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Institutional investors remained highly active in private real estate throughout Q4 2024, with top consultants guiding significant capital commitments across U.S. public pension and retirement systems. As market conditions continue to evolve, real estate remains a critical component of institutional portfolios, providing diversification, income generation, and inflation protection. Consultants such as The Townsend Group, Meketa Investment Group, AON, StepStone Group, and NEPC played a key role in advising public plans on strategic investments across multifamily housing, logistics, healthcare, and other real estate sectors.
This quarter’s consultant-led allocations highlight the sustained investor appetite for private real estate, with capital flowing into both core and opportunistic strategies. The data below outlines the major real estate commitments made in Q4 2024, offering a snapshot of where institutional capital is being deployed and which consultants are leading these investment decisions.
In this article, we highlight the largest public pension commitments to real estate, 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.
Florida State Board of Administration
Kansas Public Employees Retirement System
Los Angeles Fire & Police Pension System
New Mexico State Investment Council
New York State Common Retirement Fund
Orange County Employees Retirement System
Sacramento County Employees Retirement System
Tennessee Consolidated Retirement System
Virginia Retirement System
California Public Employees' Retirement Systems
City of San Jose Police and Fire Department Retirement
Newport News Employees Retirement Fund
Oregon Public Employees Retirement Fund
Rhode Island State Pension
State Universities Retirement System of Illinois
Teachers Retirement System of Louisiana
Arkansas Teacher Retirement System
Los Angeles County Employees' Retirement Association
State of Wisconsin Investment Board
New Jersey Division of Investment
Santa Barbara County Employees' Retirement System
City of Jacksonville Police and Fire Pension Fund
City of Jacksonville Retirement System
Wyoming State Loan and Investment Board
Baltimore City Fire and Police Retirement System
Boston Retirement System
City of Fresno Retirement Systems
City of Manchester Employees Contributory Retirement System
Fresno County Employees Retirement Association
Seattle City Employees Retirement System
Ventura County Employees' Retirement Association
Alaska Retirement Management Board
North Dakota State Investment Board
Contra Costa County Employees Retirement Association
Tulare County Employees' Retirement Association
Indiana Public Retirement System
Pennsylvania Public School Employees' Retirement
California State Teachers' Retirement System
Texas Municipal Retirement System
Illinois Municipal Retirement Fund
Teacher Retirement System of Texas
Massachusetts Bay Transportation Authority
Fairfax County Educational Employees' Supplementary Retirement System
Oklahoma Municipal Retirement Fund
New York City Board of Education Retirement System
Dallas-Fort Worth Airport Board Retirement Plan
Real estate continues to be a vital asset class for institutional investors, with consultants driving strategic allocations across various property sectors and investment strategies. The Q4 2024 allocations demonstrate a strong commitment to private real estate, with consultants guiding pension funds and retirement systems toward funds focused on logistics, multifamily housing, and other high-growth segments. As investors seek stability and long-term returns in an evolving economic environment, the role of consultants in navigating the real estate landscape remains critical. Looking ahead, these allocations provide insight into emerging trends and the investment priorities of major institutional players in private real estate.
To view more allocations across all asset classes, book a demo of Dakota Marketplace.
Written By: Koncheng Moua, Director of Data Management and Strategy
Koncheng Moua is the Director of Data Management and Strategy at Dakota.
October 23, 2024
September 02, 2021
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