November 2023 Public Plan Commitment Summary

In the month of November, Dakota tracked a total of approximately $14.6 billion across 128 investments. This is a 53% increase compared to the $9.5 billion in activity that we tracked in October. 38 individual pension funds reported commitments during the month.

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

The top allocators during the month were:

• California Public Employees’ Retirement System placing $4.1 billion

• Florida State Board Administration disclosed $1.4 billion in commitments

• New Mexico State Investment Council committed $1.3 billion

Asset Classes: $6.3 billion moved to Private Equity across 72 investments which accounts for approximately 43% of commitments. Private Credit saw $2.6 billion in commitments, 18% of total commitments across 13 investments. In Real Estate we tracked $2.5 billion across 24 investments,17% of commitments. Real Assets took in 15% of commitments with $2.2 billion flowing into the asset class between 14 investments.

Sub-Asset Classes: Stemming from the private equity asset class, buyouts made up about 19% of commitments, this includes 2.8 billion across 30 lower middle market, middle market, and large buyout funds. It is worth noting that venture capital funds made about 8% of commitments with $1.1 billion across 18 investments. Within real assets, infrastructure accounted for 15% of commitments with $2.2 billion between 14 investments. In private credit, direct lending made up 15% of commitments with $2.2 billion across nine investments.

Looking at the top allocations this month:

• CalPERS

• • $1.3B to Ares Capital Europe VI (Private Credit)

  • $300M to Valor Equity Partners VI (Growth Equity)

  • $300M to Lux Ventures VIII (VC)

• Rest Super (Superannuation Fund - Sydney)

  • $1 billion to Quinbrook Infrastructure Partners (focused on lower carbon and renewable energy infrastructure - based in London with offices in Houston, NY, and Australia)

• NM SIC

• $400M to Golub Capital (Private Credit)

• $400M to Bain Capital Global Special Situations Fund (Private Credit)

Terminations reported in November:

• Kern County Employees’ Retirement Association terminated the AllianceBernstein Emerging Markets Strategic Core strategy

• Illinois Municipal Retirement Fund approved redeeming the investment in Genesis Emerging markets strategy ($650M)

• Virginia Retirement System terminated the Schroders mandate investing in securitized and direct real estate debt investments ($140M), and also terminated the Advent Global Convertibles account ($195M)

• Indiana Public Retirement System terminated BlackRock World ex–US fund ($48M) and BlackRock EM Alpha Tilts ($100M)

• Kansas Public Employees’ Retirement System terminated the BlackRock U.S. TIPS portfolio.

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