June was a busy month as commitments made totaled $13.9 billion across 148 investments. 50 individual pension funds reported commitments during the month.
In this article, we're summarizing Public Pension activity for June of 2023. By the end of this article, you'll walk away knowing top allocations made, breakdown of asset and sub-asset classes, and the top shifts and terminations.
Top allocations
- New York State Common Retirement Fund allocating $1.6 billion
- New Mexico State Investment Council allocating $1.2 billion
- Teachers' Retirement System of Illinois allocating just over $1 billion
- State of Wisconsin Investment Board allocating $935 million
Asset Classes
Private Equity took in approximately 55% of commitments, Private Credit maintained second with 18% of commitments, Real Estate took in 16% of commitments, Real Assets received about 8% of commitments.
Sub-Asset Classes
Stemming from the private equity asset class, buyouts made up about 27% of commitments, this includes lower middle market, middle market, and large buyout funds. Also in private equity, it is worth noting that Venture Capital funds made up 9.5% of commitments. Opportunistic Real Estate was tied with venture capital taking in 9.5% of commitments.
Top Shifts
- CALPERS allocated $500M to TPG NEXT (A); $500M to GCM Grosvenor Elevate Fund I
- NY Common committed $350M to LCM Partners CO IX; $300M to Brookfield Infrastructure Fund V; $250M to two Blantyre Funds, Blantyre Capital Madison Square Fund III and the Special Situations Fund III
- LACERA committed $270M to CVC Capital IX
- Texas TRS allocated $250M to EnCap Energy Capital XII, an energy focused private equity fund
Terminations
- Detroit Police & Fire disclosed terminating Penn Capital High Yield. As a result they reallocated the funds to Shenkman HY and Arena Capital HY
- Illinois TRS terminated the Maniyar Macro hedge fund
- Ohio State Highway Patrol Retirement fully liquidated the Credit Suisse Dollar Senior Loan Fund
- Chicago LABF fully liquidated the Nuveen Long-Short Credit Fund for liquidity and to consolidate their hedge fund managers
- Pompano Beach Police and Firefighters’ Retirement System terminated Sawgrass Large Cap Growth.
For more insights into public pensions and monthly summaries, tune into our next Dakota Live! Call.
