Key Takeaways
- • New York State Common Retirement Fund ($298B) committed $400M to Nuveen Real Estate U.S. Strategic Healthcare Fund I, $325M to Bridgepoint Europe VIII B, $225M to PSG Europe III, and $400M across three General Catalyst vehicles, while terminating Global Alpha Capital Management ($445M) and Palisade Capital Management ($761M).
- • New Mexico State Investment Council ($74B) approved $450M to Sixth Street Partners TAO 6.0, $250M across Macquarie Infrastructure Partners VII and its co-investment vehicle, and €150M to Aermont Capital Real Estate Fund VI.
- • New Hampshire Retirement System ($14.6B) approved a $1B customized U.S. enhanced indexing mandate with Acadian Asset Management, funded from BlackRock S&P 500 Index assets.
- • Rhode Island ($11B) approved a strategic asset allocation lifting growth to 60% and private credit to 5%, effective January 1, 2027, while Employees' Retirement System of Texas ($39.1B) targets $1.95B in 2027 private markets commitments.
- • Manager terminations were widespread in August, including New Mexico PERA's full $99.8M redemption from Two Sigma Absolute Return Enhanced Fund and Laborers' $59.3M Baillie Gifford non-U.S. large cap mandate exit.
Summary
August's public pension activity was dominated by heavy deployment into private equity, private credit, infrastructure, and real assets, according to the monthly Public Pension Brief. Flagship plans including New York State Common Retirement Fund, New Mexico State Investment Council, Oregon Public Employees Retirement Fund, and Massachusetts PRIM drove commitment volume during the month.
New York State Common Retirement Fund ($298B) made the largest set of commitments, including $400M to Nuveen Real Estate U.S. Strategic Healthcare Fund I, $325M to Bridgepoint Europe VIII B, $225M to PSG Europe III, and $400M across three General Catalyst vehicles. The fund also terminated Global Alpha Capital Management ($445M) and Palisade Capital Management ($761M). New Mexico State Investment Council ($74B) approved $450M to Sixth Street Partners TAO 6.0, $250M across Macquarie Infrastructure Partners VII and its co-investment vehicle, and €150M to Aermont Capital Real Estate Fund VI. Oregon Public Employees Retirement Fund ($97B) committed to thirteen funds, including $300M to Carronade Capital Partners and $160M to Blackstone Energy Transition Partners V. Colorado Fire and Police Pension Association ($8.765B) approved eighteen commitments, led by $250M to BNY Mellon Asset Management for global equity, while fully terminating State Street and AKO Partners.
Several plans advanced pacing and policy targets. Employees' Retirement System of Texas ($39.1B) is targeting $1.95B in 2027 private markets commitments. New York State Teachers ($143B) set $2.3B to $2.7B for private equity and $900M to $1.3B for private debt. Rhode Island ($11B) approved a strategic asset allocation lifting growth to 60% and private credit to 5%, effective January 1, 2027. New Hampshire Retirement System ($14.6B) approved a $1B customized U.S. enhanced indexing mandate with Acadian Asset Management, funded from BlackRock S&P 500 Index assets.
Manager terminations were also widespread. Beyond the New York and Colorado exits, New Mexico PERA fully redeemed $99.8M from Two Sigma Absolute Return Enhanced Fund, Laborers' & Retirement Board Employees' Annuity & Benefit Fund of Chicago terminated its $59.3M Baillie Gifford non-U.S. large cap mandate, and Oakland Police and Fire pulled $12.3M from Versor Investments' trend following allocation. The brief also noted governance changes, including CIO and executive director transitions at IMCO, IPERS, and Illinois Municipal.
New York State Common Retirement Fund ($298B) made the largest set of commitments, including $400M to Nuveen Real Estate U.S. Strategic Healthcare Fund I, $325M to Bridgepoint Europe VIII B, $225M to PSG Europe III, and $400M across three General Catalyst vehicles. The fund also terminated Global Alpha Capital Management ($445M) and Palisade Capital Management ($761M). New Mexico State Investment Council ($74B) approved $450M to Sixth Street Partners TAO 6.0, $250M across Macquarie Infrastructure Partners VII and its co-investment vehicle, and €150M to Aermont Capital Real Estate Fund VI. Oregon Public Employees Retirement Fund ($97B) committed to thirteen funds, including $300M to Carronade Capital Partners and $160M to Blackstone Energy Transition Partners V. Colorado Fire and Police Pension Association ($8.765B) approved eighteen commitments, led by $250M to BNY Mellon Asset Management for global equity, while fully terminating State Street and AKO Partners.
Several plans advanced pacing and policy targets. Employees' Retirement System of Texas ($39.1B) is targeting $1.95B in 2027 private markets commitments. New York State Teachers ($143B) set $2.3B to $2.7B for private equity and $900M to $1.3B for private debt. Rhode Island ($11B) approved a strategic asset allocation lifting growth to 60% and private credit to 5%, effective January 1, 2027. New Hampshire Retirement System ($14.6B) approved a $1B customized U.S. enhanced indexing mandate with Acadian Asset Management, funded from BlackRock S&P 500 Index assets.
Manager terminations were also widespread. Beyond the New York and Colorado exits, New Mexico PERA fully redeemed $99.8M from Two Sigma Absolute Return Enhanced Fund, Laborers' & Retirement Board Employees' Annuity & Benefit Fund of Chicago terminated its $59.3M Baillie Gifford non-U.S. large cap mandate, and Oakland Police and Fire pulled $12.3M from Versor Investments' trend following allocation. The brief also noted governance changes, including CIO and executive director transitions at IMCO, IPERS, and Illinois Municipal.
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