September 2025 Public Plan Commitment Summary and Allocation Insights
October 09, 2025
Public Plan Commitment Summary | September 2025 Allocation Report
Public Plan Commitment Summary | September 2025 Allocation Report
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In September, Dakota tracked over $23.3B across 190 investments from 45 distinct pension funds or entities disclosing their commitments. In this article, we highlight the top allocators and allocations made in the month of September by these public institutions:
The Top Allocators for the Month
California Public Employees’ Retirement Systemsdisclosed $7.5B in new commitments
South Carolina Retirement System Investment Commissionreported an additional $1.7B in commitments
Washington State Investment Boardreported $1.6B in commitments
Asset Classes
Private Equity:A total of $8.9B was directed into 76 investments, making up approximately 40% of the month’s commitments.
Private Credit:$4.5B was invested through 29 deals, constituting 15.3% of the total.
Private Real Estate:This category saw $4.2B allocated across 33 investments, representing 17.4% of commitments.
Real Assets/Infrastructure:$3.3B was allocated across 20 investments, accounting for 10.5% of the month’s total.
Venture Capital:$2.2B was invested across 29 investments, approximately 15.3% of investments.
Sub-Asset Classes
Private Equity:Buyouts made up 19.4% of overall commitments, with $4.5B allocated to 39 funds ranging from lower middle market to large buyout strategies.
Private Credit:Opportunistic strategies attracted $703M in commitments, equal to 3% of the total. Direct Lending strategies accounted for 3.9% of investments, attracting $914M to the asset class.
Real Assets:Infrastructure investments saw over $3.1B in commitments, representing 13.3% of the month’s allocations.
Real Estate:Opportunistic and value-added strategies accounted for $2.4B, which was 10.3% of the investments tracked in September.
Significant Allocations in September
California Public Employees’ Retirement Systems
West Street Climate Credit (Del) LP (Private Credit): $800M
Triangle Investment Opportunities II (Private Equity): $700M
Brookfield Strategic Real Estate Partners V (Real Estate): $700M
JSC Capital Partners, LP (Private Equity): $672M
CA Co-Investment Limited Partnership (Private Equity): $650M
Australian Retirement Trust- Macquarie Green Energy and Climate Opportunities Fund (MGECO) (Real Assets): $660M
New York State Common Retirement Fund- TPG GP Solutions II (A), L.P. (Private Equity): $550M
Smaller Allocations
Quincy Retirement System
Reverence Capital Partners (Private Equity): $7M
Capital Dynamics Mid-Market Direct VI (Private Equity): $6M
California Public Employees’ Retirement Systems- Canaan XIII (Private Equity): $5M
City of San Jose Police and Fire Department Retirement
Streamlined Ventures V, LP (Venture Capital): $5M
Northgate Select Opportunities Fund III, LP (Venture Capital): $5M
