Top 10 Public Pensions Investing in Venture Capital Funds in 2023

In 2023, we observed a notable trend of public pensions investing heavily in venture capital funds. Despite a slight dip from the $8.5 billion tracked in 2022, public pensions still managed to funnel nearly $7.7 billion into venture capital this year.

A broad spectrum of pension funds and retirement systems have strategically shifted towards alternative investments to diversify their portfolios and seek enhanced returns. This list includes a range of institutions, from large state retirement systems to smaller county employees' retirement associations, each making strategic moves into the venture capital space with varying levels of financial commitment.

In this article, we're highlighting the top 10 public pensions investing in venture capital funds in 2023, ranked by investment amount. By the end of this, you'll have insight into how pension funds across the United States are positioning themselves within the venture capital landscape.

1. California Public Employees' Retirement Systems:

AUM: $500,000,000,000

2023 Venture Capital Investments Total: $2,300,000,000

2023 Number of Venture Capital Investments: 20

Consultants: Wilshire, Meketa

2. New York State Common Retirement Fund:

AUM: $260,000,000,000

2023 Venture Capital Investments Total: $1,100,000,000

2023 Number of Venture Capital Investments: 7

Consultants: RVK, Meketa, Aksia, Townsend, Mercer

3. New Mexico State Investment Council:

AUM: $52,000,000,000

2023 Venture Capital Investments Total: $560,000,000

2023 Number of Venture Capital Investments: 19

Consultants: RVK, Meketa, Aksia, Townsend, Mercer

4. San Francisco Employees' Retirement System:

AUM: $38,000,000,000

2023 Venture Capital Investments Total: $350,000,000

2023 Number of Venture Capital Investments: 8

Consultants: Wilshire, Callan, Cambridge, Aksia

5. New Jersey Division of Investment:

AUM: $96,000,000,000

2023 Venture Capital Investments Total: $300,000,000

2023 Number of Venture Capital Investments: 4

Consultants: RVK, Cliffwater, Hamilton Lane, Aksia

6. Connecticut Retirement Plans and Trust Funds:

AUM: $56,000,000,000

2023 Venture Capital Investments Total: $300,000,000

2023 Number of Venture Capital Investments: 1

Consultants: Meketa, Aon, Albourne, Hamilton Lane

7. Texas County & District Retirement System:

AUM: $43,000,000,000

2023 Venture Capital Investments Total: $300,000,000

2023 Number of Venture Capital Investments: 8

Consultants: Cliffwater

8. Mass PRIM:

AUM: $104,000,000,000

2023 Venture Capital Investments Total: $175,000,000

2023 Number of Venture Capital Investments: 1

Consultants: NEPC, Hamilton Lane, Meketa

9. Orange County Employees Retirement System:

AUM: $22,000,000,000

2023 Venture Capital Investments Total: $235,000,000

2023 Number of Venture Capital Investments: 8

Consultants: Meketa, Townsend, Aksia

10. Illinois Municipal Retirement Fund:

AUM: $53,000,000,000

2023 Venture Capital Investments Total: $207,000,000

2023 Number of Venture Capital Investments: 7

Consultants: Wilshire, Callan

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Written By: Koncheng Moua, Director of Data Management and Strategy

Koncheng Moua is the Director of Data Management and Strategy at Dakota.

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