Institutional investors allocated selectively to real assets in Q4 2025, reinforcing the asset class’s role as a portfolio diversifier and inflation-sensitive allocation amid ongoing macro and geopolitical uncertainty. As investors sought targeted exposure to commodities, natural resources, and specialty real asset strategies, consultants played a central role in directing capital toward opportunities aligned with real-return preservation and diversification objectives.
Throughout the quarter, consultant-led activity reflected a highly concentrated deployment of capital, with allocations spanning precious metals, oil and gas royalties, natural resources, and niche real asset platforms. These allocations highlight the continued relevance of real assets within institutional portfolios and underscore the importance of consultant guidance when accessing specialized strategies and managers.
Quarter-in-Review: Consultant Influence & Allocation Activity
During Q4 2025, consultants including Verus, RVK, Meketa Investment Group, Albourne, and others guided approximately $1.8 billion in real asset commitments. Activity was anchored by a sizable allocation from the Indiana Public Retirement System, with additional commitments across gold strategies, energy royalties, sustainable natural resources, and specialty real asset investments.
While overall allocation volume was more concentrated than in private equity or infrastructure, the quarter reflected a consistent emphasis on inflation protection, non-correlated return streams, and targeted commodity exposure. Institutional investors relied on consultants to access differentiated strategies aligned with specific portfolio objectives rather than broad real asset mandates.
For investment managers and sales teams tracking institutional demand, consultant-led real asset allocations continue to offer valuable insight into where allocators are selectively deploying capital within the real assets universe.
Book a demo of Dakota Marketplace to track consultant-led real asset allocations by pension plan, strategy, and fund in real time.
1. Verus: $1.25B
Indiana Public Retirement System – $1.25B
- Parametric Gold – Gold
- Gresham Gold Fund – Gold
2. RVK: $197.5M
New Jersey Division of Investment – $125M
- Primary Wave 4 – Real Assets
Teachers' Retirement System of Illinois – $65M
- NGP Royalty Partners III – Oil & Gas
Santa Barbara County Employees' Retirement System – $7.5M
- RRG Sustainable Water Impact Fund II – Natural Resources
3. Meketa Investment Group: $100M
Los Angeles County Employees' Retirement Association – $100M
- Orion Mine Finance Fund IV – Precious Metals
4. Albourne: $100M
Texas Municipal Retirement System – $100M
- NP Northwest Corporate Park Aggregator – Real Assets
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5. Cambridge Associates: $60M
San Francisco Employees' Retirement System – $60M
- Primary Wave Music IP Fund 4 – Infrastructure
6. AON: $50M
Teacher Retirement System of Texas – $50M
- Formentera Partners Fund III – Oil & Gas
7. StepStone Group: $35M
State of Wisconsin Investment Board – $35M
- NGP Royalty Partners III – Oil & Gas
8. NEPC: $30M
Alameda County Employees' Retirement Association – $30M
- Rockland Power Partners V, LP – Oil & Gas
9. FEG Investment Advisors: $20M
University of Alabama System Endowment – $20M
- Tembo Capital Mining Fund IV – Natural Resources
- Tembo Capital Mining Fund IV Co-Investment – Natural Resources
Allocation Discipline Remains Intact
Consultant-led activity in Q4 2025 reinforced the role real assets continue to play as a complementary allocation within institutional portfolios. Across precious metals, energy royalties, natural resources, and specialty real asset strategies, consultants guided investors toward targeted exposure designed to enhance diversification and preserve real returns.
As capital flowed into a narrow set of strategies and managers, a consistent theme emerged: consultants prioritized selectivity, inflation sensitivity, and non-correlated return streams over broad deployment. With approximately $1.8 billion allocated during the quarter, real assets remain a purposeful allocation supported by disciplined consultant oversight and focused institutional demand.
To explore consultant-led real asset allocations by quarter, allocator, strategy, and fund… and to monitor activity as it unfolds… book a demo of Dakota Marketplace!
