November 2024 Public Plan Commitment Summary

In November, Dakota tracked over $20.3 billion across 133 investments. Throughout this time, 37 distinct pension funds or entities disclosed their commitments.

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 for the Month:

• California Public Employees' Retirement Systems disclosed $5.8 billion in new commitments

• New York State Common Retirement Fund reported an additional $4.2 billion in commitments

• New Jersey Division of Investment reported $1.4 billion in commitments

Asset Classes:

• Private Equity: A total of $7.6 billion was directed into 50 investments, making up approximately 37.9% of the month’s commitments.

• Private Credit: $6.1 billion was invested through 28 deals, constituting 30.4% of the total.

• Private Real Estate: This category saw $3.8 billion allocated across 30 investments, representing 19.1% of commitments.

• Real Assets/Infrastructure: $1.5 billion was allocated across 11 investments, accounting for 7.4% of the month's total.

• Venture Capital: $848 million was invested across 10 investments, approximately 4.2% of investments

Sub-Asset Classes:

• Private Equity: Buyouts made up 27.2% of overall commitments, with $5.5 billion allocated to 28 funds ranging from lower middle market to large buyout strategies.

• Private Credit: Opportunistic strategies attracted $3.3 billion in commitments, equal to 16.6% of the total. Direct Lending strategies accounted for 6.8% of investments, attracting $1.3 billion to the asset class.

• Real Assets: Infrastructure investments saw over $1.4 billion in commitments, representing 7.3% of the month’s allocations. Strategies focused on Natural Resources also saw some activity.

• Real Estate: Opportunistic and value-added strategies accounted for $2.9 billion, which was 14.6% of the investments tracked in November.

Significant Allocations in November:

• CalPERS - 

  • Lincoln Plaza Fund (Private Equity): $2,000,000,000

  • Sixth Street Madrone Strategic Holdings I, L.P. – Series 2 (Private Credit): $1,200,000,000

  • Ares Senior Direct Lending Fund III (Private Credit): $1,000,000,000

  • DigitalBridge Partners III (Real Assets): $500,000,000

  • Nuveen Real Estate U.S. Affordable Housing (Real Estate): $500,000,000

• CPP Investments - Hines Rialto Credit Partners (Private Credit): $500,000,000

• New York State Common Retirement Fund

  • Blackstone Capital Partners IX Supplemental Account (Private Equity): $500,000,000

  • TPG GP Solutions (A) (Private Equity): $500,000,000

Smaller Allocations:

• University of Alabama System Endowment - Atlas Venture Fund XIV (Venture Capital): $8,500,000

• Quincy Retirement System - Entrust Blue Ocean Fund (Private Credit): $6,000,000

• City of Holyoke Retirement Board

  • PennantPark Credit Opportunities (Private Credit): $5,000,000

  • Serenitas Credit Gamma Fund (Private Credit) - $5,000,000