In February, Dakota tracked over $14.1B across 148 investments from 45 distinct pension funds or entities disclosing their commitments. In this article, we highlight the top allocators and allocations made in the month of February by these public institutions:
The Top Allocators for the Month:
- New Jersey Division of Investment disclosed $1.75B in new commitments
- Employees' Retirement System of Texas reported an additional $1.7B in commitments
- Florida State Board of Administration reported $1.6B in commitments
Asset Classes:
- Private Equity: A total of $5.1B was directed into 57 investments, making up approximately 36% of the month’s commitments.
- Private Credit: $3.6B was invested through 36 deals, constituting 25.7% of the total.
- Private Real Estate: This category saw $3.4B allocated across 30 investments, representing 23.9% of commitments.
- Real Assets/Infrastructure: $320M was allocated across four investments, accounting for 2.3% of the month’s total.
- Venture Capital: $742M was invested across 12 investments, representing approximately 5.2% of total investments.
Sub-Asset Classes:
- Private Equity: Buyouts made up 21.1% of overall commitments, with $3B allocated to 34 funds ranging from lower middle market to large buyout strategies.
- Private Credit: Opportunistic strategies attracted $645M in commitments, equal to 4.5% of the total. Direct Lending strategies accounted for 9.8% of investments, attracting $1.3B to the asset class.
- Real Assets: Natural Resource investments accounted for $200M. Infrastructure investments saw over $110M in commitments, representing 0.8% of the month’s allocations.
- Real Estate: Opportunistic and value-added strategies accounted for $2.1B, which was 14.9% of the investments tracked in February.
Significant Allocations in February:
- CPP Investments - EQT Private Capital Asia BPEA IX (Private Equity): $700M
- New York State Common Retirement Fund - IPI Partners Fund III (Real Estate): $400M
- New Jersey Division of Investment
- Blue Torch Credit Opportunities Fund I (Private Credit): $400M
- NJ - StepStone Real Estate SMA (Real Estate): $400M
- Virginia Retirement System - Brevan Howard Opportunistic Program (Hedge Funds/Liquid Alternatives): $400M
Smaller Allocations:
- City of San Jose Police and Fire Department Retirement - Friends & Family Capital III (Venture Capital): $3M
- Miami Beach Fire & Police Pension Fund - Affiliated Housing Impact Fund II (Real Estate): $3M
- Medford Contributory Retirement System - PRIM Vintage Year 2025 (Private Equity): $3M
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