September 2024 Public Plan Commitment Summary

October 17, 2024

September 2024 Public Plan Commitment Summary

In September, Dakota tracked over $14.7 billion across 140 investments. Throughout this time, 50 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 September. By the end of this, you'll have a better understanding of the Public Pension commitments made in the month of September.

The Top Allocators for the Month:

California Public Employees' Retirement System disclosed $5.0 billion in new commitments
New York State Common Retirement Fund reported an additional $1.6 billion in commitments
New Mexico State Investment Council approved $940 million in commitments

Asset Classes:

Private Equity: A total of $7.1 billion was directed into 63 investments, making up approximately 49% of the month’s commitments.
Private Credit: $2.9 billion was invested through 26 deals, constituting 20% of the total.
Private Real Estate: This category saw $1.5 billion allocated across 18 investments, representing 10% of commitments.
Real Assets: $1.8 billion was allocated across 19 investments, accounting for 13% of the month's total.
Venture Capital: $1.1 billion was spread across 11 investments, or about 7% of total commitments.

Sub-Asset Classes:

Private Equity: Buyouts made up 26% of overall commitments, with $3.8 billion allocated to 34 funds ranging from lower middle market to large buyout strategies.
Private Credit: Direct Lending strategies attracted $1.9 billion in commitments, equal to 13% of the total.
Real Assets: Infrastructure investments saw over $1.7 billion in commitments, representing 112% of the month’s allocations.
Real Estate: Opportunistic real estate accounted for $845 million, which was 6% of the investments tracked in September.

Significant Allocations in September:

CalPERS
- $1.35B to West Street Loan Partners V Offshore Europe (Private Credit)
- $500 million to Cedar Street Partners (Private Equity)
- $500 million to Macquarie Infrastructure Partners V (Private Infrastructure)
New York State Common Retirement Fund: $400 million to Kohlberg Empire State Co-Investment Fund (Private Equity)
Washington State Investment Board: $400 million to Thoma Bravo XVI (Private Equity)
Illinois Municipal Retirement Fund: $300 million to Vensana Capital III (Venture Capital)

Smaller Allocations:

New Castle County Employees’ Pension: $9 million to Zenyth Partners Fund II (Private Equity)
Merced County ERA $8 million to Summit Partners Growth Equity Fund XII (Private Equity)
Hialeah City Employees Retirement System: $5 million to PennantPark (Private Credit)

Act on September’s Public Pension Allocation Insights

September 2024 saw over $14.7 billion committed by public pension funds, highlighting significant opportunities in private equity, credit, and real assets. With top allocators like CalPERS and the New York State Common Retirement Fund leading the way, the demand for alternative investments remains strong. Now is the time to leverage these insights and refine your strategies. By understanding where capital is flowing, you can stay ahead of market trends and make more informed decisions.

To explore more Public Pension Plans and industry turnover, book a demo of Dakota Marketplace!