Key Takeaways
- • California Public Employees' Retirement System (CalPERS) ranks first among the 25 largest public pension funds allocating to private real estate, with reported AUM of $500 billion, according to Dakota.
- • California State Teachers' Retirement System (CalSTRS) is second at $320 billion, followed by the New York State Common Retirement Fund at $272 billion.
- • The 25-fund list spans roughly $80 billion to $500 billion in reported AUM, with the 25th-ranked New York City Employees' Retirement System at $80 billion.
- • The list's data has evident errors, including a $250 trillion AUM figure for the New York City Comptroller's Office and the inclusion of the World Bank, which is not a public pension fund.
Summary
Dakota has published a ranking of the 25 largest U.S. public pension funds that allocate to private real estate, framing the asset class as one of growing strategic importance within public pension portfolios. The article notes that these institutions are responsible for the retirement security of millions of beneficiaries and have increasingly turned to real estate as part of diversified investment programs.
The ranking places CalPERS first at $500 billion in AUM, followed by CalSTRS at $320 billion and the New York State Common Retirement Fund at $272 billion. The Florida State Board of Administration ($240 billion), the California State Treasurer ($202 billion) and the Washington Department of Retirement Systems ($193 billion) round out the top seven. Other large allocators include the Teacher Retirement System of Texas ($185 billion), the State of Wisconsin Investment Board ($148 billion) and the Minnesota State Board of Investments ($134 billion).
The list extends to the Teachers' Retirement System of the City of New York ($93.5 billion), the New Jersey Division of Investment ($87 billion) and the New York City Employees' Retirement System ($80 billion), which ranks 25th. Dakota's list also includes the World Bank at $86 billion, an entity that is not a public pension fund and sits outside the category the article purports to rank.
Readers should treat the figures with caution. The article lists $250 trillion for the New York City Comptroller's Office, a number that is implausible relative to peers and appears to be a publication error. The article's AUM figures are presented without a stated as-of date or source. Dakota directs readers to its Marketplace platform for a full list of public pension funds across all asset classes.
The ranking places CalPERS first at $500 billion in AUM, followed by CalSTRS at $320 billion and the New York State Common Retirement Fund at $272 billion. The Florida State Board of Administration ($240 billion), the California State Treasurer ($202 billion) and the Washington Department of Retirement Systems ($193 billion) round out the top seven. Other large allocators include the Teacher Retirement System of Texas ($185 billion), the State of Wisconsin Investment Board ($148 billion) and the Minnesota State Board of Investments ($134 billion).
The list extends to the Teachers' Retirement System of the City of New York ($93.5 billion), the New Jersey Division of Investment ($87 billion) and the New York City Employees' Retirement System ($80 billion), which ranks 25th. Dakota's list also includes the World Bank at $86 billion, an entity that is not a public pension fund and sits outside the category the article purports to rank.
Readers should treat the figures with caution. The article lists $250 trillion for the New York City Comptroller's Office, a number that is implausible relative to peers and appears to be a publication error. The article's AUM figures are presented without a stated as-of date or source. Dakota directs readers to its Marketplace platform for a full list of public pension funds across all asset classes.
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