Institutional investors stayed the course on private equity in Q3 2025, continuing to rely on consultants to shape allocation strategies and drive long-term performance. With inflation cooling, public markets showing cautious optimism, and demand for long-term value creation holding steady, private markets remained a key area of focus for growth and diversification.
This past quarter, we saw strong momentum across flagship buyout and growth equity funds, along with heightened activity in co-investments and secondaries, structures that offer institutions more control over pacing and risk. Consultants including Meketa Investment Group, Hamilton Lane, Albourne, and StepStone led the charge, guiding billions in commitments across sectors like technology, healthcare, and industrials.
These allocations reflect a familiar dynamic: consultants remain critical partners in helping institutions identify high-conviction opportunities and build resilient private equity portfolios.
1. Meketa Investment Group: $4.19B
California Public Employees’ Retirement Systems – $3.75B
- Triangle Investment Opportunities II, L.P – Growth Equity
- JSC Capital Partners, L.P. – Growth Equity
- CA Co-Investment Limited Partnership – Co-Investment Private Equity
- Phoenix Bear Partners II – Middle Market Buyout
- Project Quail Opportunities – Middle Market Buyout
- Thoma Bravo Fund XVI – Growth Equity
- Pioneer Pier Investments – Early Stage
- Thoma Bravo Europe I – Middle Market Buyout
- Springblue Co-Investment SPV – Co-Investment Private Equity
- Innovation Opportunities – Growth Equity
- GA Continuity II (GT) Fund – Growth Equity
- Onex Raven Co-Invest II LP – Co-Investment Private Equity
- EII-C SPV – Private Infrastructure
- Canaan XIII – Growth Equity
City of San Jose Police and Fire Department Retirement – $143M
- Neuberger Berman SJPF Private Equity – Middle Market Buyout
- Melange Secondaries Partners – Secondary Private Equity
District of Columbia Retirement Board – $100M
- Avance Investment Partners II – 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
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
Quincy Retirement System – $25M
- Ridgemont Equity Partners V – Middle Market Buyout
- Reverence Capital Partners – Growth Equity
- Capital Dynamics Mid-Market Direct VI – Co-Investment Private Equity
City of Hartford Municipal Employees Retirement Fund – $22M
- Stellex Capital Partners III – Middle Market Buyout
- Avance Investment Partners II – Middle Market Buyout
City of Marlborough Contributory Retirement System – $20M
- HarbourVest Partners – Middle Market Buyout
- Constitution – Middle Market Buyout
El Paso Firemen & Policemen's Pension Fund – $10M
- Ridgemont Equity Partners V – Middle Market Buyout
Fairfax County Educational Employees' Supplementary Retirement System – $7.7M
- Oakley Capital VI – Middle Market Buyout
- SSC Partners III-A LP – Lower Middle Market Buyout
2. Hamilton Lane Advisors: $3.26B
New York State Common Retirement Fund – $2.19B
- TPG GP Solutions II (A), L.P. – Middle Market Buyout
- Thoma Bravo Fund XVI – Growth Equity
- KKR Empire PE Co-Investments – Co-Investment Private Equity
- Avance Investment Partners II – Middle Market Buyout
- Hg Saturn 4 A L.P. – Growth Equity
- Integrum Capital Partners II – Middle Market Buyout
- GenNx360 Capital Partners IV – Lower Middle Market Buyout
- Thoma Bravo Discover Executive Fund V – Growth Equity
- TB Co-Invest Opportunities (Blue Jay), L.P. – Co-Investment Private Equity
- TowerBrook Empire Opportunities – Co-Investment Private Equity
- NYS 1 Co-Invest L.P. – Co-Investment Private Equity
- Integrum Capital Partners II Co-Invest – Middle Market Buyout
- Wavecrest Growth Partners III, L.P. – Growth Equity
Connecticut Retirement Plans and Trust Funds – $546M
- Reverence Capital Partners Opportunities Fund IV – Middle Market Buyout
- Integrum Capital Partners II – Middle Market Buyout
- Verdane Freya XII – Growth Equity
Teachers Retirement System of Louisiana – $225M
- Blackstone Tactical Opportunities Fund V L.P. – Middle Market Buyout
- Charterhouse Capital Partners XII – Middle Market Buyout
Mass PRIM – $150M
- WindRose Health Investors VII – Middle Market Buyout
- Polaris Growth Fund III – Growth Equity
Houston Firefighters' Relief and Retirement Fund – $88M
- Nordic Capital Fund XII – Large Buyout
- Northlane Capital Partners II – Growth Equity
Fresno County Employees Retirement Association – $61.82M
- Dawson Portfolio Finance 6 LP – Special Situations
- Verdane Freya XII – Growth Equity
- Stripes VII – Growth Equity
3. Albourne: $2.74B
Minnesota State Board of Investments – $1.46B
- 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
South Carolina Retirement System Investment Commission (RSIC) – $718M
- General Atlantic Investment Partners 2025, L.P. – Growth Equity
- Great Hill Equity Partners IX – Middle Market Buyout
- Banner Ridge Secondary Fund VI – Secondary Private Equity
- Hg Genesis 11 – Middle Market Buyout
- Cinven Second Fund – Middle Market Buyout
- Regal Healthcare Capital Partners IV – Growth Equity
- Plexus Equity Fund II – Growth Equity
- Hg Mercury 5 – Lower Middle Market Buyout
- Banner Ridge Secondary Fund VI Co-Invest – Co-Investment Private Equity
Arizona Public Safety Personnel Retirement System – $250M
- Charlesbank Equity Fund XI – Middle Market Buyout
Washington State Investment Board – $200M
- Bridgepoint Europe VIII – Middle Market Buyout
Texas Municipal Retirement System – $100M
- Public Pension Capital I – Large Buyout
- Biospring Partners Fund II, L.P. – Growth Equity
4. StepStone Group: $2.31B
Los Angeles County Employees' Retirement Association – $800M
- Advent International GPE XI SCSp – Large Buyout
- Sterling Investment Partners V – Middle Market Buyout
- NovaCap International Technologies VII – Middle Market Buyout
Teachers' Retirement System of Illinois – $640M
- Arlington Capital Partners VII – Middle Market Buyout
- Advent International GPE XI-E SCSp – Large Buyout
- BPEA Private Equity Fund IX – Middle Market Buyout
- CB Equity Fund XI, LP – Middle Market Buyout
- NMS Fund V – Middle Market Buyout
- EQT Healthcare Growth (No. 2) SCSp – Middle Market Buyout
- Searchlight Capital IV PV-A, L.P. – Middle Market Buyout
- Sterling Investment Partners V – Middle Market Buyout
- Oakley Capital V1-B1 – Middle Market Buyout
State of Wisconsin Investment Board – $570M
- Sixth Street Opportunities Partners VI – Middle Market Buyout
- Atlas Capital Resources V – Middle Market Buyout
- Turn/River Capital VI (WI-Sidecar) – Growth Equity
- Seaside Equity Partners III – Lower Middle Market Buyout
- Recognize Partners II – Growth Equity
- TB Co-Invest Opportunities (Robin) – Co-Investment Private Equity
- Seaside Equity Partners Navigator I-A – Lower Middle Market Buyout
Pennsylvania State Employees Retirement System – $150M
- HarbourVest Dover Street XII – Secondary Private Equity
- Harbourvest Secondary Overflow Fund VI-A – Secondary Private Equity
New York State Teachers Retirement System – $150M
- NMS Fund V – Middle Market Buyout
5. Aksia: $1.77B
Virginia Retirement System – $1.195B
- Advent International GPE XI – Large Buyout
- Sixth Street Opportunities Partners VI – Middle Market Buyout
- Vista Foundation Fund V – Middle Market Buyout
- Arlington Capital Partners VII – Middle Market Buyout
- JMI Equity Fund XII-A – Growth Equity
- Ridgemont Equity Partners – Middle Market Buyout
- ICONIQ – Growth Equity
- Advent Global Technology III – Middle Market Buyout
Los Angeles City Employees’ Retirement System – $255M
- Sixth Street Opportunities Partners VI – Middle Market Buyout
- Dawson Portfolio Finance 6 LP – Special Situations
- Warren Equity Partners Fund V – Lower Middle Market Buyout
- NMS Fund V – Middle Market Buyout
- Enhanced Healthcare Partners II LP – Middle Market Buyout
- TPG TBDL Co-Invest Fund VI, L.P. – Co-Investment Private Equity
Orange County Employees Retirement System – $205M
- Advent International GPE XI – 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
- Project Moon Co-Invest – Co-Investment Private Equity
- EnCap PE Co-Invest – Co-Investment Private Equity
- Altor III Co-Invest – Co-Investment Private Equity
- NEA SH 2025 SPV – Co-Investment Private Equity
San Francisco Employees’ Retirement System – $50M
- Stripes VII – Growth Equity
Fort Worth Employees Retirement Fund – $50M
- JMI Equity Fund XII-A – Growth Equity
- Arlington Capital Partners VII – Middle Market Buyout
Fresno County Employees Retirement Association – $10M
- TPG TBDL Co-Invest Fund VI, L.P. – Co-Investment Private Equity
Indiana Public Retirement System – $8M
- EnCap Energy Capital Fund XII Double Eagle V Co-Investment – Co-Investment Private Equity
6. Cambridge Associates: $1.26B
Florida State Board of Administration – $1.19B
- FSBA Aegon Asset Management – Secondary Private Equity
- Tidewater Partners BL Fund – Middle Market Buyout
- Warren Equity Partners Fund V – Lower Middle Market Buyout
- Atlas Capital Resources V – Middle Market Buyout
- Seaside Equity Partners III – Lower Middle Market Buyout
- TowerBrook Investors VI – Large Buyout
- Seaside Equity Partners Navigator I-A – Lower Middle Market Buyout
- Astro Co-Invest – Co-Investment Private Equity
- AIPCF VII Aqua Co-Invest – Co-Investment Private Equity
University of Kentucky Endowment – $50M
- Verdane Freya XII – Growth Equity
- Lime Rock New Energy II – Growth Equity
- Cordillera Investment Fund IV-B, L.P. – Growth Equity
Kern County Employees’ Retirement Association – $20M
- OrbiMed Private Investments X, LP – Growth Equity
7. Grosvenor Capital Management: $1.25B
Teacher Retirement System of Texas – $1.25B
- TPG Partners X – Large Buyout
- XN Opportunities VII LP – Growth Equity
- TPG Growth V – Growth Equity
- Great Hill Equity Partners IX – Middle Market Buyout
- CC7 Co-Invest – Middle Market Buyout
- Sage Equity Investors, LP – Secondary Private Equity
- Ridgemont Equity Partners V – Middle Market Buyout
- DB Yogi Co-Invest – Co-Investment Private Equity
- Sage Equity Investors-A, L.P. – Co-Investment Private Equity
- LJ Range Co-Invest, L.P. – Co-Investment Private Equity
- Graham Partners Genesis – Middle Market Buyout
- TPG Healthcare Partners III, L.P. – Healthcare Private Equity
- GRX Equity Investors – Middle Market Buyout
8. NEPC: $519.5M
Texas Permanent School Fund – $200M
- Velocity Opportunity Fund – Growth Equity
North Dakota State Investment Board – $120M
- Guidepost Growth Equity IV – Growth Equity
- Chicago Pacific Founders Fund IV – Growth Equity
San Antonio Fire & Police Pension Fund – $50M
- Francisco Partners VII – Middle Market Buyout
- Diversis Capital Partners III – Growth Equity
Alameda County Employees’ Retirement Association – $50M
- Great Hill Equity Partners IX – Middle Market Buyout
Howard County Master Trust – $45M
- HarbourVest Dover Street XII – Secondary Private Equity
- Arlington Capital Partners VII – Middle Market Buyout
Rhode Island State Pension – $32M
- Novacap Technologies VII, L.P. – Middle Market Buyout
Stanislaud County Employees’ Retirement Association – $12.5M
- Great Hill Equity Partners IX – Middle Market Buyout
Boston Retirement System – $10M
- Stripes VII – Growth Equity
9. Mercer Investment Consulting: $434.4M
Kansas Public Employees Retirement System – $330M
- Warburg Pincus Global Growth 15 – Growth Equity
- Lead Edge Capital VII – Growth Equity
- Great Hill Equity Partners IX – Middle Market Buyout
New Mexico State Investment Council – $106M
- Bessemer Venture Partners Forge II – Middle Market Buyout
- Frontier Fund I Alpha – Early Stage
10. Cliffwater: 340M
Texas County & District Retirement System – $240M
- Sixth Street Opportunities Partners VI – Middle Market Buyout
- Architect Equity Fund I – Middle Market Buyout
- Carnelian Acquisition & Development, L.P. – Energy Private 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
Maine Public Employees’ Retirement System – $50M
- Great Hill Equity Partners IX – Middle Market Buyout
Sacramento County Employees Retirement System – $35M
- OrbiMed Private Investments X, LP – Growth Equity
Anne Arundel County Retirement and Pension System – $15M
- Spectrum Select Opportunities II-A, L.P. – Growth Equity
Private Equity Momentum Holds
Consultant-led activity in Q3 2025 reinforced the central role private equity continues to play in institutional portfolios. From flagship buyout funds to targeted co-investments, consultants helped pension systems and retirement plans navigate a shifting market environment while staying focused on long-term performance.
As capital flowed into a wide range of strategies, the common thread was discipline: consultants stayed aligned with institutional mandates, prioritized high-conviction managers, and brought flexibility to portfolio construction.
With billions allocated across sectors and fund types, this quarter’s trends underscore what we continue to see across the market, consultants are not just advisors, but key partners in executing on growth, diversification, and durability in private equity.
To explore more details on allocation data by consultant, strategy, and fund, book a demo of Dakota Marketplace.
