In the month of September, Dakota tracked a total of approximately $18 billion across 141 investments. 42 individual pension funds reported commitments during the month.
In this article we are reviewing the top allocations, shifts, and terminations made in the month of September. By the end of this article, you'll have a better understanding of the allocations made in asset classes and sub-asset classes as well as movements in the industry.
Top allocators:
- California Public Employees’ Retirement System placing $8.1 billion
- Washing State Investment Board disclosed $1.8 billion in commitments
- Maryland State Retirement & Pension System committed $$1.7 billion
- New York State Common Retirement committed $1.5 billion
Asset Classes: Private Equity took in approximately 52% of commitments, Private Credit maintained second with 20% of commitments, Real Estate took in 14% of commitments, Real Assets received 11% of commitments.
Sub-Asset Classes: Stemming from the private equity asset class, buyouts made up about 22% of commitments, this includes lower middle market, middle market, and large buyout funds. Also in private equity, growth equity funds made up 16% of total commitments in the month. it is worth noting that venture capital funds made about 8% of commitments. Within real assets, infrastructure accounted for 11% of commitments. In private credit, opportunistic credit made up 11% of commitments.
Top shifts:
California Public Employees’ Retirement System
- $1.5 billion to Blackstone Real Estate Debt Strategies V (Private Credit-RE Debt)
- $1 billion to Ares Senior Credit Investment Partnership (Private Credit-Opportunistic)
- $750 million to Brookfield Infrastructure Fund V (Real Assets-Infrastructure)
New York State Common Retirement Fund
- $1 billion Khosla Ventures Excelsior (Private Equity-VC)
- $600 million to ICG Excelsior SCSp (Private Credit-Mezzanine)
- $450 million to EQT Infrastructure Fund VI (Real Assets-Infrastructure)
Washington State Investment Board
- $400 million to Centerbridge Capital Partners V (Private Equity-Middle Market Buyout)
- $400 million to TPG Growth VI (Private Equity-Growth)
- $300 million to Schroders Greencoat Woodmont Renewables SMA (Real Assets-Infrastructure)
Terminations:
- New York State Common terminated the Franklin Templeton Global Equity Fund ($2.1B)
- Orange County Employees’ Retirement terminated Beach Point Dynamic High Yield Fund ($107M), and the Pharo Macro Hedge Fund ($103M)
- Gwinnett County Pension Plan terminated Columbia Large Cap Growth and the Blackrock S&P 500 Index Fund.
- Dallas Employees’ Retirement Fund will be terminating the Redwood Investment Small Cap Growth strategy.
- Virginia Retirement System terminated the Schroders credit strategies mandate ($140M) and terminated Advent Global Convertibles ($195 million)
- Chicago Firemen’s Annuity & Benefit Fund terminated the Keely Teton SMID cap value account
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