Consultant Led Private Equity Allocations in Q3 2024

In recent months, institutional investors have continued to emphasize private equity allocations, with consultants playing a key role in guiding these decisions. Across U.S. public pension and retirement systems, substantial commitments were directed toward a range of investment strategies, reflecting an ongoing appetite for diversified growth opportunities. Major consulting firms, including Aksia, Hamilton Lane Advisors, StepStone Group, and others, steered significant capital into funds focusing on buyouts, growth equity, and alternative lending strategies.

For example, Aksia facilitated over $3.8 billion in allocations, with the Virginia Retirement System leading with a $750 million commitment to GCM Grosvenor VRS VI. Similarly, Hamilton Lane's advisory role resulted in $2.9 billion in commitments, with New York State Common Retirement Fund investing $400 million in the Kohlberg Empire State Co-Investment Fund. These examples underscore the strategic shifts among institutional investors toward private markets as they seek yield enhancement and diversification amid a challenging economic landscape.

While the involvement of specific consultants in these investment decisions is not always explicitly confirmed in public documents, it is assumed that they provided guidance or assistance based on their role as private equity or general consultants for the respective institutions.

In this article, we’re breaking down the largest public pension allocations to private equity from top consultants for the third quarter of 2024. By the end of this list, you’ll be able to understand which consultants are making the largest allocations.

1. Aksia: $3.8B

Virginia Retirement System

  • GCM Grosvenor VRS VI: $750,000,000
  • Trident X: $300,000,000
  • Olympus Growth Fund VII: $250,000,000
  • Thoma Bravo Fund XVI: $250,000,000
  • EnCap Energy Capital XII: $200,000,000

Tennessee Consolidated Retirement System

  • Quantum Capital Solutions II: $200,000,000
  • Bain Capital Fund XIV, L.P.: $170,000,000

New Jersey Division of Investment

  • Coller International Partners IX: $150,000,000
  • Tenex Capital Partners IV: $125,000,000
  • Summit Partners Growth Equity Fund XII: $100,000,000
  • PSG VI: $100,000,000
  • Silver Lake Partners VII: $100,000,000

Indiana Public Retirement System

  • Veritas Capital Fund IX: $150,000,000
  • Stellex Capital Partners III: $100,000,000
  • Stellex Capital Partners III Co-Investment: $33,000,000

Los Angeles City Employees' Retirement System

  • HarbourVest Broadway Co-Investment: $150,000,000
  • Thoma Bravo Fund XVI: $65,000,000
  • Thoma Bravo Discover V: $60,000,000
  • SK Capital Partners VI: $40,000,000
  • Spark Capital Growth Fund V: $33,340,000
  • KLC Fund II: $20,000,000

Pennsylvania Public School Employees' Retirement

  • LLR Equity Partners VII: $125,000,000
  • Summit Partners Growth Equity Fund XII-A: $100,000,000
  • Peppertree Capital Fund X: $100,000,000

San Francisco Employees' Retirement System

  • Resurgens Technology Partners III: $75,000,000
  • Thoma Bravo Discover V: $75,000,000

2. Hamilton Lane Advisors: $2.9B

New York State Common Retirement Fund

  • Kohlberg Empire State Co-Investment Fund: $400,000,000
  • Star Lake Opportunity Fund V-A, L.P.: $300,000,000
  • Kohlberg NY Investors X-B: $300,000,000
  • ICONIQ Strategic Partners VII: $225,000,000
  • JFL Equity Investors VI: $200,000,000
  • One Rock Capital Partners IV: $125,000,000
  • Altaris VI-5084 Co-Invest: $120,000,000
  • JFL VI NYSCRF Co-Invest Partners: $100,000,000
  • One Rock Emerald Fund: $50,000,000
  • Invictus Growth Fund II: $15,700,000
  • Excolere Equity Partners Fund I: $15,000,000

Mass PRIM

  • Thoma Bravo Fund XVI: $200,000,000
  • Trident X: $175,000,000
  • Thoma Bravo Discover V: $125,000,000
  • Five Elms Fund VI: $100,000,000
  • Index Ventures Growth VII: $38,000,000
  • Allied Industrial Partners I-A LP: $20,000,000
  • 5TH CENTURY PARTNERS FUND II-A LP: $20,000,000
  • Index Ventures XII: $18,000,000

Teachers Retirement System of Louisiana

  • ICG Europe Fund IX: $162,000,000
  • Thomas H. Lee Equity Fund X: $100,000,000
  • Summit Partners Growth Equity Fund XII: $100,000,000

Houston Firefighters' Relief and Retirement Fund

  • Northlane Capital Partners III: $20,000,000

3. Meketa Investment Group: $2.5B

California Public Employees' Retirement Systems

  • Cedar Street Partners: $500,000,000
  • Three Pillars Secondaries Fund: $300,000,000
  • General Catalyst Group XII - Endurance: $294,000,000
  • New Mountain Partners VII: $250,000,000
  • TPG Asia VIII: $250,000,000
  • K6 Private Investors: $150,000,000
  • CV Consortio Fund: $146,000,000
  • Verdane Edda III: $108,000,000
  • General Catalyst Group XII - Health Assurance: $100,000,000
  • Bridgepoint Europe VII D: $100,000,000
  • Wigeavenmore Co-Investment: $100,000,000
  • Triangle Investment Opportunities: $58,000,000

District of Columbia Retirement Board

  • Chequers Capital XVIII: $75,000,000

San Joaquin County Employees Retirement Association

  • Stellex Capital Partners III: $40,000,000

City of Baltimore Employees' Retirement System

  • Stellex Capital Partners III: $35,000,000

Municipal Employees Retirement System of Louisiana

  • Bernhard Capital Partners III: $25,000,000

Quincy Retirement System

  • FS Equity Partners IX: $8,000,000
  • Searchlight Capital IV: $8,000,000

4. StepStone Group: $2.3B

New York State Teachers Retirement System

  • Nautic Partners XI: $300,000,000
  • Monomoy Capital Partners V: $150,000,000
  • Tenex Capital Partners IV: $150,000,000
  • JFL Fund VI: $150,000,000
  • Phoenix 2022 Fund: $75,000,000

Pennsylvania State Employees Retirement System

  • HarbourVest PA Coinvestment Fund Tranche II: $200,000,000
  • LLR Equity Partners VII: $75,000,000

Teachers' Retirement System of Illinois

  • Trident X: $175,000,000
  • Stellex Capital Partners III: $50,000,000
  • 5TH CENTURY PARTNERS FUND II-A LP: $15,000,000

Los Angeles County Employees' Retirement Association

  • Kingswood Capital Opportunities Fund III: $150,000,000
  • Lightyear Fund VI, L.P.: $150,000,000
  • Altor Climate Transition Fund I: $147,000,000
  • Centerbridge Capital Partners Co-Invest: $100,000,000
  • Altor ACT Feeder LP Co-Invest: $71,000,000
  • Sterling Investment Partners Co-Invest: $57,000,000

State of Wisconsin Investment Board

  • Trident X: $150,000,000
  • BlackFin Financial Services Fund IV: $50,000,000
  • Inflexion Enterprise Fund VI: $50,000,000
  • Shamrock Capital Growth Fund VI, L.P.: $50,000,000
  • LEA Mittelstandspartner III-A: $50,000,000
  • Shamrock Capital Clover Fund I: $15,000,000

5. Albourne: $1.7B

Washington State Investment Board

  • Thoma Bravo Fund XVI: $400,000,000
  • Luminate Capital Partners IV: $200,000,000
  • Thoma Bravo Discover V: $200,000,000

Minnesota State Board of Investments

  • BlackRock Long Term Private Capital II: $300,000,000
  • Summit Partners Growth Equity Fund XII: $250,000,000
  • Thoma Bravo Fund XVI: $150,000,000
  • Thomas H. Lee Equity Fund X: $125,000,000

South Carolina Retirement System Investment Commission (RSIC)

  • Mill Point Fund Capital III: $75,000,000
  • Avesi Partners Fund II LP: $50,000,000
  • Kingswood Capital Opportunities III: $40,000,000

6. Cambridge Associates: $580M

Florida State Board of Administration

  • Quantum Capital Solutions II: $150,000,000
  • Peak Rock Capital Fund IV: $125,000,000
  • Frozen Investments Collective: $100,000,000
  • Monomoy Capital Partners V: $100,000,000
  • D&D Co-Invest: $10,000,000
  • Juniper Capital IV: $10,000,000
  • OES Co-Invest: $10,000,000
  • Webster Capital V: $10,000,000
  • Peak Rock Capital Fund III: $10,000,000

Colorado Fire and Police Pension Association

  • Peak Rock Capital Fund IV: $25,000,000
  • Enlightenment Capital Solutions Fund V: $25,000,000
  • Transom Mahogany Co-Invest: $5,000,000

7. Mercer Investment Consulting: $530M

New Mexico State Investment Council

  • Frazier Healthcare Growth Buyout Fund XI: $150,000,000
  • Veritas Capital Fund IX: $100,000,000
  • American Securities Partners IX: $100,000,000

Kansas Public Employees Retirement System

  • BDC V A LP: $90,000,000
  • Stellex Capital Partners III: $90,000,000

8. Portfolio Advisors: $495M

Los Angeles Fire & Police Pension System

  • Portfolio Advisors Private Equity: $200,000,000
  • Thoma Bravo Discover V: $60,000,000
  • Mill Point Fund Capital III: $50,000,000
  • CenterOak Equity Fund III: $50,000,000
  • Platinum Equity Partners Small Cap Fund II: $50,000,000
  • Searchlight Capital IV: $50,000,000
  • Thoma Bravo Europe I: $20,000,000
  • Centana Growth Partners II: $15,000,000

9. Callan Associates: $336M

New Hampshire Retirement System

  • HIPEP X: $100,000,000
  • HIPEP X: $75,000,000

North Dakota State Investment Board

  • Horsley Bridge Growth 14, L.P.: $60,000,000
  • Peak Rock Capital Fund IV: $50,000,000
  • H.I.G. Capital Advantage Buyout Fund II: $34,000,000
  • H.I.G. Capital Partners VII: $17,000,000

10. NEPC: $239M

Louisiana State Employees Retirement System

  • Glendower Capital Secondary Opp Fund VI: $100,000,000

Ventura County Employees' Retirement Association

  • Adams Street Co-Investment Fund VI: $35,000,000

Alameda County Employees' Retirement Association

  • Quantum Energy Partners VIII: $30,000,000

Alameda-Contra Costa Transit District

  • 50 South Capital Private Equity: $20,000,000

Baltimore City Fire and Police Retirement System

  • AE Industrial Partners Fund III: $20,000,000

Howard County Master Trust

  • Hildred Equity Partners III: $15,000,000
  • Vista Foundation Fund V: $10,000,000

New Castle County Employees Pension

  • Zenyth Partners Fund II: $9,000,000

11. Verus: $235M

Contra Costa County Employees Retirement Association

  • Altor Climate Transition Fund I: $65,000,000
  • Arbor Investments Fund VI: $50,000,000
  • BlackFin Financial Services Fund IV: $50,000,000
  • Castik Capital EPIC III: $50,000,000

San Mateo County Employees' Retirement Association

  • Summit Partners Growth Equity Fund XII: $20,000,000

12. Wilshire Associates: $225M

School Employees Retirement System of Ohio (OHSERS)

  • TPG Rise Climate II: $100,000,000
  • Monomoy Capital Partners V: $75,000,000

Illinois Municipal Retirement Fund

  • Summit Partners Growth Equity Fund XII: $50,000,000

13. Cliffwater: $184M

Texas County & District Retirement System

  • ShoreView Capital Partners V: $58,000,000

Sacramento County Employees Retirement System

  • Quantum Energy Partners VIII: $40,000,000
  • Resurgens Technology Partners III: $20,000,000

Maine Public Employees' Retirement System

  • ShoreView Capital Partners V: $25,000,000
  • Summit Partners Growth Equity Fund XII: $25,000,000

Merced County Employees' Retirement Association

  • Thoma Bravo Discover V: $8,000,000
  • Summit Partners Growth Equity Fund XII: $8,000,000

Capitalize on Consultant-Driven Private Equity Allocations

The private equity allocations made in Q3 2024 highlight the ongoing importance of this asset class for institutional investors seeking enhanced returns and portfolio diversification. From growth equity to distressed opportunities, consultants have played a crucial role in guiding their clients toward funds that align with both short- and long-term objectives. As economic conditions remain uncertain, private equity continues to offer attractive opportunities, making it a cornerstone of investment strategies across public pension and retirement systems.

To explore more consultants and their private equity allocations, book a demo of Dakota Marketplace!

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Written By: Koncheng Moua, Director of Data Management and Strategy

Koncheng Moua is the Director of Data Management and Strategy at Dakota.

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