New York State Common Retirement Fund
Total Deployed: $1.1B+ across private equity and credit strategies
Key Commitments:
Thoma Bravo Fund XVI: $300M
GenNx360 Capital Partners IV: $150M
WCP NewCold (Real Estate): $200M
Additional private credit allocations: $450M+
Connecticut Retirement Plans
Total Deployed: $1.2B across diversified private markets
Key Commitments:
Crescent Private Credit: $300M
HarbourVest Infrastructure: $250M
Palistar Digital Infrastructure: $250M
Reverence Capital PE Opportunities IV: $200M
Additional private markets allocations: $200M
Teacher Retirement System of Texas
Total Deployed: $900M+ focused on real estate and growth equity
Key Commitments:
Blue Owl Real Estate Fund VII: $250M
MSD Hospitality Partners: $200M
Growth equity and additional real estate: $450M+
Kansas Public Employees Retirement System (PERS)
Total Deployed: $305M in alternative investments
Key Commitments:
Timberland allocation: $210M
IFM Global Infrastructure: $95M
Texas County & District, Delaware PERS, and others committed to:
Multiple Systems – Venture Capital Activity
Khosla Ventures IX: Multiple commitments
DCVC VII: Multiple commitments
CRV XX: Multiple commitments
StepStone VC funds: Various allocations
Additional Private Credit Deployments
Various public pension fund systems allocated to structured debt strategies:
Atlantic Park Strategic Capital III: Undisclosed amounts
Hayfin Healthcare Opportunities Fund II: $150M
HPS Strategic Investment Partners VI: $100M
Strategic Portfolio Reviews
San Diego City Employees’ Retirement System: Active asset allocation review targeting increased private credit, PE, and infrastructure exposure
San Antonio Fire & Police: Portfolio restructuring emphasizing alternatives while reducing public equity weights
Arkansas PERS: Targeting new secondaries and core infrastructure funds
Leadership & Organizational Changes
CalPERS: Appointed new Managing Director of Private Debt
Oregon PERS: Named new Director of Private Markets
Multiple Systems: Ongoing RFPs for private markets advisory and international equity mandates
Key Market Themes
Private credit dominance: Largest single allocation category with $550M+ deployed
Infrastructure momentum: $595M+ committed across digital, traditional, and global infrastructure strategies
Real estate specialization: $450M+ in targeted property strategies including hospitality and cold storage
VC market re-engagement: Renewed appetite for established venture platforms after recent market correction
All in all, July 2025 demonstrated coordinated movement among major public pensions toward income-generating alternatives, with particular emphasis on private credit and infrastructure as systems seek yield and inflation protection while maintaining selective growth exposure through proven investment platforms.
