Database referenced is Dakota Marketplace, the global LP and GP intelligence platform trusted by thousands of investment professionals. Learn More | Book a Demo
Institutional investors continued to deploy capital into private infrastructure in Q2 2026, with investment consultants playing a central role in guiding allocation size, strategy mix, and manager selection. Against a backdrop of selective deal activity, tempered distributions, and ongoing portfolio rebalancing, consultant-led commitments underscore private infrastructure's enduring role as a core portfolio allocation for long-term growth, diversification, and inflation-linked income.
Across the quarter, consultants steered capital toward a broad range of private infrastructure strategies, including core, core-plus, and value-add infrastructure, global and international infrastructure funds, secondaries, and co-investments. Large public pension systems anchored much of the activity, pairing sizable commitments to flagship infrastructure funds with targeted exposure to co-investment vehicles and niche sector-focused managers. The data reflects a continued emphasis on manager selection, strategy diversification, and co-investment participation as investors navigate a more disciplined dealmaking environment.
Quarter-in-Review: Consultant Influence & Allocation Activity
During Q2 2026, consultants including Meketa Investment Group, Albourne, Franklin Park, State Street, Callan Associates, Mariner Institutional, Mercer Investment Consulting, Aksia, RVK, and NEPC collectively guided nearly $5.9 billion into venture capital commitments. Allocation activity spanned early-stage, late-stage, and VC fund of funds vehicles, with early-stage strategies capturing the majority of capital alongside continued interest in late-stage and growth-oriented funds.
Want clearer insight into how consultants and pensions are allocating venture capital? Book a demo of Dakota Marketplace to track consultant-led commitments and manager activity.
1. Meketa Investment Group: $2.8B
California Public Employees' Retirement Systems – $2.4B
- LS Investments C – Early Stage
- Calah Opportunities, L.P. – Early Stage
- Lux Ventures IX, L.P. – Late Stage
- Healthcare and Fintech, L.P. – Late Stage
- Pioneer Pier Investments – Early Stage
- GC Creation Fund III, L.P. – Early Stage
- ForCal I Investment Fund C.V. – Early Stage
- Bear Coast (Ventures) Fund II – Early Stage
- Gaia Investments, S.L.P. – Early Stage
- Bay State Partners – Early Stage
- Bear Coast (Ventures) Fund – Early Stage
- Lightspeed Venture Partners Select VI – Early Stage
- Lightspeed Opportunity Fund III – Early Stage
- Lightspeed Venture Partners XV-B (Ignite) – Early Stage
- Lightspeed Venture Partners XV-A (Inception) – Early Stage
- Cerberus Ventures One LP – Early Stage
Teacher Retirement System of Texas – $162.5M
- Altimeter Venture Partners Fund VIII, L.P. – Late Stage
- General Catalyst Group XII – Early Stage
- GPx LP – Seed
- GC Creation Fund III, L.P. – Early Stage
- Altimeter Kilauea Fund I, L.P. – Late Stage
Contra Costa County Employees Retirement Association – $85M
- Invesco U.S. Value-Add Fund II, L.P. – Late Stage
Illinois Firefighters' Pension Investment Fund – $75M
- Adams Street Venture Innovation Fund IV – Early Stage
- Adams Street Leaders Fund II LP – Late Stage
Plymouth County Retirement Association – $31.8M
- Summit Partners Venture Capital Fund V-A – Early Stage
- Globespan Capital Partners V – Early Stage
- Charles River Partnership X – Early Stage
- Ascent Venture Partners V – Early Stage
- Ascent Venture Partners IV – Early Stage
- Ascend Ventures II, L.P. – Early Stage
- Charles River Partnership XI – Early Stage
District of Columbia Retirement Board – $12.4M
- Fairview Capital II, L.P. – VC Fund of Funds
- Trinity Ventures XII – Early Stage
- LEVEL EQUITY GROWTH PARTNERS III, L.P. – Early Stage
Ann Arbor Employees' Retirement System – $7M
- Arboretum Ventures V – Late Stage
- Arboretum Ventures VI – Early Stage
Massachusetts Housing Finance Agency Retirement System – $2.5M
- Ascent Venture Partners VI – Early Stage
- Ascent Venture Partners V – Early Stage
2. Albourne: $920M
Washington State Investment Board – $600M
- General Catalyst XIII, L.P. – Early Stage
- General Catalyst XII - Creation – Early Stage
- Spark Capital IX – Early Stage
- Spark Capital Growth Fund VI – Late Stage
Texas County & District Retirement System – $190M
- Spark Capital Growth Fund VI – Late Stage
- Aphias Capital Fund I, L.P. – Early Stage
- Spark Capital IX – Early Stage
- Harpoon Ventures Fund IV – Early Stage
South Carolina Retirement System Investment Commission (RSIC) – $100M
- Spark Capital Growth Fund VI – Late Stage
- Spark Capital IX – Early Stage
Maine Public Employees' Retirement System – $30M
- General Catalyst XIII, L.P. – Early Stage
- GC Creation Fund III, L.P. – Early Stage
3. Franklin Park: $645M
Arkansas Teacher Retirement System – $645M
- FP Venture XV – Early Stage
- FP Venture Opp II – Late Stage
- FP Venture XIV – Early Stage
- FP Venture XIII – Early Stage
- FP Venture Opp – Early Stage
- Franklin Park Ventures Fund 2008 – Early Stage
- FP Venture 2019 – Early Stage
- Franklin Park Venture Fund Series 2015 – Early Stage
- Franklin Park Venture Fund Series 2014 – Early Stage
- Franklin Park Venture Fund Series 2012 – Early Stage
- Franklin Park Venture Fund Series 2010 – Early Stage
- FP Venture 2018 – Early Stage
- FP Venture 2017 – Early Stage
- FP Venture 2016 – Early Stage
- FP Venture 2011 – Early Stage
- FP Venture 2009 – Early Stage
- Franklin Park Venture Fund Series 2013 – Early Stage
Stay ahead of institutional venture capital flows across early-stage, late-stage, and multi-stage strategies, and co-investments. Book a demo of Dakota Marketplace to monitor consultant-led allocation activity.
4. State Street: $286M
New York City Employees' Retirement System – $286M
- NYC-NorthBound Emerging Managers Program LP – Early Stage
- FTVentures III, L.P. – Early Stage
5. Callan Associates: $268.5M
Illinois Municipal Retirement Fund – $180M
- New Enterprise Associates 19 – Early Stage
- NEA 19 Venture Growth Equity, L.P. – Late Stage
- Left Lane Capital Partners III LP – Early Stage
Chicago Teachers' Pension Fund – $88.5M
- AVP XII – Early Stage
- AVP XI – Early Stage
- AVP XIV LP – Early Stage
- ASP Venture Innovation – Early Stage
- HVP Venture Capital X – VC Fund of Funds
- Syncom Venture PE – Early Stage
- Adams Street 2010 Direct – Late Stage
6. Mariner Institutional: $236.5M
Employees' Retirement System of the City of Baton Rouge – $236.5M
- Franklin Park XIII – Early Stage
- Top Tier Capital – Early Stage
7. Mercer Investment Consulting: $206M
New Mexico State Investment Council – $206M
- DCVC Energy & Climate II L.P. – Early Stage
- 8VC Fund VII – Early Stage
- Outlander Fund IV – Early Stage
- UP.Abundance Fund I – Early Stage
- Outlander Opportunity Fund 1, L.P. – Early Stage
- Menlo Ventures Select I – Early Stage
- Airbus Ventures Fund V – Early Stage
8. Aksia: $205M
Orange County Employees Retirement System – $155M
- Spark Capital IX – Early Stage
- Spark Capital Growth Fund VI – Late Stage
- South Park Commons Fund IV – Early Stage
- General Catalyst XIII, L.P. – Early Stage
- Lightspeed SPV-A 2 – Early Stage
- GGV Capital Select – Late Stage
Nebraska Investment Council – $50M
- Spark Capital Growth Fund VI – Late Stage
- Spark Capital IX – Early Stage
9. RVK: $170M
North Dakota Department of Trust Lands – $170M
- Khosla Ventures IX – Early Stage
- Industry Ventures Partnership Holdings VII – Early Stage
- Khosla Ventures VIII – Early Stage
- AH 2024 Fund Multiplexer (Unblocked), L.P. – Early Stage
10. NEPC: $105.9M
Chicago Policemen's Annuity & Benefit Fund – $75M
- Wellington Late-Stage Growth Partners V, L.P. – Late Stage
- Invesco Venture Alpha Fund, L.P. – Early Stage
- Top Tier Venture Capital XI, L.P. – Early Stage
Ventura County Employees' Retirement Association – $12.9M
- Battery Ventures XV – Early Stage
University of Houston System Endowment – $12M
- Khosla Ventures IX – Early Stage
- Khosla Venture Opportunity III – Late Stage
- Khosla Ventures Seed G – Early Stage
New Castle County Employees Pension – $6M
- Industry Ventures Secondary Fund XI – Late Stage
Allocation Discipline Remains Intact
Consultant-led activity in Q2 2026 reinforced venture capital's role as a core allocation within institutional portfolios, particularly as investors continue to prioritize long-term growth, manager selection, and access to top-tier fund managers. Across early-stage, late-stage, and multi-stage strategies, VC funds of funds, and co-investments, consultants guided pension systems toward managers with demonstrated track records and the operational capabilities to create value in a more selective deal environment.
As capital flowed into established venture platforms, repeat manager relationships, and targeted co-investments, a consistent theme emerged: consultants emphasized manager quality, strategy diversification, and co-investment discipline over chasing recent vintage performance. With tens of billions allocated during the quarter, venture capital remains a strategically supported allocation, underpinned by sustained consultant confidence in the asset class's ability to deliver long-term outperformance across market cycles.
Consultants continue to shape venture capital. Book a demo of Dakota Marketplace to track institutional demand and allocation trends.
