Top 10 Consultant Led Private Equity Allocations in Q3 2026

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Institutional investors continued to deploy capital into private equity in Q3 2026, with investment consultants playing a central role in guiding allocation size, strategy mix, and manager selection. Against a backdrop of selective deal activity, tempered distributions, and ongoing portfolio rebalancing, consultant-led commitments underscore private equity’s enduring role as a core portfolio allocation for long-term growth and return enhancement.

Across the quarter, consultants steered capital toward a broad range of private equity strategies, including lower middle market, middle market, and large buyout, growth equity, secondaries, co-investments, and PE fund of funds. Large public pension systems and endowments anchored much of the activity, pairing sizable commitments to flagship buyout funds with targeted exposure to co-investment vehicles and specialized managers. The data reflects a continued emphasis on manager selection, strategy diversification, and co-investment participation as investors navigate a more disciplined dealmaking environment.

Quarter-in-Review: Consultant Influence & Allocation Activity

During Q3 2026, consultants including NEPC, StepStone Group, Meketa Investment Group, State Street, AON, Albourne, Hamilton Lane, Aksia, Cambridge Associates, and RVK collectively guided roughly $130.9 billion into private equity commitments. Allocation activity spanned buyout, growth equity, secondaries, co-investment, and PE fund of funds vehicles, with middle market and large buyout strategies capturing the majority of capital alongside continued interest in growth equity and co-investment structures.

Want clearer insight into how consultants and pensions are allocating private equity? Book a demo of Dakota Marketplace to track consultant-led commitments and manager activity.

1. NEPC: $71B

University of Houston System Endowment – $65B

• Top: Clayton, Dubilier & Rice Fund XII – Large Buyout

• +57 additional commitments:

• 18 Middle Market Buyout

• 15 Large Buyout

• 10 Growth Equity

• 5 Secondary Private Equity

• 3 Lower Middle Market Buyout

• 2 Healthcare Private Equity

• 2 PE Fund of Funds

• 1 Energy Private Equity

• 1 Special Situations

San Bernardino County Employees’ Retirement Association – $3.8B

• Top: Partners Group MCA – Large Buyout

• +31 additional commitments:

• 8 Secondary Private Equity

• 6 Co-Investment Private Equity

• 5 Growth Equity

• 3 PE Fund of Funds

• 3 Middle Market Buyout

• 2 Special Situations

• 1 Buyout

• 1 Energy Private Equity

• 1 Healthcare Private Equity

• 1 Large Buyout

Fresno County Employees Retirement Association – $1.2B

• Top: Hamilton Lane Private Equity Fund IX LP – Middle Market Buyout

• +72 additional commitments:

• 30 Middle Market Buyout

• 17 Growth Equity

• 12 Large Buyout

• 5 Healthcare Private Equity

• 4 Secondary Private Equity

• 3 Lower Middle Market Buyout

• 1 Co-Investment Private Equity

Firefighters' Retirement System of Louisiana – $484.7M

• Top: HarbourVest FRS R3 (Tranche 1) – Secondary Private Equity

• +11 additional commitments:

• 3 Middle Market Buyout

• 3 Growth Equity

• 2 Secondary Private Equity

• 2 PE Fund of Funds

• 1 Co-Investment Private Equity

Louisiana State Employees Retirement System – $225M

• Top: Audax Private Equity Fund VIII – Middle Market Buyout

• +1 additional commitment:

• 1 Middle Market Buyout

North Dakota State Investment Board – $141M

• Top: Altor Equity Partners VII – Middle Market Buyout

• +1 additional commitment:

• 1 Middle Market Buyout

New Mexico Educational Retirement Board – $75M

• Top: Carlyle Shutter, L.P. – Co-Investment Private Equity

• +1 additional commitment:

• 1 Co-Investment Private Equity

San Antonio Fire & Police Pension Fund – $66M

• Top: OCEAN AVENUE FUND IV, L.P. – Middle Market Buyout

• +2 additional commitments:

• 2 Middle Market Buyout

Texas County & District Retirement System – $40.5M

• Top: Aspira Fund I (D) AB – Middle Market Buyout

Metropolitan Government of Nashville & Davidson County Employees Benefit Trust Fund – $30M

• Top: Valeas Capital Partners Fund II LP – Growth Equity

Baltimore City Fire and Police Retirement System – $30M

• Top: AE Industrial Partners Fund IV, LP – Middle Market Buyout

Massachusetts Water Resources Authority Retirement System – $20M

• Top: HarbourVest Dover Street XII – Secondary Private Equity

• +1 additional commitment:

• 1 Co-Investment Private Equity

Boston Retirement System – $20M

• Top: HarbourVest Credit Opportunities Fund IV L.P. – Special Situations

2. StepStone Group: $16B

New York City Police Pension Fund – $13.7B

• Top: KKR OFI SMA – PE Fund of Funds

• +353 additional commitments:

• 113 Middle Market Buyout

• 61 Co-Investment Private Equity

• 56 Large Buyout

• 42 Growth Equity

• 25 Secondary Private Equity

• 16 Buyout

• 15 Lower Middle Market Buyout

• 11 Emerging Managers

• 5 Special Situations

• 5 Healthcare Private Equity

• 3 PE Fund of Funds

• 1 Energy Private Equity

Mass PRIM – $630M

• Top: GTCR Fund XV – Middle Market Buyout

• +4 additional commitments:

• 3 Growth Equity

• 1 Co-Investment Private Equity

Contra Costa County Employees Retirement Association – $432M

• Top: Green Equity Investors X – Large Buyout

• +6 additional commitments:

• 6 Middle Market Buyout

Los Angeles County Employees' Retirement Association – $320M

• Top: Kingswood Capital Opportunities Fund IV, L.P. – Middle Market Buyout

• +1 additional commitment:

• 1 Lower Middle Market Buyout

Pennsylvania State Employees Retirement System – $280M

• Top: Resolute Fund VII, L.P. – Middle Market Buyout

• +2 additional commitments:

• 1 Middle Market Buyout

• 1 Co-Investment Private Equity

Teachers' Retirement System of the State of Illinois – $215M

• Top: Green Equity Investors X – Large Buyout

• +3 additional commitments:

• 2 Growth Equity

• 1 Middle Market Buyout

Los Angeles Water & Power Employees' Retirement Plan – $160M

• Top: Monarch Capital Partners VII LP – Special Situations

• +1 additional commitment:

• 1 Middle Market Buyout

Rhode Island State Pension – $154M

• Top: Resolute Fund VII, L.P. – Middle Market Buyout

• +1 additional commitment:

• 1 Middle Market Buyout

New York City Fire Department Pension Fund – $84.4M

• Top: Providence Strategic Growth Europe III – Growth Equity

• +4 additional commitments:

• 4 Middle Market Buyout

3. Meketa Investment Group: $14.5B

California Public Employees' Retirement Systems – $4.67B

• Top: GB Palisade Partners, L.P – Middle Market Buyout

• +18 additional commitments:

• 7 Middle Market Buyout

• 4 Growth Equity

• 3 Lower Middle Market Buyout

• 1 PE Fund of Funds

• 1 Private Equity

• 1 Healthcare Private Equity

• 1 Co-Investment Private Equity

Contra Costa County Employees Retirement Association – $3.22B

• Top: Siguler Guff CCCERA Opportunities Fund, LP – Special Situations

• +64 additional commitments:

• 29 Middle Market Buyout

• 16 PE Fund of Funds

• 7 Large Buyout

• 5 Growth Equity

• 3 Secondary Private Equity

• 2 Healthcare Private Equity

• 1 Lower Middle Market Buyout

• 1 Energy Private Equity

California State Teachers' Retirement System – $2.81B

• Top: Lone Star Fund XIII, L.P. – Buyout

• +12 additional commitments:

• 3 Middle Market Buyout

• 3 Growth Equity

• 3 Co-Investment Private Equity

• 1 Large Buyout

• 1 Energy Private Equity

• 1 Buyout

Oregon Public Employees Retirement Fund – $1.24B

• Top: GTCR Fund XV – Middle Market Buyout

• +8 additional commitments:

• 4 Middle Market Buyout

• 2 Co-Investment Private Equity

• 1 Energy Private Equity

• 1 Lower Middle Market Buyout

Teacher Retirement System of Texas – $1.08B

• Top: GTCR Fund XV/A&B – Large Buyout

• +14 additional commitments:

• 6 Middle Market Buyout

• 3 Lower Middle Market Buyout

• 2 Co-Investment Private Equity

• 1 PE Fund of Funds

• 1 Private Equity

• 1 Growth Equity

Plymouth County Retirement Association – $876.2M

• Top: Blue Ocean Fund II, LP – Middle Market Buyout

• +84 additional commitments:

• 45 Middle Market Buyout

• 14 Co-Investment Private Equity

• 8 Growth Equity

• 6 Secondary Private Equity

• 4 Large Buyout

• 3 PE Fund of Funds

• 2 Special Situations

• 2 Lower Middle Market Buyout

City of San Jose Police and Fire Department Retirement – $153M

• Top: Neuberger Berman SJPF Private Equity – Middle Market Buyout

• +1 additional commitment:

• 1 Co-Investment Private Equity

District of Columbia Retirement Board – $125M

• Top: Odyssey Investment Partners Fund VII, LP – Middle Market Buyout

San Mateo County Employees' Retirement Association – $90M

• Top: Odyssey Investment Partners Fund VII, LP – Middle Market Buyout

• +2 additional commitments:

• 1 Lower Middle Market Buyout

• 1 Middle Market Buyout

San Joaquin County Employees Retirement Association – $75M

• Top: Ocean Avenue Fund VI, L.P. – Lower Middle Market Buyout

Illinois Firefighters' Pension Investment Fund – $66M

• Top: WCAS XV – Large Buyout

• +1 additional commitment:

• 1 Middle Market Buyout

Massachusetts Housing Finance Agency Retirement System – $54.6M

• Top: Mesirow Private Equity Fund IX – PE Fund of Funds

• +11 additional commitments:

• 6 PE Fund of Funds

• 3 Co-Investment Private Equity

• 2 Middle Market Buyout

Quincy Retirement System – $16M

• Top: Searchlight Capital IV – Middle Market Buyout

• +1 additional commitment:

• 1 Middle Market Buyout

Teachers' Retirement System of Oklahoma – $15M

• Top: Platinum Equity Capital Partners II – Large Buyout

Louisiana School Employees' Retirement System – $10M

• Top: Valeas Capital Partners Fund II LP – Growth Equity

Stay ahead of institutional private equity flows across buyout, growth equity, and co-investment strategies. Book a demo of Dakota Marketplace to monitor consultant-led allocation activity.

4. State Street Global Advisors Limited: $14.39B

New York City Employees' Retirement System – $14.39B

• Top: NYC-NorthBound Emerging Managers Program II LP – Buyout

• +168 additional commitments:

• 45 Co-Investment Private Equity

• 38 Middle Market Buyout

• 34 Large Buyout

• 24 Growth Equity

• 12 Secondary Private Equity

• 5 Emerging Managers

• 4 Special Situations

• 4 Healthcare Private Equity

• 2 Buyout

5. AON: $5.27B

Arkansas Teacher Retirement System – $5.25B

• Top: CSFB-ATRS 2006-1 Series – Middle Market Buyout

• +119 additional commitments:

• 86 Middle Market Buyout

• 8 Special Situations

• 8 Large Buyout

• 6 PE Fund of Funds

• 5 Growth Equity

• 4 Buyout

• 1 Co-Investment Private Equity

• 1 Lower Middle Market Buyout

Kentucky Teachers Retirement System – $120M

• Top: GCM Grosvenor Secondary Opportunities Fund IV, L.P. – Secondary Private Equity

• +1 additional commitment:

• 1 Middle Market Buyout

6. Albourne: $3.17B

Minnesota State Board of Investments – $1.35B

• Top: Brookfield Capital Partners VII L.P. – Large Buyout

• +5 additional commitments:

• 1 Energy Private Equity

• 1 Secondary Private Equity

• 1 Large Buyout

• 1 Middle Market Buyout

• 1 Co-Investment Private Equity

Washington State Investment Board – $950M

• Top: GTCR Fund XV – Middle Market Buyout

• +1 additional commitment:

• 1 Large Buyout

Texas County & District Retirement System – $490M

• Top: GTCR XIV/A & B LP – Middle Market Buyout

• +5 additional commitments:

• 2 Growth Equity

• 2 Middle Market Buyout

• 1 Secondary Private Equity

South Carolina Retirement System Investment Commission (RSIC) – $250M

• Top: Industry Ventures Secondary XI, L.P. – Secondary Private Equity

• +1 additional commitment:

• 1 Lower Middle Market Buyout

Maine Public Employees' Retirement System – $125M

• Top: GTCR Fund XV – Middle Market Buyout

• +1 additional commitment:

• 1 Middle Market Buyout

7. Hamilton Lane Advisors: $1.78B

New York State Common Retirement Fund – $1.11B

• Top: Bridgepoint Europe VIII B SCSp – Middle Market Buyout

• +5 additional commitments:

• 2 Co-Investment Private Equity

• 2 Middle Market Buyout

• 1 Growth Equity

Public Employee Retirement System of Idaho – $447.7M

• Top: GEI-Jade Investors - H, L.P. – Large Buyout

• +7 additional commitments:

• 4 Lower Middle Market Buyout

• 2 Middle Market Buyout

• 1 Growth Equity

Houston Firefighters' Relief and Retirement Fund – $80M

• Top: JFL Equity Investors VII, L.P. – Large Buyout

• +1 additional commitment:

• 1 Energy Private Equity

Teachers Retirement System of Louisiana – $75M

• Top: EnCap Energy Capital XIII – Middle Market Buyout

Fresno County Employees Retirement Association – $50M

• Top: JFL Equity Investors VII, L.P. – Large Buyout

• +2 additional commitments:

• 2 Middle Market Buyout

Boston Retirement System – $20M

• Top: JFL Equity Investors VII, L.P. – Large Buyout

• +1 additional commitment:

• 1 Middle Market Buyout

8. Aksia: $1.63B

State of Wisconsin Investment Board – $558.8M

• Top: Providence Strategic Growth Europe III – Growth Equity

• +8 additional commitments:

• 3 Middle Market Buyout

• 3 Lower Middle Market Buyout

• 1 Special Situations

• 1 Healthcare Private Equity

Pennsylvania Public School Employees' Retirement – $400M

• Top: Resolute Fund VII, L.P. – Middle Market Buyout

• +2 additional commitments:

• 2 Middle Market Buyout

Orange County Employees Retirement System – $315M

• Top: LS Power Equity Partners VI, L.P. – Middle Market Buyout

• +6 additional commitments:

• 3 Middle Market Buyout

• 2 Co-Investment Private Equity

• 1 Lower Middle Market Buyout

New Jersey Division of Investment – $200M

• Top: AE Industrial Partners Fund IV, LP – Middle Market Buyout

Teachers' Retirement System of the State of Illinois – $100M

• Top: ICG Santo SCSp – Large Buyout

Los Angeles City Employees' Retirement System – $55M

• Top: 1315 Capital Fund IV Family Access Fund, L.P. – Growth Equity

• +1 additional commitment:

• 1 Middle Market Buyout

9. Cambridge Associates: $1.58B

Florida State Board of Administration – $893.5M

• Top: WPEF X Feeder C.V. – Growth Equity

• +14 additional commitments:

• 6 Co-Investment Private Equity

• 4 Middle Market Buyout

• 2 Large Buyout

• 2 Lower Middle Market Buyout

San Francisco Employees' Retirement System – $495M

• Top: Churchill Sunshine Partners, LP – Co-Investment Private Equity

• +7 additional commitments:

• 2 Growth Equity

• 1 Energy Private Equity

• 1 Middle Market Buyout

• 1 Special Situations

• 1 Lower Middle Market Buyout

• 1 Co-Investment Private Equity

Colorado Fire and Police Pension Association – $186.8M

• Top: Transom Capital Fund V, L.P. – Middle Market Buyout

• +9 additional commitments:

• 4 Middle Market Buyout

• 2 Co-Investment Private Equity

• 2 Growth Equity

• 1 Lower Middle Market Buyout

10. RVK: $1.09B

Santa Barbara County Employees' Retirement System – $1.02B

• Top: TPG Twin Brook Evergreen Fund – Middle Market Buyout

• +107 additional commitments:

• 44 Middle Market Buyout

• 30 Large Buyout

• 12 Growth Equity

• 6 PE Fund of Funds

• 5 Lower Middle Market Buyout

• 5 Special Situations

• 4 Secondary Private Equity

• 1 Energy Private Equity

Montana Board of Investments – $50M

• Top: Beaverhead Investment Fund – Growth Equity

Vermont Pension Investment Commission – $20M

• Top: Cambridge Associates Secondaries Aggregation Vehicle II – Secondary Private Equity

Allocation Discipline Remains Intact

Consultant-led activity in Q3 2026 reinforced private equity’s role as a core allocation within institutional portfolios, particularly as investors continue to prioritize manager selection, diversification across buyout and growth strategies, and access to top-tier fund managers. Across buyout, growth equity, secondaries, PE funds of funds, and co-investments, consultants guided pension systems and endowments toward managers with demonstrated track records and the operational capabilities to create value in a more selective deal environment.

As capital flowed into established buyout platforms, repeat manager relationships, and targeted co-investments, a consistent theme emerged: consultants emphasized manager quality, strategy diversification, and co-investment discipline over chasing recent vintage performance. With more than $100 billion allocated during the quarter, private equity remains a strategically supported allocation, underpinned by sustained consultant confidence in the asset class’s ability to deliver long-term outperformance across market cycles.

Consultants continue to shape private equity. Book a demo of Dakota Marketplace to track institutional demand and allocation trends.