May 2024 Public Plan Commitment Summary

In the month of May, Dakota tracked a total of approximately $11.5 billion across 125 investments. 48 individual pension funds or entities reported commitments during the month.

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

The top allocators during the month were:

  • Mass PRIM disclosed $3.0 billion in commitments
  • Connecticut Retirement Plans and Trust Funds allocates $1.3 billion
  • New York State Common Retirement Fund disclosed investments totaling $1.1 billion

Asset Classes:

$4.6 billion moved to Private Credit across 33 investments which accounts for approximately 40% of commitments. Private Equity saw $2.9 billion in commitments, 25% of total commitments across 50 investments. Private Real Estate took in 20% of commitments with $2.2 billion flowing into the asset class between 20 investments. In Real Assets we tracked $1.5 billion across 17 investments, 13% of commitments.

Sub-Asset Classes:

Stemming from the private equity asset class, Buyouts made up about 19% of commitments, this includes $2.2 billion across 31 lower middle market, middle market and large buyout funds. Within Real Assets, over $1.3 billion was placed across 15 Infrastructure investments making up 11% of commitments. In private credit, Opportunistic and Direct Lending accounted for $2.6 billion across 21 investments, 23% of the total for May. 

Looking at the largest allocations in April:

  • Mass Prim - HPS Institutional Credit Strategy - $600M
  • New York State Common Retirement Fund - ICG Excelsior SCSp - $500M
  • Mass Prim - KKR Multi-Asset Credit - $500M
  • Mass Prim - Shenkman Multi-Asset Credit - $400M
  • Mass Prim - Shenkman Multi-Asset Credit - $300M
  • Connecticut Retirement Plans - Oaktree Opportunities Fund XII - $300M

Terminations reported in April:

  • New York State Common Retirement Fund terminated Generation Investment Management ($1.9B)
  • San Antonio Police and Fire terminated FIAM Concentrated Emerging Markets Fund
    • Chicago MEABF terminated William Blair Emerging Markets Equity ($75M)
  • Gwinnett County Pension Plan terminated Invesco REIT
  • Chicago FABF terminated PIMCO commodities fund

To explore more Public Pension Plans and industry turnover, start your free trial of Dakota Marketplace here. 

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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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