The Largest Public Pension Allocations to Private Equity by Consultant in 2021

Understanding where public pension funds are investing can be a huge piece of an investment salesperson’s day. However, we know that it can also be a very time consuming undertaking, given the sheer number of pension funds across the country. 

At Dakota, we’ve been fundraising since 2006, and have raised over $40B for our partners in that time. We’ve made it part of our DNA to stay on top of public pension fund investments, and we want to help make these updates as accessible to our peers as possible. 

In this article, we’re going to break down the largest public pension allocations to Private Equity by General Consultants in 2021. By the end of this list, you’ll have a great starting point to better understand which consultants are making the largest allocations.

1. Meketa Investment Group: $8,619,500,000

Investment strategies:

• Hellman & Friedman Capital Partners X: $600,000,000
• TA XIV: $400,000,000
• Hellman & Friedman Capital Partners X: $350,000,000
• KKR North American Fund XIII: $350,000,000
• Hellman & Friedman Capital Partners X: $350,000,000
• KKR North American Fund XIII: $300,000,000
• Blackstone Capital Partners Asia II: $250,000,000
• ICG Strategic Equity Fund IV: $250,000,000
• Peak Rock Capital Fund III: $250,000,000
• Roark Capital Partners VI: $250,000,000
• Genstar Capital Partners X: $250,000,000
• Tiger Iron Redwood Fund: $200,000,000
• PSG Encore Warehouse Fund: $200,000,000
• TPG Rise Climate: $200,000,000
• ICG Europe Fund VIII: $183,000,000
• JMI Equity Fund X: $170,000,000
• FountainVest China Growth Capital Fund IV: $150,000,000
• Vistria Fund IV: $150,000,000
• Hellman & Friedman Capital Partners X: $150,000,000
• Summit Partners Growth Equity XI: $150,000,000
• Luminate Capital Partners III: $150,000,000
• TA Associates XIV: $150,000,000
• Webster Capital V: $125,000,000
• GHO Capital III: $121,000,000
• TA Associates XIV: $110,000,000
• Institutional Venture Partners XVII: $100,000,000
• Oak HC/FT Partners IV: $100,000,000
• Vista Co-Invest Fund 2021-2: $100,000,000
• TA Select Opportunities Fund II: $100,000,000
• Avance Investment Partners: $100,000,000
• Stonyrock Alt Fund I: $100,000,000
• Veritas Middle Market Fund: $100,000,000
• Lightyear Fund V: $100,000,000
• Excellere Capital Fund IV: $100,000,000
• Atlas Capital Resources IV: $100,000,000
• ICG Europe Fund VIII: $100,000,000
• Oak HC/FT Fund IV Co Investment SMA: $75,000,000
• TA Associates XIV: $75,000,000
• Hellman & Friedman Capital Partners X: $75,000,000
• Hg-CRPTF Co-Investment: $75,000,000
• TA Associates XIV: $75,000,000
• Sterling Group Credit Fund II: $75,000,000
• Excellere Capital Fund IV: $75,000,000
• Charlesbank Equity Fund X: $60,000,000
• JMI Equity Fund X: $60,000,000
• AlpInvest Co-Investment Fund (Onshore) VIII: $50,000,000
• TPG Growth V: $50,000,000
• General Atlantic Investment Partners 2021: $50,000,000
• PSG V: $50,000,000
• Oak HC/FT Partners IV: $50,000,000
• ICG Europe Fund VIII: $50,000,000
• Activant Capital IV: $50,000,000
• Hedosophia Partners IV: $50,000,000
• Percheron Capital Fund I: $50,000,000
• Avance Investment Partners: $50,000,000
• Valor Equity Partners V: $40,000,000
• TA Select Opportunities Fund II: $40,000,000
• Avistas Capital Partners V: $40,000,000
• Peak Rock Capital Fund III: $40,000,000
• Icon Partners II: $38,000,000
• Silver Lake Partners: $36,000,000
• Avenue Growth I: $35,000,000
• LAV Fund VI: $32,000,000
• SVB Capital Partners V: $30,000,000
• Resolve Growth Partners: $30,000,000
• VMG Partners V: $25,000,000
• New Holland Co-Investment: $25,000,000
• Shamrock Capital Debt Opportunities Fund I: $25,000,000
• Great Range Capital Fund II: $20,000,000
• LAV Fund VI Opportunities: $16,000,000
• Nautic Partners X: $15,000,000
• Charlesbank Equity Overage Fund X: $15,000,000
• Seaside Equity Partners I: $15,000,000
• Linden Capital Partners Fund V: $13,000,000
• Ara Fund II: $13,000,000
• Icon Partners III: $11,500,000
• Grain Communications Opportunity Fund III: $11,000,000

2. AON Hewitt: $6,184,555,708

Investment strategies: 

• CVC Capital Partners VIII: $356,000,000
• BCP Asia II: $300,000,000
• Summit Partners Growth Equity XI: $300,000,000
• Adams Street Global Secondary Fund 7: $300,000,000
• Hellman & Friedman Capital Partners X: $300,000,000
• Blackstone Capital Partners Asia II: $300,000,000
• KKR North American Fund XIII: $300,000,000
• Francisco Partners VI: $250,000,000
• Insight Partners XII: $200,000,000
• Public Pension Capital I: $200,000,000
• Summit Partners Growth Equity Fund XI-A: 
• TPG Growth V: $150,000,000
• TPG TTAD II: $150,000,000
• KKR MN Partnership: $150,000,000
• Carlyle Partners VIII: $150,000,000
• GEPIF III Side Car T: $150,000,000
• KKR MN Partnership: $150,000,000
• TPG Growth V: $150,000,000
• Thomas H. Lee Equity Fund IX: $150,000,000
• Hg Genesis 9 A: $146,581,314
• KKR North American Fund XIII: $100,000,000
• Lubert-Adler Recovery and Enhancement Fund: $100,000,000
• Adams Street Global Secondary Fund 7: $100,000,000
• Strategic Partners IX: $100,000,000
• Carlyle/MN Co-Invest: $100,000,000
• MN Asia Investors: $100,000,000
• Whitehorse Fund V: $100,000,000
• LCP X: $100,000,000
• Actis Arroyo PIV: $100,000,000
• Falcon E&P Opportunities Fund: $100,000,000
• Crestview Partners III Co-Investment B: $100,000,000
• Carlyle Star Co‐Investment Fund: $100,000,000
• Lubert-Adler Recovery and Enhancement Fund: $100,000,000
• Thomas H. Lee Equity Fund IX: $90,000,000
• Hellman & Friedman Capital Partners X: $75,000,000
• The Resolute Fund V: $60,000,000
• Apax Digital Fund II: $60,000,000
• Genstar Capital Partners X: $50,000,000
• Austin Ventures VII: $43,974,394
• Public Pension Capital II: $35,000,000
• Carlyle Star Co‐Investment Fund II: $30,000,000
• Revelstoke Capital Partners Fund III: $30,000,000
• Alpine Investors VIII: $30,000,000
• Hellman & Friedman Capital Partners X: $25,000,000
• Insight Venture Partners Fund X Follow-On Fund: $20,000,000
• Ironsides Co-Investment Fund VI: $20,000,000
• ICG Europe Fund VIII: $13,000,000

3. Cambridge Associates: $4,720,000,000

Investment strategies: 

• Grain Communications Opportunity Fund III: $1,550,000,000
• Hellman & Friedman Capital Partners X: $350,000,000
• TA Associates XIV: $350,000,000
• Hellman & Friedman Capital Partners X: $250,000,000
• Thomas H. Lee Equity Fund IX: $200,000,000
• Providence Strategic Growth Fund V: $175,000,000
• Quad C Partners X: $175,000,000
• Levine Leichtman Lower Middle Markets III: $150,000,000
• Insight Partners XII: $150,000,000
• Thompson Street Capital Partners VI: $150,000,000
• Peak Rock Capital Fund III: $125,000,000
• TA Select Opportunities Fund II: $115,000,000
• DCP Capital Partners II: $100,000,000
• Highbridge SPAC Opportunity Fund: $100,000,000
• JMI Equity Fund X: $100,000,000
• Atlas Capital Resources IV: $75,000,000
• Insight Venture Partners Fund X Follow-On Fund: $75,000,000
• Pathlight Capital Fund II: $75,000,000
• Insight Partners XII Buyout Annex Fund: $50,000,000
• Hellman & Friedman Capital Partners X: $45,000,000
• KKR North American Fund XIII: $45,000,000
• Charterhouse Capital Partners XI: $40,000,000
• Flagship Pioneering Fund VII: $30,000,000
• SVB SIF-Ascension: $25,000,000
• Atlas Capital Resources IV: $25,000,000
• Alpine Investors VIII: $25,000,000
• Banner Ridge Secondary Fund IV: $20,000,000
• Technology Impact Growth Fund II: $20,000,000
• CORE Industrial Partners Fund II: $20,000,000
• Crosspoint Capital Partners Fund I: $20,000,000
• Stride Consumer Partners: $20,000,000
• Advent Global Technology II: $15,000,000
• Wavecrest Growth II: $15,000,000
• Goodwater Capital IV: $10,000,000
• Goodwater Infinity II: $10,000,000
• Alta Partners NextGen Fund III: $10,000,000
• Foundation Capital X: $5,000,000
• Foundation Capital Leadership Fund III: $5,000,000

4. RVK: $4,305,703,919

Investment strategies: 

• H&F X: $580,000,000
• TA XIV: $410,000,000
• Avance Investment Partners: $250,000,000
• 5AM Opportunities II: $250,000,000
• FIMI Opportunity 7: $200,000,000
• HarbourVest Co-Investment V: $200,000,000
• Stone Point Capital: $150,000,000
• Berkshire Fund X: $150,000,000
• Insight Partners XII: $125,000,000
• TA XIV: $125,000,000: $120,000,000
• Arcline Capital Partners II: $120,000,000
• PSG V: $100,000,000
• PSG V: $100,000,000
• Charlesbank Equity Fund X: $100,000,000
• HarbourVest Partners HIPEP Fund: $80,000,000
• Ara Fund II: $75,000,000
• Public Pension Capital II: $75,000,000
• Turning Rock Fund II: $75,000,000
• Genstar Capital Partners X: $70,000,000
• K5 Private Investors: $50,000,000
• TA Select Opportunities Fund II: $50,000,000
• Khosla Ventures VII: $50,000,000
• Charlesbank Equity Overage Fund X: $50,000,000
• Insight Venture Partners Fund X Follow-On Fund: $50,000,000
• Greenbriar Fund V: $45,000,000
• ICONIQ Strategic Partners VI: $40,000,000
• Berkshire Bridge Loan Investors II: $40,000,00: $40,000,0000
• Insight Partners XII Buyout Annex Fund: $40,000,000
• Techstars Accelerator 2021: $40,000,000
• One Rock II: $40,000,000
• STG Allegro: $30,000,000
• Astorg MidCap Fund: $30,000,000
• Oak HC/FT Partners IV: $30,000,000
• Boyu Capital Fund: $25,000,000
• FG Next Flatirons I: $25,000,000
• Avance Investment Partners: $25,000,000
• Foundation Capital Leadership Fund III: $25,000,000
• Foundation Capital X: $25,000,000
• Builders VC Fund II: $25,000,000
• Khosla Ventures Opportunity I: $25,000,000
• New Harbor Capital Fund III: $24,000,000
• M2 NY Pioneer Fund III: $20,000,000
• Contour Opportunity Fund III $20,000,000
• Deerpath Capital VI $20,000,000
• Charger Investment Partners Fund I $20,000,000
• Genstar Capital Partners X Opportunities Fund $20,000,000
• Primary Select Fund II: $15,000,000
• Prelude Growth Partners II: $15,000,000
• Avance Investment Partners: $15,000,000
• Resolve Growth Partners: $15,000,000
• Charger Investment Partners Fund I: $15,000,000
• aCrew Diversify Capital Fund: $15,000,000
• Clearhaven Fund I: $15,000,000
• Anzu Industrial Capital Partners III: $10,000,000
• Viola Venture VI: $10,000,000
• JVP Growth Opportunity X: $10,000,000
• Harpoon Ventures Management: $10,000,000
• Bregal Unternehmerkapital Fund III: $10,000,000
• Scout Venture III: $5,000,000
• Boyu Capital Growth Fund I: $5,000,000
• PRIM Vintage Year 2021: $5,000,000
• Khosla Ventures Seed E: $5,000,000
• 5Y Capital Growth Fund I: $4,800,000
• Kedaara Capital Growth Fund III: $3,603,919
• 5Y Capital Evolution Fund II: $3,000,000

5. Callan Associates: $2,764,380,000

Investment strategies: 

• Pathway 2021 Series Private Equity Fund: $720,000,000
• Nautic Partners X: $300,000,000
• Hellman & Friedman Capital Partners X: $300,000,000
• Primavera Capital Fund IV: $150,000,000
• Amulet Capital Fund II: $130,000,000
• Tenex Capital Partners III: $125,000,000
• Monomoy Capital Partners IV: $125,000,000
• Hellman & Friedman Capital Partners X: $125,000,000
• NewQuest Asia Fund IV: $125,000,000
• The Cinven Strategic Financials Fund: $120,000,000
• Multiples Private Equity Fund III: $120,000,000
• Neuberger Berman Secondary Opportunities Fund V: $100,000,000
• The Cinven Strategic Financials Co-Investment Fund: $60,000,000
• PSG V: $50,000,000
• Insight Partners XII: $50,000,000
• Insight Partners XII: $40,000,000
• Genstar Capital Partners X: $25,000,000
• Industry Ventures Partnership Holdings Funds VI: $25,000,000
• Mesirow Financial Private Equity 2021: $15,000,000
• Canaan XII: $10,000,000
• GTCR XIII: $10,000,000
• Thoma Bravo XIV: $10,000,000
• Thoma Bravo Discover III: $10,000,000
• TCV XI: $10,000,000
• Mayfield Select II: $4,850,000
• Mayfield XVI: $4,530,000

6. Wilshire Associates Inc.: $2,172,000,000

Investment strategies: 

• Whitney Global Partners: $750,000,000
• Inflexion Buyout Fund VI: $240,000,000
• Genstar Capital Partners X Opportunities Fund: $150,000,000
• Ares Private Opportunities: $147,000,000
• Genstar Capital Partners X: $100,000,000
• Bear Technology Fund: $100,000,000
• Partners Group Direct Infrastructure 2020: $100,000,000
• MiddleGround Partners II: $75,000,000
• Monomoy Capital Partners IV: $75,000,000
• Vistria Fund IV: $75,000,000
• T-VIII Skopima Co-Investment: $50,000,000
• Insight Partners XII: $50,000,000
• KKR North American Fund XIII: $50,000,000
• NMS Fund IV: $50,000,000
• Sterling Group Credit II: $40,000,000
• New State Capital Partners Fund III: $35,000,000
• TA Associates XIV: $25,000,000
• Veritas Capital Vantage Fund: $20,000,000
• Primus Capital Fund IX: $20,000,000
• LSVP SCF1 LLC: $20,000,000

7. NEPC: $1,753,300,000

Investment strategies:

• Insight Partners XII: $100,000,000
• KKR North American Fund XIII: $100,000,000
• Glendower Capital Secondary Opp Fund V: $100,000,000
• TA XIV-A: $80,000,000
• KKR Bklyner Co‐Invest: $75,000,000
• Apax Digital Fund II $75,000,000
• TA XIV-A: $60,000,000
• ABS Japan Strategic Portfolio: $60,000,000
• Nautic Partners X: $50,000,000
• Orchid Asia VIII: $50,000,000
• ICG Strategic Equity Fund IV: $50,000,000
• Insight Partners XII: $50,000,000
• Hellman & Friedman Capital Partners X: $50,000,000
• Francisco Partners VI $50,000,000: $40,000,000
• TCV XI: $40,000,000
• GTCR XIII: $40,000,000
• Hellman & Friedman Capital Partners X: $40,000,000
• AEA Investors Small Business Fund IV: $40,000,000
• Francisco Partners Agility II: $40,000,000
• Vida Ventures III: $35,000,000
• HarbourVest Partners Co-Investment Fund VI: $35,000,000
• Adams Street Co-Investment Fund V: $35,000,000
• Shamrock Capital Growth Fund V: $30,000,000
• TCG Crossover Fund I: $25,000,000
• Insight Partners XII Buyout Annex Fund: $25,000,000
• BRV Aster Opportunity Fund III: $25,000,000
• Comvest Investment Partners VI: $25,000,000
• MiddleGround Partners II: $21,000,000
• OceanSound Partners Fund: $20,000,000
• Avance Investment Partners: $20,000,000
• Arroyo Energy III: $20,000,000
• HarbourVest Partners Co-Investment Fund VI: $20,000,000
• Hellman & Friedman Capital Partners X: $20,000,000
• GCM Grosvenor Advance Fund: $20,000,000
• Linden Capital Partners Fund V: $20,000,000
• GGV Capital VIII: $16,000,000
• Level Equity Growth Partners Fund V: $15,000,000
• Genstar Capital Partners X: $15,000,000
• Genstar Capital Partners X: $15,000,000
• GCM Grosvenor Advance Fund: $12,000,000
• Mesirow Financial Private Equity Fund VII: $12,000,000
• Prairie Capital Fund II: $10,800,000
• Linden Capital Partners Fund V: $10,000,000
• Apax Digital Fund II: $10,000,000
• Builders VC Fund II: $10,000,000
• Morgan Creek Blockchain Opportunities Fund: $10,000,000
• Asia Alternatives Capital Partners Fund VI: $10,000,000
• Oak HC/FT Partners IV: $10,000,000
• Linden Capital Partners Fund V: $10,000,000
• Axiom Asia Co-Investment Fund II: $10,000,000
• Axiom Asia Opportunity Fund: $10,000,000
• Redpoint Omega IV: $7,500,000
• African Development Partners III: $5,000,000
• Genstar Capital Partners X Opportunities Fund: $5,000,000
• GGV Capital VIII Plus: $4,000,000

8. Clifffwater: $1,543,265,000

Investment strategies:

• Hellman & Friedman Capital Partners X: $150,000,000
• Genstar Capital Partners X: $150,000,000
• TA XIV-A: $130,000,000
• H.I.G. Europe Middle Market LBO Fund: $117,265,000
• Genstar Capital Partners X: $100,000,000
• Nautic Partners X: $100,000,000
• Roark Capital Partners VI: $100,000,000
• Linden Capital Partners Fund V: $85,000,000
• Vida Ventures III: $75,000,000
• TA Select Opportunities Fund II-A: $70,000,000
• Hellman & Friedman Capital Partners X: $50,000,000
• Pamlico Capital V: $50,000,000
• Shamrock Capital Growth Fund V: $50,000,000
• Lux Total Opportunities Fund: $40,000,000
• Sky9 Capital Fund V: $40,000,000
• IDG Breyer Capital Fund: $30,000,000
• EIV Capital IV Top-Up Fund: $25,000,000
• Genstar Capital Partners X Opportunities Fund: $25,000,000
• Source Code Growth Fund II: $23,000,000
• Lux Ventures VII: $20,000,000
• TCG Crossover Fund I: $20,000,000
• Mayfield Select II: $18,000,000
• Mayfield XVI: $18,000,000
• Source Code Venture Fund V: $17,000,000
• Shine Capital I: $15,000,000
• Linden Capital Co-Investment Fund V: $15,000,000
• Sky9 Capital MVP Fund II: $10,000,000

9. Albourne: $1,245,000,000

Investment strategies:

• TA XIV: $300,000,000
• Hellman & Friedman Capital Partners X: $250,000,000
• Quad C Partners X: $175,000,000
• Charterhouse Capital Partners XI: $170,000,000
• HarbourVest Partners Co-Investment Fund VI: $100,000,000
• Apax Digital Fund II: $100,000,000
• Insight Partners XII: $100,000,000
• TA Select Opportunities Fund II: $50,000,000

10. Verus: $1,029,166,000

Investment strategies:

• ICG Europe Fund VIII: $230,000,000
• Hellman & Friedman Capital Partners X: $200,000,000
• Roark Capital Partners VI: $160,000,000
• TA XIV: $155,000,000
• TA Select Opportunities Fund II: $45,000,000
• Genstar Capital Partners X: $42,500,000
• Linden Capital Partners Fund V: $30,000,000
• Linden Capital Partners Fund V: $22,500,000
• Shamrock Capital Debt Opportunities Fund I: $20,000,000
• Shamrock Capital Growth Fund V: $20,000,000
• CRV Select: $20,000,000
• Genstar Capital Partners X: $20,000,000
• Level Equity Opportunities Fund III: $15,000,000
• Level Equity Growth Partners Fund V: $15,000,000
• Eclipse Fund IV: $10,000,000
• Summit Partners Growth Equity Fund XI-A: $10,000,000
• Linden Capital Co-Investment Fund V: $7,500,000
• Warburg Pincus China-Southeast Asia II: $6,666,000