Key Takeaways
- • Pennsylvania PSERS approved more than $800M in commitments, including $400M to HarbourVest co-investment vehicles and $250M to value-add real estate strategies.
- • New Mexico State Investment Council committed more than $1.2B across private credit, real estate, and venture capital, led by $300M each to Bell Partners Growth & Income Fund and Silver Rock Core Lending Strategy.
- • Indiana Public Retirement System reallocated $2B within commodities, committing $1B each to Parametric Gold and PIMCO CommoditiesPlus while terminating legacy commodity mandates.
- • Virginia Retirement System committed $800M in December, including $300M to Charlesbank XI, $150M to Lead Edge Capital Fund VII, and $350M to Garda Fixed Income Relative Value Opportunities Fund.
- • Mississippi PERS approved four $150M core infrastructure mandates with Blackstone, Brookfield, EQT and JP Morgan, and replaced Baillie Gifford with MFS for its $870M international equity portfolio.
Summary
A December 2025 roundup of public pension activity highlights a month of substantial new commitments across private markets, commodities and public equities. Pennsylvania's Public School Employees' Retirement System approved more than $800M in commitments, including $400M to HarbourVest co-investment vehicles and $250M to value-add real estate strategies. The Virginia Retirement System committed $800M, led by $300M to Charlesbank XI, $150M to Lead Edge Capital Fund VII and $350M to Garda Fixed Income Relative Value Opportunities Fund.
New Mexico State Investment Council committed more than $1.2B across private credit, real estate and venture capital, with $300M to Bell Partners Growth & Income Fund and $300M to Silver Rock Core Lending Strategy, including co-investments. Los Angeles City Employees' Retirement System approved over $400M across private equity, private credit, real estate debt and venture capital, and advanced its infrastructure implementation plan ahead of 2026 manager searches. Arkansas Teacher Retirement System approved over $240M in real estate and private equity commitments, including $100M to Realty Income U.S. Core Plus Fund, and adopted a strategy to raise its private credit allocation by 5% while reducing real assets.
In commodities, the Indiana Public Retirement System reallocated $2B, committing $1B each to Parametric Gold and PIMCO CommoditiesPlus while terminating legacy commodity mandates and placing several managers, including Baillie Gifford, on watch. Mississippi PERS approved four $150M core infrastructure mandates with Blackstone, Brookfield, EQT and JP Morgan and replaced Baillie Gifford with MFS for its $870M international equity portfolio. The Teacher Retirement System of Texas committed nearly $200M, including $125M to Asana Partners Fund IV and $69M to Riverstone Iris Continuation Fund. Separately, the California State Teachers' Retirement System appointed Nick Abel as Investment Director for Sustainable Investment and Stewardship Strategies.
New Mexico State Investment Council committed more than $1.2B across private credit, real estate and venture capital, with $300M to Bell Partners Growth & Income Fund and $300M to Silver Rock Core Lending Strategy, including co-investments. Los Angeles City Employees' Retirement System approved over $400M across private equity, private credit, real estate debt and venture capital, and advanced its infrastructure implementation plan ahead of 2026 manager searches. Arkansas Teacher Retirement System approved over $240M in real estate and private equity commitments, including $100M to Realty Income U.S. Core Plus Fund, and adopted a strategy to raise its private credit allocation by 5% while reducing real assets.
In commodities, the Indiana Public Retirement System reallocated $2B, committing $1B each to Parametric Gold and PIMCO CommoditiesPlus while terminating legacy commodity mandates and placing several managers, including Baillie Gifford, on watch. Mississippi PERS approved four $150M core infrastructure mandates with Blackstone, Brookfield, EQT and JP Morgan and replaced Baillie Gifford with MFS for its $870M international equity portfolio. The Teacher Retirement System of Texas committed nearly $200M, including $125M to Asana Partners Fund IV and $69M to Riverstone Iris Continuation Fund. Separately, the California State Teachers' Retirement System appointed Nick Abel as Investment Director for Sustainable Investment and Stewardship Strategies.
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