout
• Thoma Bravo XIV – Middle Market Buyout
• Thoma Bravo Fund XI – Middle Market Buyout
• Thoma Bravo Explore I – Middle Market Buyout
• Thoma Bravo Discover III – Middle Market Buyout
• Levine Leichtman V – Growth Equity
• KPS Mid‐Market I – Special Situations
• Great Hill IX – Middle Market Buyout
• FP Intnl 2013 – Middle Market Buyout
• American Industrial Partners Capital Fund VI – Middle Market Buyout
• Altus Capital II – Middle Market Buyout
• Altaris Constellation – Middle Market Buyout
• Thoma Bravo Discover II – Middle Market Buyout
• Vista Foundation Fund II – Middle Market Buyout
• Thoma Bravo Fund XV – Large Buyout
• Thoma Bravo Explore Fund II – Middle Market Buyout
• Thoma Bravo Discover IV – Middle Market Buyout
• Atlas Capital II – Special Situations
• Thoma Bravo Discover – Middle Market Buyout
• Diamond State II – Buyout
• Diamond State – Buyout

Stay ahead of institutional private equity flows across buyout, growth equity, and co-investment strategies. Book a demo of Dakota Marketplace to monitor consultant-led allocation activity.

4. Hamilton Lane Advisors: $4.5B

New York State Common Retirement Fund – $2.033B

• Francisco Partners VIII, L.P. – Large Buyout
• Patient Square Equity Partners II – Middle Market Buyout
• CVC Catalyst III – Middle Market Buyout
• Main Capital IX Feeder (A) C.V. – Middle Market Buyout
• TowerBrook Investors VII (Onshore), I.L.P. – Large Buyout
• TB Empire Opportunities II, L.P. – Growth Equity
• Francisco Partners Agility IV – Middle Market Buyout
• FP VIII - NYSCRF Co-Investment, L.P. – Co-Investment Private Equity
• Blackstone Capital Partners Asia III – Growth Equity
• BCP Asia III Supplemental Account-NY – Growth Equity
• Main Foundation III Feeder (A) C.V. – Lower Middle Market Buyout
• Constellation Generation V – Growth Equity

Connecticut Retirement Plans and Trust Funds – $1.238B

• WCAS XV – Large Buyout
• JFL Equity Investors VII, L.P. – Large Buyout
• LLCP Lower Middle Market Fund IV, L.P. – Lower Middle Market Buyout
• Inflexion Buyout Fund VII (No. 1) Limited Partnership – Middle Market Buyout
• Verdane Edda IV(D1) AB – Lower Middle Market Buyout
• Inflexion CT Co-Investment – Co-Investment Private Equity

Boston Retirement System – $642M

• Hamilton Lane Composite – PE Fund of Funds
• M2 Libertas Private Equity Fund-of-Funds, L.P. – Lower Middle Market Buyout
• Hamilton Lane Secondary Fund VI-A – Secondary Private Equity
• Sterling Capital Partners IV – Middle Market Buyout
• RedBird Capital Partners Financial Services Fund I – Middle Market Buyout
• JFL Equity Investors VII, L.P. – Large Buyout
• GTCR Fund XV – Middle Market Buyout
• European Strategic Partners - 1, L.P. – Middle Market Buyout
• Sterling Capital Partners II – Middle Market Buyout
• Sterling Capital Partners – Middle Market Buyout
• Blue Point Capital Partners – Buyout
• W Capital Partners II – Secondary Private Equity
• Blue Point Capital Partners II, L.P. – Lower Middle Market Buyout
• Sterling Capital Partners III – Middle Market Buyout
• Thomas H. Lee Equity Fund VI (2019), L.P. – Large Buyout

Teachers Retirement System of Louisiana – $425M

• Centerbridge Keystone Fund, L.P. – Middle Market Buyout
• Francisco Partners VIII, L.P. – Large Buyout
• Francisco Partners Agility IV – Middle Market Buyout
• Quantum Energy Partners IX, LP – Energy Private Equity

Houston Firefighters' Relief and Retirement Fund – $85M

• HarbourVest Dover Street XII – Secondary Private Equity
• Blackstone Capital Partners Asia III – Growth Equity

Fresno County Employees Retirement Association – $50M

• JFL Equity Investors VII, L.P. – Large Buyout
• Quad-C Partners XI – Middle Market Buyout
• Aquiline Financial Services I – Middle Market Buyout

Santa Barbara County Employees' Retirement System – $30M

• Water Street Healthcare Partners VI, L.P. – Middle Market Buyout
• L Squared Capital Partners V – Middle Market Buyout
• Kingswood Capital Opportunities Fund IV, L.P. – Middle Market Buyout

5. Albourne: $3.7B

Washington State Investment Board – $1.979B

• Evergreen Park Investment Fund – Co-Investment Private Equity
• KKR Asia V – Large Buyout
• PSG Europe III – Lower Middle Market Buyout
• Endeavour Capital Fund IX – Lower Middle Market Buyout
• Charterhouse Capital Partners XII – Middle Market Buyout
• Fisher Lynch Co-Investment Partnership VI – Co-Investment Private Equity

Texas County & District Retirement System – $557M

• Carlyle Asset-Backed Income Strategic Partnership – Buyout
• Gallatin Point Capital Partners III – Middle Market Buyout
• Water Street Healthcare Partners VI, L.P. – Middle Market Buyout
• WPEF X Feeder C.V. – Growth Equity
• Main Capital IX Coöperatief U.A. – Middle Market Buyout
• Ampersand 2026 Limited Partnership – Lower Middle Market Buyout
• Main Foundation III Coöperatief U.A. – Middle Market Buyout

Illinois Police Officers Pension Fund – $450M

• Lexington Capital Partners I – Secondary Private Equity

South Carolina Retirement System Investment Commission (RSIC) – $325M

• Kingswood Capital Opportunities Fund IV, L.P. – Middle Market Buyout
• Brookfield Capital Partners VII L.P. – Large Buyout
• Unity Partners Fund II-A, LP – Lower Middle Market Buyout
• Kingswood Capital Opportunities Small Cap Fund I, L.P. – Lower Middle Market Buyout

Minnesota State Board of Investments – $300M

• Dunes Point Capital Fund IV, L.P. – Lower Middle Market Buyout
• Bregal Sagemount V – Growth Equity

Maine Public Employees' Retirement System – $75M

• GTCR Fund XV – Middle Market Buyout

Dallas Police & Fire Pension System – $15M

• Francisco Partners VIII, L.P. – Large Buyout
• Francisco Partners Agility IV – Middle Market Buyout

6. Aksia: $2.909B

Indiana Public Retirement System – $1.1B

• Bain Opportunistic Credit – Buyout
• Francisco Partners VIII, L.P. – Large Buyout
• Blackstone Tactical Opportunities Fund IV – Special Situations
• Stride Consumer Fund II, L.P. – Lower Middle Market Buyout
• Sixth Street TAO 5.0 Partners, L.P. – Middle Market Buyout
• Francisco Partners Agility IV – Middle Market Buyout
• Stride Consumer Fund II Coinvest, L.P. – Co-Investment Private Equity
• GSO CSF III Co-Investment Fund LP – Co-Investment Private Equity

State of Wisconsin Investment Board – $727M

• KWISCO Investments, L.P – Middle Market Buyout
• Bridgepoint Europe VIII – Middle Market Buyout
• Francisco Partners VIII, L.P. – Large Buyout
• Percheron Capital Fund III, L.P. – Middle Market Buyout
• Rubicon Badger Co-Invest – Co-Investment Private Equity
• Francisco Partners Agility IV – Middle Market Buyout
• STG Allegro II, L.P. – Lower Middle Market Buyout

New Jersey Division of Investment – $600M

• LCP X Co-Invest Feeder A, L.P. – Secondary Private Equity

Orange County Employees Retirement System – $314.8M

• Main Capital IX Feeder (A) C.V. – Middle Market Buyout
• Main Capital III – Middle Market Buyout
• Altor Equity Partners VII – Middle Market Buyout
• Investindustrial Lower MidMarket IV – Lower Middle Market Buyout
• Lincoln Co-Invest I, L.P. – Co-Investment Private Equity
• HarbourVest Partners VI - Partnership Buyout – Middle Market Buyout
• Cinven 8 Project Arrow – Large Buyout
• EnCap PE Co-Invest – Co-Investment Private Equity
• Advent International GPE VIII BSMA – Large Buyout

Pennsylvania Public School Employees' Retirement – $115M

• PAI Mid-Market Fund II SCSp – Middle Market Buyout

Nebraska Investment Council – $40M

• Resolute Fund VII, L.P. – Middle Market Buyout

Los Angeles City Employees' Retirement System – $10M

• Quantum Capital Solutions II Co-Investment Fund – Co-Investment Private Equity

7. StepStone Group: $2.609B

Los Angeles County Employees' Retirement Association – $1.21B

• Triton Fund VI – Middle Market Buyout
• Kingswood Capital Opportunities Fund IV, L.P. – Middle Market Buyout
• Court Square Capital Partners V – Middle Market Buyout
• Bregal Sagemount V – Growth Equity
• Kingswood Capital Opportunities Small Cap Fund I, L.P. – Lower Middle Market Buyout
• Dragoneer Select Opportunities Fund – Growth Equity

Mass PRIM – $531M

• Altor Equity Partners VII – Middle Market Buyout
• Nordic Capital Fund XII – Large Buyout
• Waterland Private Equity Fund X – Middle Market Buyout
• Waterland Partnership Fund II – Middle Market Buyout

Pennsylvania State Employees Retirement System – $208M

• PSG Europe III – Lower Middle Market Buyout
• SkyKnight Capital Fund V – Large Buyout
• SkyKnight Capital Fund V Co-Investment Sidecar – Co-Investment Private Equity

New York State Teachers Retirement System – $200M

• JFL Equity Investors VII, L.P. – Large Buyout

Rhode Island State Pension – $161M

• GTCR Fund XV – Middle Market Buyout
• L Squared Capital Partners V – Middle Market Buyout
• SkyKnight Capital Fund V – Large Buyout

Teachers' Retirement System of the State of Illinois – $149M

• OceanSound Partners Fund III – Middle Market Buyout
• Investindustrial Lower MidMarket IV – Lower Middle Market Buyout
• Francisco Partners Agility IV – Middle Market Buyout
• Bain Capital Japan Middle Market Fund II – Middle Market Buyout

Teachers Retirement System of Louisiana – $100M

• JFL Equity Investors VII, L.P. – Large Buyout

Contra Costa County Employees Retirement Association – $50M

• L Squared Capital Partners V – Middle Market Buyout

8. Callan Associates: $1.875B

Chicago Teachers' Pension Fund – $1.7B

• 2021 ASP Lake Lasalle Fund II – PE Fund of Funds
• 2018 ASP Lake Lasalle Fund – PE Fund of Funds
• HVP Buyouts 6 – Middle Market Buyout
• Mesirow Fd II PE – PE Fund of Funds
• Mesirow Fd I PE – PE Fund of Funds
• HVP Partnerships 6 – PE Fund of Funds
• Pantheon USA Fund IV PE – PE Fund of Funds
• Pantheon USA Fund III PE – PE Fund of Funds
• Brinson Partnership Fund Trust - 2001 Primary Fund – PE Fund of Funds
• Pantheon Global Fund 2014 – PE Fund of Funds
• Mesirow Capital Partners Co-Invest X – Co-Investment Private Equity
• 2012 ASP Global Secondary 5 – Secondary Private Equity
• Pantheon Select Fund – Co-Investment Private Equity
• M2 Illinois – Emerging Managers
• KKR Americas XII – Large Buyout
• KKR Americas Fund XIII – Growth Equity
• EQT IX – Middle Market Buyout
• Adams Street 2013 Global Fund – PE Fund of Funds
• Brinson Partnership Fund Trust - 2000 Fund – PE Fund of Funds
• EQT VIII – Large Buyout
• HVP Buyouts X – Middle Market Buyout
• Palladium Equity Partners V – Emerging Managers
• NMS Fund IV – Emerging Managers
• Mesirow Private Equity Partnership Fund V – PE Fund of Funds
• Mesirow Private Equity Partnership Fund IV – PE Fund of Funds
• Mesirow Private Equity Co-Investment Fund IX – Co-Investment Private Equity
• Mesirow Financial Private Equity Fund VIII-B – PE Fund of Funds
• ICV Partners IV – Emerging Managers
• HarbourVest Partners VII – PE Fund of Funds
• Adams Street 2014 Global Fund – PE Fund of Funds
• Pantheon Europe Fund II PE – PE Fund of Funds
• Mesirow Private Equity Fund VII-A – PE Fund of Funds
• Harbourvest Partners Dover VIII Fund – PE Fund of Funds
• RLJ Equity Partners Fund II – Emerging Managers
• Pharos Fd III PE – Emerging Managers
• NMS Fund III – Lower Middle Market Buyout
• EQT X – Middle Market Buyout
• AVP XIII LP – PE Fund of Funds
• Adams Street 2012 Global Fund – PE Fund of Funds
• 2016 ASP US SMB Fund – PE Fund of Funds
• Brinson Non-U.S. Partnership Fund Trust - 2001 Primary Fund – PE Fund of Funds
• Adams Street 2008 Non-US – PE Fund of Funds
• Adams Street Partners 2015 – PE Fund of Funds
• Farol Fund II – Emerging Managers
• Astra Partners I – Emerging Managers
• WM Partners III – Emerging Managers
• WM Partners II – Emerging Managers
• Red Arts Capital Opportunity Fund I – Emerging Managers
• Palladium Equity Partners IV – Emerging Managers
• P4G I – Emerging Managers
• Mesirow Capital Partners Co-Invest IX – Co-Investment Private Equity
• M2 PEFOF (Developing) – Emerging Managers
• Long Arc Capital Fund I – Emerging Managers
• ICV Partners III, L.P. – Middle Market Buyout
• Hispania Fund II – Emerging Managers
• Farol Fund III – Emerging Managers
• Estancia II – Emerging Managers
• Estancia Capital Partners Fund III – Lower Middle Market Buyout
• Data Focus I – Emerging Managers
• AUA II – Emerging Managers
• ASP 2011 US Fund – PE Fund of Funds
• African Development Partners III – Growth Equity
• AFIG Fund II – Growth Equity
• Adams Street 2010 U.S. Fund – PE Fund of Funds
• 2009 ASP Co-Invest II – Co-Investment Private Equity
• Brinson Partnership Fund Trust - 98 Primary Fund (Secondary INT) – PE Fund of Funds
• Mesirow Private Equity Fund VII-B – PE Fund of Funds
• Pantheon Europe Fund VI – PE Fund of Funds
• Pharos Capital Partners II-A – Emerging Managers
• Palladium Equity Partners III – Emerging Managers
• ICV Partners II – Emerging Managers
• Adams Street 2005 US – PE Fund of Funds
• 2015 ASP International Fund – PE Fund of Funds
• ASP 2011 Non-US Developed Fund – PE Fund of Funds
• Adams Street 2010 Non-U.S. Dev Markets Fund – PE Fund of Funds
• Pantheon Asia Fund V – PE Fund of Funds
• Mesirow Capital Partners Co-Invest VIII – Co-Investment Private Equity
• H Venture Partners Brand II – Emerging Managers
• Hispania Private Equity – Emerging Managers
• Aldrich Capital Partners Fund II – Emerging Managers
• Adams Street 2008 US – PE Fund of Funds
• Adams Street 2007 Non-US – Secondary Private Equity
• 1996 BPF Trust – PE Fund of Funds
• Adams Street Partnership Fund - 2005 Non-U.S. Fund – PE Fund of Funds
• ASP 2011 Direct Fund – PE Fund of Funds
• Adams Street 2010 Non-U.S. Emg Markets Fund – PE Fund of Funds
• 2011 ASP Emerging Non-US – PE Fund of Funds
• 2008 ASP Direct Fund – PE Fund of Funds

Illinois Municipal Retirement Fund – $95M

• Francisco Partners VIII, L.P. – Large Buyout
• Awani Capital Fund, LP – Middle Market Buyout

New Hampshire Retirement System – $50M

• Five Arrows Principal Investments V – Middle Market Buyout

Marin County Employees Retirement Association – $3.425M

• TPG Twin Brook Fund IV – Growth Equity
• TPG Twin Brook Fund V – Middle Market Buyout
• TPG Twin Brook Fund III – Middle Market Buyout

9. NEPC: $1.25B

Louisiana State Employees Retirement System – $400M

• KKR Asia V – Large Buyout
• GTCR Fund XV – Middle Market Buyout
• Francisco Partners VIII, L.P. – Large Buyout
• Apax Digital Fund III – Growth Equity

North Dakota State Investment Board – $216M

• Warren Equity Partners Fund V – Lower Middle Market Buyout
• Altor Equity Partners VII – Middle Market Buyout
• Deutsche Mittelstandsholding fur Industriebeteiligungen III GmbH & Co. – Middle Market Buyout

Chicago Policemen's Annuity & Benefit Fund – $158M

• Levine Leichtman Capital Partners VII – Middle Market Buyout
• Ironsides Co-Investment Fund VII – Co-Investment Private Equity
• Hamilton Lane Venture Access Offshore Fund II LP – Middle Market Buyout
• Glendower Capital Secondary Opp Fund V – Secondary Private Equity
• Dorchester Capital Secondaries Offshore IV – Secondary Private Equity
• Lone Star Fund VI (U.S.), L.P. – Special Situations

Fresno County Employees Retirement Association – $150M

• CP Coinvestment V – Co-Investment Private Equity

Alameda County Employees' Retirement Association – $60M

• Warren Equity Partners Fund V – Lower Middle Market Buyout

San Antonio Fire & Police Pension Fund – $55M

• NB Secondary Opportunities Fund VI LP – Secondary Private Equity
• Apollo Investment Fund XI, L.P. – Growth Equity

University of Houston System Endowment – $51M

• Advent International GPE XI-C SCSp – Large Buyout
• Kingswood Capital Opportunities Small Cap Fund I, L.P. – Lower Middle Market Buyout
• Kingswood Capital Opportunities Fund IV, L.P. – Middle Market Buyout
• Argonaut PE Fund VI – Lower Middle Market Buyout

Baltimore City Fire and Police Retirement System – $41M

• Vista Equity Partners Fund VII – Middle Market Buyout
• Brookfield Capital Partners Fund V – Large Buyout
• Fairview Capital Fund VI – Growth Equity

Ventura County Employees' Retirement Association – $36.6M

• Main Capital IX Coöperatief U.A. – Middle Market Buyout
• Buenaventure One – PE Fund of Funds
• CapVest Equity Partners VI – Middle Market Buyout

Seattle City Employees Retirement System – $30M

• Monarch Capital Partners VII LP – Special Situations

Howard County Master Trust – $20M

• HarbourVest Partners Co-Investment Fund VII – Co-Investment Private Equity

AC Transit Employees Retirement Plan – $20M

• AlphaKeys Dover Street XI, L.P. – Private Equity

Boston Retirement System – $15M

• Kayne Private Energy Income Fund III – Oil & Gas

10. Mercer Investment Consulting: $795M

New Mexico State Investment Council – $525M

• BC Investors Co-Invest Vehicle (NMLP), L.P. – Co-Investment Private Equity
• Ampersand 2026 Limited Partnership – Lower Middle Market Buyout
• Valiant Peregrine Fund 3, L.P. – Growth Equity
• Alpine Investors Heroes I, LP – Lower Middle Market Buyout
• Alpine Investors Heroes Co-Investment UT Dream, LP – Co-Investment Private Equity

Kansas Public Employees Retirement System – $270M

• TowerBrook Investors VII (Onshore), I.L.P. – Large Buyout
• Quad-C Partners XI – Middle Market Buyout

Allocation Discipline Remains Intact

Consultant-led activity in Q2 2026 reinforced private equity's role as a core allocation within institutional portfolios, particularly as investors continue to prioritize manager selection, diversification across buyout and growth strategies, and access to top-tier fund managers. Across buyout, growth equity, secondaries, PE funds of funds, 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. Book a demo of Dakota Marketplace to track institutional demand and allocation trends.