October 2023 Public Plan Commitment Summary

In the month of October, Dakota tracked a total of approximately $9.5 billion across 91 investments. This is a 47% decrease compared to the $18 billion in activity that we tracked in September. 33 individual pension funds reported commitments during the month.

The top allocators during the month were:

• Texas Municipal Retirement System placing $2.5 billion
• California State Teachers’ Retirement System disclosed $2.2 billion in commitments
• New Mexico State Investment Council committed $1.2 billion
• New York State Common Retirement committed $825 million

Asset Classes: $4.9 billion moved to Private Equity which accounts for approximately 52% of commitments. In Real Estate we tracked $1 billion in activity ,11% of commitments. Real Assets took in 5.6% of commitments with $537 million flowing into the asset class. Private Credit saw $537 million in commitments, 3.6% of total commitments.

Sub-Asset Classes: Stemming from the private equity asset class, buyouts made up about 24% of commitments, this includes lower middle market, middle market, and large buyout funds. Also in private equity, growth equity funds made up 11.25% of total commitments in the month. It is worth noting that venture capital funds made about 4.2% of commitments with $405 million across 10 investments. Within real assets, infrastructure accounted for 4% of commitments. Related are energy private equity funds which saw three commitments totaling $185.6 million across three investments. In private credit, opportunistic credit made up 4.5% of commitments with $431.5 million across six investments.

Top allocations in October:

California State Teachers’ Retirement System

• $350 million to Clayton, Dubilier & Rice Fund XII (Private Equity)
• $300 million to TA XV (Private Equity)
• $250 million to Blackstone Capital Partners IX (Private Equity)

New York State Common Retirement Fund

• $300 million to Asana Partners Select Fund (Real Estate)
• $250 million to PSG VI (Private Equity)
• $175 million to 57 Stars Global Opportunity (Private Equity)

New Mexico State Investment Council

• $250 million to Silver Point Distressed Opportunity Institutional Partners II (Private Credit)
• $150 million to Copenhagen Infrastructure V (Real Assets)
• $150 million to Mercer Private Equity SMA (Private Equity)

Terminations reported in October:

• Colorado Fire & Police Pension Association terminated the Kabouter International SMID cap strategy ($65M)
• Maine Public Employees’ Retirement System approved redeeming the investment in FORT Global Contrarian

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