Institutional investors sustained a steady appetite for real assets in Q3 2025, guided by consultants who continue to anchor portfolio construction around inflation protection, income generation, and long-term stability. With macro uncertainty persisting and demand for tangible, cash-flow-producing assets holding strong, real estate, infrastructure, and natural resources allocations remained key pillars of institutional portfolios.
This quarter, consultant-led activity totaled more than $1.3 billion, driven by Mercer Investment Consulting, Meketa Investment Group, and Aon. Allocations spanned infrastructure, timber, and natural resources strategies, underscoring investor preference for durable yield and diversification beyond traditional equity and credit markets. Managers like Partners Group, Brookfield, and BTG Pactual saw continued momentum as institutions sought scalable, core-to-opportunistic exposure across global markets.
As investors position for a new cycle of real asset growth, consultants remain instrumental in identifying opportunities that balance sustainability, return potential, and risk resilience across evolving economic and environmental landscapes.
1. Mercer Investment Consulting – $500M
New Mexico State Investment Council – $500M
- Partners Group Direct Infrastructure Fund IV – Infrastructure
- Global Infrastructure Partners IV Co-Investment Fund – Infrastructure
2. Meketa Investment Group - $350M
Kansas Public Employees Retirement System – $325M
- BTG Pactual Open Ended Core U.S. Timberland Fund, LP – Timber
- RMS Evergreen US Forestland Fund, L.P. – Timber
Fairfax County Educational Employees’ Supplementary Retirement System – $25M
- Kinterra Critical Materials & Infrastructure Opportunities Fund II, LP – Precious Metals
- BP Opportunities Partners III, L.P. – Natural Resources
3. AON - $175M
Virginia Retirement System – $100M
- Kinterra critical Materials & Infrastructure Opportunities Fund II, LP – Precious Metals
Teacher Retirement System of Texas – $75M
- Rio Toro – Natural Resources
4. Whilshire Associates, Inc. - $100M
School Employees Retirement System of Ohio – $100M
- JP Morgan International Infrastructure Fund – Infrastructure
5. RVK - $100M
Los Angeles Fire & Police Pension System – $100M
- Brookfield Super-Core Infrastructure Partners – Infrastructure
6. Verus - $90M
Contra Costa County Employees Retirement Association – $75M
- Barings Real Estate Debt Income Fund – Real Estate Debt
Indiana Public Retirement System – $15M
- Macquarie Infrastructure Partners Fund VI Co-Invest – Infrastructure
7. Fund Evaluation Group - $15M
University of Alabama System Endowment – $15M
- Rockland Power Partners V, LP – Oil & Gas
8. Marquette Associates - $8.5M
Frederick County Employees Retirement Plan – $8.5M
- Brookfield Super-Core Infrastructure Partners – Infrastructure
Real Assets Momentum Holds
Consultant-led activity in Q3 2025 reinforced the critical role real assets continue to play in institutional portfolios. From core infrastructure and timber to opportunistic natural resources, consultants guided plans and endowments toward strategies designed to generate stable income, hedge inflation, and enhance long-term resilience.
Across markets, the consistent thread was conviction. Consultants prioritized durable cash-flow profiles, diversified risk exposures, and managers with proven execution across cycles. Their disciplined approach continues to bridge institutional capital with strategies built for sustainability and real-world impact.
With more than $1.3 billion in allocations this quarter, the trends underscore a clear message: consultants are not only advisors but essential partners in shaping diversified, enduring exposure to real assets.
To explore more details on allocation data by consultant, strategy, and fund, book a demo of Dakota Marketplace.
