Key Takeaways
- • Public pension funds committed $100.9 billion to private equity strategies in 2025, a 24% increase from $81.2 billion committed the prior year, according to a Nasdaq eVestment report.
- • Through the first half of 2026, public plans had committed $31.9 billion to private equity, per the same report.
- • Advent International, with $109 billion in AUM as of June 30, was the largest recipient of public pension LP capital in 2025, raising $4.6 billion, primarily through its GPE XI flagship buyout fund and co-investment vehicles.
- • Thoma Bravo raised $3.8 billion from public plans in 2025, ranking second, with backing from CalPERS, the New York State Common Retirement Fund, CalSTRS, NYC Employees Retirement System and the State of Wisconsin Investment Board.
- • CalPERS led all public pension committers with $20 billion across 93 mandates in 2025, followed by CalSTRS at $9 billion across 58 commitments and the New York State Common Retirement Fund at $8.2 billion across 46 commitments.
Summary
Public pension funds increased their private equity commitments year-over-year in 2025 despite a slowdown in distributions from private equity funds to their limited partners. According to a report published this week by Nasdaq eVestment, public pensions committed $100.9 billion to private equity strategies in 2025, up 24% from $81.2 billion the year before. The pace has continued into 2026, with public plans committing $31.9 billion through the first half of the year.
Advent International L.P., which reported $109 billion in assets under management as of June 30, was the largest recipient of public pension LP capital last year. The firm raised $4.6 billion from these investors in 2025, primarily through its flagship GPE XI buyout fund and various co-investment vehicles. According to eVestment, 51 private equity managers raised capital for co-investment vehicles during the year, and interest in these vehicles from pension funds increased in 2025.
Thoma Bravo L.P., which focuses on software investments, ranked second, raising $3.8 billion from public plans. The capital came primarily through relationships with the California Public Employees' Retirement System, the New York State Common Retirement Fund, the California Teachers' Retirement System, the New York City Employees Retirement System and the State of Wisconsin Investment Board. Thoma Bravo reports AUM of $170 billion on its website.
CalPERS was the largest committer of capital to private equity funds in 2025, committing $20 billion across 93 mandates. CalSTRS followed with $9 billion across 58 commitments, and the New York State Common Retirement Fund committed $8.2 billion across 46 commitments.
Advent International L.P., which reported $109 billion in assets under management as of June 30, was the largest recipient of public pension LP capital last year. The firm raised $4.6 billion from these investors in 2025, primarily through its flagship GPE XI buyout fund and various co-investment vehicles. According to eVestment, 51 private equity managers raised capital for co-investment vehicles during the year, and interest in these vehicles from pension funds increased in 2025.
Thoma Bravo L.P., which focuses on software investments, ranked second, raising $3.8 billion from public plans. The capital came primarily through relationships with the California Public Employees' Retirement System, the New York State Common Retirement Fund, the California Teachers' Retirement System, the New York City Employees Retirement System and the State of Wisconsin Investment Board. Thoma Bravo reports AUM of $170 billion on its website.
CalPERS was the largest committer of capital to private equity funds in 2025, committing $20 billion across 93 mandates. CalSTRS followed with $9 billion across 58 commitments, and the New York State Common Retirement Fund committed $8.2 billion across 46 commitments.
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