June 2024 Public Plan Commitment Summary

In June, Dakota monitored around $18 billion across 171 investments. During this period, 55 distinct pension funds or entities reported their commitments. Investments included CalPERS Q4 commitments, allocations from international investors such as CPP Investments and Ireland Strategic Investment Fund, NY State Common’s Emerging Manager Program investments, and more.

In this article we are going over the top allocators, allocations, and terminations made in the month of June. By the end of this, you'll have a better understanding of the Public Pension commitments made in the month of June.

The leading allocators for the month were:

  • CalPERS revealed $4.5 billion in commitments from Q4 2023.
  • Washington State Investment Board committed $1.3 billion.
  • Virginia Retirement System reported investments totaling $1.2 billion.

Asset Classes:

  • Private Equity: $8.1 billion was allocated across 77 investments, representing approximately 45% of the total commitments.
  • Real Assets: $3.4 billion across 26 investments, accounting for 19% of commitments.
  • Private Credit: $2.7 billion was committed across 26 investments, making up 15% of the total.
  • Private Real Estate: $2.7 billion flowed into this asset class through 20 investments, also comprising 15% of commitments.
  • Venture Capital: 16 investments totaled $725 million.
  • Hedge Funds: 2 commitments amounted to $200 million.

Sub-Asset Classes:

  • Private Equity: Buyouts constituted about 29% of commitments, with $5.2 billion across 47 funds covering lower middle market, middle market, and large buyout funds.
  • Real Assets: Over $3.2 billion was directed towards 24 Infrastructure investments, making up 18% of commitments.
  • Real Estate: Opportunistic Real Estate investments accounted for $1.3 billion, or 7% of the total investments tracked in June.
  • Private Credit: Opportunistic and Special Situations investments represented $1.5 billion across 11 investments, equating to 8% of the month's total.

Major Allocations in June:

  • CalPERS: Global Infrastructure Partners V - $850 million
  • Washington State Investment Board: Evergreen Park Investment Fund - $800 million
  • CalPERS: Ares Senior Credit Investment Partnership - $650 million
  • CPP Investments: Quantum Capital Solutions Fund II - $500 million
  • CPP Investments: CVC Capital Partners IX - $500 million

Smaller Allocations:

  • New York State Common Retirement: GP5 Sidecar JV - $7.5 million
  • New Castle County Employees Pension: Crayhill Principal Strategies Fund III - $6 million
  • Texas TRS: Tallvine Emerald Management Holdings - $4 million
  • New York City Fire Department Pension Fund: Amulet Capital Fund III - $3.5 million
  • University of Michigan Investment Office: First Round Capital - $3.1 million

Other Notable Commitments:

  • CPP Investments - Quantum Capital Solutions Fund II - $500,000,000
  • CPP Investments - CVC Capital Partners IX - $500,000,000
  • Ireland Strategic Investment Fund - Copenhagen Infrastructure V - $216,000,000
  • Orange County Employees’ Retirement System: Bayview MSR Fund - $100,000,000
  • Maine PERS: Voleon Composition Fund - $100,000,000
  • Pompano Beach Police and Firefighters’ - Serenitas Dynamic Alpha Fund - $10,000,000

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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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