Key Takeaways
- • North Carolina Investment Authority disclosed more than $15 billion in commitments across asset classes in September, led by $2.1B to North Star Investment Holdings and $2B each to BlackRock World REIT and Internal Public Infrastructure.
- • California Public Employees' Retirement System reported commitments for the quarter ended March 31, 2026, led by $3B to PIMCO EM Sovereign Bonds Local Currency and $2.996B to GoldenTree Asset Management.
- • Virginia Retirement System approved termination of AQR Equity Market Neutral (~$591M) and closure of Eminence Capital (~$581M), while New York State Common Retirement Fund terminated Mondrian Investment Partners (~$1.2B).
- • Oregon Public Employees Retirement Fund approved Portfolio D as its new long-term policy, adding 7.5% to Credit and 2.5% to Real Assets while reducing Fixed Income by 5%.
- • Brown University Investment Office announced Jane Dietze will depart as CIO on December 31, 2026, with Joshua Kennedy succeeding her.
Summary
Public pension systems continued heavy private markets deployment in September 2026, according to the monthly Public Pension Brief published by Reports Blog. North Carolina Investment Authority led the month with more than $15 billion in commitments across asset classes, including $2.1B to North Star Investment Holdings, $2B each to BlackRock World REIT and Internal Public Infrastructure, $1.5B to NCL IV Outside Opportunities A, $1.2B to Eagle Tower and Little Sister Road SMA, and $1B each to an A16Z SMA and NC Garnett Infra Staging Portfolio.
California Public Employees' Retirement System reported commitments for the quarter ended March 31, 2026, led by $3B to PIMCO EM Sovereign Bonds Local Currency, $2.996B to GoldenTree Asset Management, $2B to Lazard ACW ex-US Equity Advantage, $1B to Grand Isle Fund, and $872M to Innovation Opportunities II. Florida State Board of Administration disclosed Q2 2026 commitments led by $1B to Discretionary Core Fixed Income, $800M to Two Seventy St. Marks Credit Partners, and $500M to Brevan Howard Alpha Strategies.
Several systems approved manager changes. Virginia Retirement System approved terminating AQR Equity Market Neutral (~$591M) and closing Eminence Capital (~$581M), while New York State Common Retirement Fund terminated Mondrian Investment Partners (~$1.2B), reallocating the assets to cash. Los Angeles Fire & Police Pension System recommended terminating several U.S. equity mandates by September 30, 2026.
Strategic allocation reviews also featured prominently. Oregon Public Employees Retirement Fund approved Portfolio D as its new long-term policy, adding 7.5% to Credit and 2.5% to Real Assets while reducing Fixed Income by 5%. Dallas Police & Fire Pension System approved a target of 60% Equity, 15% Credit, 10% Infrastructure and Other Real Assets, and 15% Core Fixed Income and Defensive Assets.
Leadership changes were reported at several institutions. Andrew W. Mellon Foundation appointed Abigail Kahn Archibald as Chief Investment Officer, succeeding Scott Taylor. Brown University Investment Office announced that Jane Dietze will depart December 31, 2026, with Joshua Kennedy succeeding her as CIO and Peter Levine becoming Deputy CIO.
California Public Employees' Retirement System reported commitments for the quarter ended March 31, 2026, led by $3B to PIMCO EM Sovereign Bonds Local Currency, $2.996B to GoldenTree Asset Management, $2B to Lazard ACW ex-US Equity Advantage, $1B to Grand Isle Fund, and $872M to Innovation Opportunities II. Florida State Board of Administration disclosed Q2 2026 commitments led by $1B to Discretionary Core Fixed Income, $800M to Two Seventy St. Marks Credit Partners, and $500M to Brevan Howard Alpha Strategies.
Several systems approved manager changes. Virginia Retirement System approved terminating AQR Equity Market Neutral (~$591M) and closing Eminence Capital (~$581M), while New York State Common Retirement Fund terminated Mondrian Investment Partners (~$1.2B), reallocating the assets to cash. Los Angeles Fire & Police Pension System recommended terminating several U.S. equity mandates by September 30, 2026.
Strategic allocation reviews also featured prominently. Oregon Public Employees Retirement Fund approved Portfolio D as its new long-term policy, adding 7.5% to Credit and 2.5% to Real Assets while reducing Fixed Income by 5%. Dallas Police & Fire Pension System approved a target of 60% Equity, 15% Credit, 10% Infrastructure and Other Real Assets, and 15% Core Fixed Income and Defensive Assets.
Leadership changes were reported at several institutions. Andrew W. Mellon Foundation appointed Abigail Kahn Archibald as Chief Investment Officer, succeeding Scott Taylor. Brown University Investment Office announced that Jane Dietze will depart December 31, 2026, with Joshua Kennedy succeeding her as CIO and Peter Levine becoming Deputy CIO.
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