Institutional investors remained committed to venture capital in Q1 2026, continuing to rely on consultants to guide portfolio construction and identify opportunities across a shifting innovation market. With market confidence steady and investor appetite for growth-oriented strategies holding firm, venture capital remained a key component of institutional portfolios seeking long-term value creation.
This past quarter, consultants such as Meketa Investment Group, Callan Associates, Albourne, Hamilton Lane Advisors, and Cambridge Associates led the way, directing billions toward early- and late-stage venture strategies across technology, life sciences, and industrial innovation. Seed and early-growth funds continued to attract the majority of commitments, reflecting strong conviction in the next generation of high-growth companies.
Together, these allocations underscore a clear theme: consultants continue to play a defining role in shaping institutional exposure to venture capital, balancing disciplined manager selection with the pursuit of innovation-driven returns in a competitive market environment.
Top 10 Consultant Led Venture Capital Allocations
1. Meketa Investment Group: $2.11B
California Public Employees' Retirement Systems – $2.02B
- Bear Coast (Ventures) Fund – Early Stage
- LS Investments C – Early Stage
- Oak HC/FT Partners VI, L.P. – Late Stage
- Calah Opportunities, L.P. – Early Stage
- Bay State Partners – Early Stage
- Medicxi V – Early Stage
- Essential Innovation Partners (Opportunities) LP – Early Stage
- B Capital MESA Venture Fund I – Late Stage
- SR One Capital Fund III, LP – Early Stage
- Cerberus Ventures One LP – Early Stage
Teacher Retirement System of Texas – $70M
- Altimeter Venture Partners Fund VIII – Early Stage
- Altimeter Kilauea Fund I, L.P. – Late Stage
City of San Jose Police and Fire Department Retirement – $14M
- Tribeca Access Fund II – Early Stage
- Tiger Iron SJPF – Early Stage
Fairfax County Educational Employees' Supplementary Retirement System – $5M
- Lightspeed Venture Partners XI – Early Stage
- Lightspeed Venture Partners XV-B (Ignite) – Early Stage
- Lightspeed Venture Partners XV-A – Early Stage
St. Paul Teachers' Retirement System – $4M
- Franklin Park Venture Capital Opportunity Fund II – Late Stage
2. Callan Associates: $1.71B
North Carolina Retirement Systems – $1.5B
- AH 2026 Fund Multiplexer II – Early Stage
- RXR Cardinal Venture LP – Early Stage
Illinois Municipal Retirement Fund – $180M
- New Enterprise Associates 19 – Early Stage
- NEA 19 Venture Growth Equity, L.P. – Late Stage
- LB Access I, L.P. – Early Stage
Alaska Retirement Management Board – $25M
- Battery Ventures XV – Early Stage
3. Albourne: $830M
Washington State Investment Board – $600M
- General Catalyst XII - Creation – Early Stage
- General Catalyst Partners XIII, L.P. – Early Stage
- Spark Capital IX – Early Stage
- Spark Capital Growth Fund VI – Late Stage
Texas County & District Retirement System – $130M
- Spark Capital Growth Fund VI – Late 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
4. Hamilton Lane Advisors: $575M
New York State Common Retirement Fund – $425M
- Khosla Ventures Excelsior I – Late Stage
- Oceans Ventures III, L.P. – Early Stage
Teachers Retirement System of Louisiana – $150M
- TRSL 2026 Venture Capital Separate Account – Early Stage
5. Cambridge Associates: 401M
San Francisco Employees' Retirement System – $181M
- Battery Ventures XV – Early Stage
- Lead Edge Capital VII – Early Stage
- Thrive Capital Partners X Growth, L.P. – Late Stage
- Thrive Capital Partners X Opportunity Fund, L.P. – Late Stage
- Thrive Capital Partners X Growth-A – Late Stage
- Thrive Capital Partners X, L.P. – Late Stage
Florida State Board of Administration – $100M
- TrueBridge Capital Partners Fund IX, L.P. – Early Stage
Colorado Fire and Police Pension Association – $90M
- General Catalyst Customer Value Fund – Early Stage
- Battery Ventures XV – Early Stage
- AH 2026 Fund Multiplexer II – Early Stage
California State Teachers' Retirement System – $30M
- At One Ventures II – Early Stage
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6. StepStone Group: $167.6M
Los Angeles Water & Power Employees' Retirement Plan – $100M
- Oak HC/FT Partners VI, L.P. – Late Stage
Mass PRIM – $60M
- Spark Capital Growth Fund VI – Late Stage
- Spark Capital XI – Early Stage
State of Wisconsin Investment Board – $7.6M
- G2 Software Investment D1 AB – Early Stage
7. Mercer Investment Consulting: $155M
Kansas Public Employees Retirement System – $110M
- Lux Ventures IX – Early Stage
New Mexico State Investment Council – $45M
- At One Ventures III, L.P. – Early Stage
- Acequia Capital Origin – Early Stage
- Acequia Capital Origin SP I LP – Early Stage
8. Grosvenor Capital Management
Teacher Retirement System of Texas – $130.1M
- Lead Edge Capital VII – Early Stage
- Thrive Capital Partners X Growth, L.P. – Late Stage
- Thrive Capital Partners X Opportunity Fund, L.P. – Late Stage
- Thrive Capital Partners X, L.P. – Late Stage
9. Aksia
Orange County Employees Retirement System – $110M
- Battery Ventures XV – Early Stage
- New Enterprise Associates 19 – Early Stage
- NEA 19 Venture Growth Equity, L.P. – Late Stage
- GC Creation Fund III, L.P. – Early Stage
- Collective Global AVC AIV, LP – Early Stage
10. Franklin Park Associates
Arkansas Teacher Retirement System – $50M
- Franklin Park Venture Capital Fund XVI – Early Stage
Venture Capital Allocations Hold Strong
Consultant-led activity in Q1 2026 reinforced the central role venture capital continues to play in institutional portfolios. From seed and early-stage funds to late-stage and crossover opportunities, consultants guided pension systems and retirement plans toward strategies positioned to capture innovation and long-term growth.
As capital flowed into technology, life sciences, and emerging industrial sectors, one theme remained clear: consultants focused on disciplined manager selection, thoughtful diversification, and exposure to transformative ideas driving the next wave of value creation.
With billions allocated across stages and strategies, this quarter's activity highlights the enduring partnership between consultants and institutions, one built on conviction in innovation, long-term performance, and the pursuit of growth in private markets.
To explore more details on allocation data by consultant, strategy, and fund, book a demo of Dakota Marketplace.
