Public Plan Commitments in October 2025: Key Allocation Insights

November 07, 2025

Top Public Plan Commitments in October 2025 | Allocation Insights

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In October, Dakota tracked nearly $20B in newly disclosed commitments across 218 investments from 65 distinct pension funds and other public institutional investors. In this article, we highlight the top allocators and allocations made in the month of October by these institutions:

The Top Allocators for the Month

New York State Common Retirement Fund reported an additional $2.1B in commitments
New Mexico State Investment Council disclosed $1.8B in new commitments
VBL reported $1.6B in commitments

Asset Classes

Private Equity: A total of $6.7B was directed into 88 investments, making up approximately 40.4% of the month’s commitments.
Private Credit: $1.9B was committed across 35 deals, constituting 16.1% of the total.
Private Real Estate: This category saw $4.2B allocated across 44 funds, representing 20.2% of commitments.
Real Assets/Infrastructure: $3.5B was allocated across 27 investments, accounting for 12.4% of the month’s total.
Venture Capital: $910M was committed across 14 investments, making up 6.4% of investments.

Sub-Asset Classes

Private Equity: Buyouts accounted for 18.35% of overall commitments, with $3.7B allocated to 40 funds ranging from lower middle market to large buyout strategies.
Private Credit: Opportunistic strategies attracted $71M in commitments, equalling 2.3% of the total. Direct Lending strategies accounted for 6% of investments, attracting $554.5M.
Real Assets: Infrastructure investments saw over $3.3B in commitments, representing 11.9% of the month’s allocations.
Real Estate: Opportunistic and value-added strategies accounted for $3.1B, which was 13.8% of the commitments tracked in October.

Significant Allocations in October

VBL
- Allianz Euro Core Infrastructure Debt Fund (Infrastructure): $815M
- Global Infrastructure Partners European Infrastructure Debt (Infrastructure): $815M
National Employment Savings Trust - Schroders Capital Private Equity Fund (Private Equity): $636M
New Jersey Division of Investment - Capula Tail Risk Fund (Hedge Fund): $500M

Smaller Allocations

Louisiana District Attorneys’ Retirement System - Taurus Private Markets Fund III (Private Equity): $2.5M
Colorado Fire and Police Pension Association - ArrowMark CRE Structured Finance Fund Co-Investment (Real Estate): $2.5M
Texas County & District Retirement System - EnCap Energy Capital Fund VIII Co-Investors MergeCo, L.P. (Private Equity): $1.2M