Institutional investors across the U.S. have maintained a strong focus on private equity 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 Hamilton Lane Advisors, Meketa Investment Group, Albourne, and StepStone Group, to deploy significant capital into diverse private equity strategies. These investments have ranged from large buyouts to niche growth equity funds, reflecting a robust appetite for portfolio diversification and higher returns despite ongoing market uncertainties.
Notable allocations include Hamilton Lane facilitating $2.5 billion in private equity investments, with significant commitments from the Teachers Retirement System of Louisiana and the New York State Common Retirement Fund. Meketa Investment Group oversaw $2.0 billion in commitments as well, with notable contributions from the New York State Common Retirement Fund and the Municipal Employees Retirement System of Louisiana. Meanwhile, Albourne played a key advisory role for the Texas Municipal Retirement System and the Arizona Public Safety Personnel Retirement System, contributing to $1.7 billion in total commitments. StepStone Group advised several large institutional investors, including the Los Angeles County Employees' Retirement Association and the New York State Teachers Retirement System, driving $1.3 billion in private equity commitments.
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 equity , 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.
1. Hamilton Lane Advisors: $2.5B
Teachers Retirement System of Louisiana
- Lindsay Goldberg VI: $100,000,000
Fresno County Employees Retirement Association
- K6 Private Investors: $20,000,000
New York State Common Retirement Fund
- Alphi Capital I: $20,000,000
- KLC Fund II: $5,000,000
- Cohere Capital Fund II: $20,000,000
- Blackstone Capital Partners IX: $300,000,000
- Blackstone Capital Partners IX Supplemental Account: $500,000,000
- Blackstone Capital Opportunities Fund V LP: $250,000,000
- TPG GP Solutions (A) : $500,000,000
- Blue Owl Strategic Equity Partners: $300,000,000
- Summit Partners Growth Equity Fund XII: $250,000,000
- Clearlake Capital Partners VIII: $300,000,000
Santa Barbara County Employees' Retirement System
- Summit Partners Growth Equity Fund XII: $10,000,000
2. Meketa Investment Group: $2.0B
Municipal Employees Retirement System of Louisiana
- Constitution Capital Partners Ironsides VII $25,000,000
California Public Employees' Retirement Systems
- Lincoln Plaza Fund $2,000,000,000
Massachusetts Housing Finance Agency Retirement System
- Constitution: $8,000,000
- Mesirow Private Equity 2025: $8,000,000
- HarbourVest Partners: $8,000,000
City of San Jose Police and Fire Department Retirement
- Pelican Energy Partners Base Zero: $18,000,000
3. Albourne: $1.7B
Texas Municipal Retirement System
- Harbourvest TMRS Fund: $36,750,000
Arizona Public Safety Personnel Retirement System
- Berkshire Fund XI: $100,000,000
Minnesota State Board of Investments
- Blackstone Energy Transition Partners IV: $50,000,000
- IK Small Cap IV Fund: $125,000,000
- KKR North America Fund XIV: $400,000,000
- Nordic Capital Evolution Fund II: $125,000,000
Washington State Investment Board
- GTCR Capital Solutions Fund: $100,000,000
- GTCR Strategic Growth Fund II: $200,000,000
- KKR North America Fund XIV: $600,000,000
Texas Municipal Retirement System
- RCP Sun Co-Invest: $25,000,000
- SkyKnight Financial Holdings: $22,500,000
4. StepStone Group: $1.3B
Los Angeles County Employees' Retirement Association
- SEP Diamond Fund, L.P.: $120,000,000
- Summit Partners Co-Investment: $95,000,000
- Mill Point Fund Capital III: $150,000,000
- Summit Partners Growth Equity Fund XII: $250,000,000
New York State Teachers Retirement System
- Linden Capital Partners VI: $200,000,000
- Brandon Lane Partners Fund: $70,000,000
State of Wisconsin Investment Board
- Blackstone Capital Opportunities Fund V LP: $75,000,000
- Hughes Growth Equity Fund II: $50,000,000
- Peninsula Fund VIII: $75,000,000
- SPC Wilson Point: $50,000,000
- Sterling Group Credit Fund III: $100,000,000
- StoneTree Investment Partners Fund: $25,000,000
- VMG Consumer VI: $50,000,000
- North Haven Capital Partners VIII LP: $75,000,000
5. Cambridge Associates: $1.2B
California State Teachers' Retirement System
- Blackstone Capital Partners IX: $250,000,000
- Searchlight Capital IV: $75,000,000
- Tenex Capital Partners IV: $125,000,000
- Cortec Group VIII: $100,000,000
- Spark Capital Growth Fund V: $20,000,000
- ICG Strategic Equity Fund V: $100,000,000
- TPG Asia VIII: $100,000,000
- Vistria Fund V: $50,000,000
- Peak Rock Capital Fund IV: $165,000,000
University of Kentucky Endowment
- Kline Hill Partners Solutions Fund II: $20,000,000
- Sterling Group Partners VI: $15,000,000
- Centana Growth Partners III: $11,000,000
Florida State Board of Administration
- Inflexion Enterprise Fund VI: $32,300,000
- Warren Equity Partners ELIDO I Co-Investment: $5,000,000
- Trace Sabre Co-Invest Fund LP: $10,000,000
Kern County Employees' Retirement Association
- Level Equity Growth Partners VI: $15,000,000
- Level Equity Opportunities Fund 2025: $15,000,000
Colorado Fire and Police Pension Association
- AIGA Climate Fund I: $15,000,000
- Summit Partners Growth Equity Fund XII: $25,000,000
- Cynosure Partners III: $35,000,000
- Periscope Equity III: $20,000,000
6. Aksia: $1.1B
New Jersey Division of Investment
- JLL Partners IX: $200,000,000
- NB/NJ Custom Investment Fund IV: $300,000,000
New Mexico Public Employees Retirement Association
Orange County Employees Retirement System
- Turquoise Co-Invest: $50,000,000
- Thoma Bravo Fund XVI: $50,000,000
- Thoma Bravo Discover V: $25,000,000
- H.I.G. Capital Partners VII: $45,000,000
- Investindustrial VIII: $32,000,000
- Trident X: $50,000,000
- Stellex Capital Partners III: $60,000,000
- H.I.G. Meraki Co-investment: $10,000,000
- Aurora Co-Invest L.P.: $10,000,000
- Oaktree Power Opportunities Fund VII: $50,000,000
- Linden Capital Partners VI: $50,000,000
- H.I.G. Europe Middle Market LBO Fund II: $49,000,000
Virginia Retirement System
- HarbourVest Partners Co-Investment Fund VII: $100,000,000
7. Callan Associates: $600M
Employees' Retirement System of the City of Milwaukee
- NB VI: $100,000,000
- Mesirow Private Equity Fund IX: $120,000,000
- Apogem Capital Private Equity Fund XI: $40,000,000
- Abbott Annual Program 2025: $40,000,000
Marin County Employees Retirement Association
- PPEF I-12: $60,000,000
- Abbott Annual Program 2025: $60,000,000
Cook County Annuity and Benefit Fund
- Mesirow Private Equity Fund IX: $10,000,000
- Mesirow Private Equity 2025: $120,000,000
Alaska Retirement Management Board
- Summit Partners Growth Equity Fund XII: $50,000,000
8. Grosvenor Capital Management, L.P.: $386M
Teacher Retirement System of Texas
- PSC Leto LP $24,000,000
- CD&R Raven Co-Investor $27,000,000
- Valor Summit 1.0 L.P. $10,000,000
- Thoma Bravo Discover V $150,000,000
- KCO Fund Co-Invest $100,000,000
- Frazier Healthcare Growth Buyout Fund XI $75,000,000
9. Mercer Investment Consulting: $295M
New Mexico State Investment Council
- Anzu North American Tech Leaders Fund: $20,000,000
- Sweetwater Secondaries Fund IV: $75,000,000
- Oaktree Power Opportunities Fund IX: $200,000,000
10. NEPC: $282M
Louisiana Municipal Police Employees Retirement System
- HarbourVest Frenchmen Street Fund: $70,000,000
City of Orlando Police Pension
- HarbourVest Partners Co-Investment Fund VII: $12,000,000
Chicago Policemen's Annuity & Benefit Fund
- Levine Leichtman Capital Partners: $40,000,000
- Muller & Monroe Private Equity Fund-of-Funds: $15,000,000
- Capital Dynamics Private Equity: $45,000,000
Louisiana State Employees Retirement System
- KKR North America Fund XIV: $100,000,000
11. Verus: $256M
Indiana Public Retirement System
- Patient Square Equity Partners II: $125,000,000
- Patient Square Co-Investment Vehicle: $31,250,000
South Carolina Retirement System Investment Commission (RSIC)
- Unity Partners Fund I: $50,000,000
- Eagle Point Defensive Income Fund III US: $50,000,000
12. RVK: $240M
Wyoming State Loan and Investment Board
- North Haven Private Equity Co-Investment Opportunities III: $100,000,000
Montana Board of Investments
- Rubicon Partners Fund IV: $50,000,000
- Renovus Capital Partners IV: $40,000,000
- GoldenTree Tactical Opportunities Fund LP: $50,000,000
13. Franklin Park Associates: $175M
Arkansas Teacher Retirement System
- Veritas Capital Fund IX: $35,000,000
- Riverside Value Fund II: $35,000,000
- NovaCap International Technologies VII: $35,000,000
- Revelstoke Capital Partners Fund IV: $35,000,000
- Peak Rock Capital Fund IV: $35,000,000
14. Cliffwater: $155M
Texas County & District Retirement System
- OceanSound Partners Fund II: $30,000,000
Sacramento County Employees Retirement System
- Summit Partners Growth Equity Fund XII: $75,000,000
- Accel-KKR Strategic Capital: $48,000,000
15. Portfolio Advisors: $153M
Los Angeles Fire & Police Pension System
- OceanSound Partners Fund II: $30,000,000
- Summit Partners Growth Equity Fund XII: $75,000,000
- Accel-KKR Strategic Capital: $48,000,000
16. Wilshire Associates, Inc.: $100M
Illinois Municipal Retirement Fund
- BPEA Private Equity Fund IX: $100,000,000
17. Windmark Investment Partners: $95M
Delaware Public Employees' Retirement System
- Oaktree Power Opportunities Fund VII: $50,000,000
- Accel Growth Fund VII: $45,000,000
18. Mariner Wealth Advisors: $40M
El Paso Firemen & Policemen's Pension Fund
- Kohlberg X: $10,000,000
- Stellex Capital Partners III: $10,000,000
Oklahoma Firefighters Pension & Retirement System
- Crown Co-Investment Opportunities IV: 20M
19. Marquette Associates: $30M
Cincinnati Retirement System
- Siguler Guff Small Buyout Opportunities Fund VI: $15,000,000
- PEG Co-Investment Fund II: $10,000,000
- Timber Bay Partners Fund III: $5,000,000
20. FEG Investment Advisors: $20M
University of Alabama System Endowment
- Hollyport Secondary Opportunities IX: $20M
21. Segal Marco Advisors: $5M
Fairfax County Educational Employees' Supplementary Retirement System
- Linden Capital Partners VI: $5M
Capitalize on Consultant-Driven Private Equity Allocations
Private equity 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 equity 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.
