DFX Intelligence

Allocator Intelligence

The capital-owner graph behind private markets. Who owns the capital, who decides, how much, under what policy, on whose advice, to which managers, and what changed, with a source and a date behind every row. A target is never an actual, a disclosed holding is never an approval, and an estimate says so.

Find the institutions that commit to strategies like yours, and who advises them.

Plans, pools, commitments and the consultants who gate them, from the institutions' own records. Free to read, with the source and the date on every row.

What are you trying to do?

GP, IR, placement agent
I raise institutional capital

Plans and pools with commitments on the record, and the consultants who gate them.

  • Allocators and pools
  • Commitments on the record
  • Consultants
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Plan staff, investment office, OCIO
I allocate capital

What peer plans committed to, and which managers keep appearing across them.

  • Peer plans
  • Managers with commitments
  • Pacing on the record
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Investment consultant, research, gatekeeper
I advise allocators

The map of who advises whom, and the commitments that followed.

  • Consultant relationships
  • Commitments that followed
  • Staff on the record
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Or keep reading. Everything below is public, and picking a door only changes what leads.

Allocators
15,077
4,653 public, 6,661 corporate, 1,305 Taft-Hartley
Assets represented
$15268B
reported figures, components not double counted
Fund commitments
5,139
725 with a closing date
Managers backed
760
2,039 funds resolved
Re-ups
491
156 first-time manager commitments
Consultants and OCIOs
479
21,455 advisory relationships
Allocators with policy targets
442
7,981 with allocation data
Dated events
41,851
every event carries a date basis
Who owns the capital

The largest public systems, by reported assets

Total cash and investments from the Census Bureau’s Annual Survey of Public Pensions, fiduciary net position from the system’s own ACFR where read. Corporate plans (Form 5500 Schedule SB and H), endowments and foundations (IRS) are on the allocators list.

AllocatorTypeStateAssetsAs ofPrivate markets targetFundedCommitmentsManagersConsultants
California Public Employees' Retirement SystemstateCA$553BderivedJun 30, 202433.5%n/a4662600
California State Teachers' Retirement SystemstateCA$373BJun 30, 202535.0%n/a4772281
New York State Common Retirement FundpoolNY$268BderivedJun 30, 202435.0%n/a1,0594940
Teacher Retirement System of TXstateTX$228BderivedJun 30, 2024n/an/a000
FRS Defined Benefit Pension PlanstateFL$200BJun 30, 2024n/an/a000
Wisconsin Retirement SystemstateWI$163BderivedJun 30, 202447.0%n/a90230
OPERS Traditional DB Pension PlanstateOH$158BDec 31, 2025n/an/a001
Nys Teachers' Retirement SystemstateNY$154BJun 30, 202528.0%n/a2451
Washington State Investment BoardpoolWA$144BderivedJun 30, 202351.0%n/a4901970
Virginia Retirement System (VRS)stateVA$114BJun 30, 202547.0%n/a23121
North Carolina Retirement SystemsstateNC$112BderivedJun 30, 202322.0%n/a000
Teachers Retirement System of New York CitypublicNY$108BJun 30, 202416.4%n/a000
Capital moving now

Latest dated commitments

Closings the plan itself dated: NY Common’s monthly transaction report, LACERS’s new investments table. A holding on a performance report is a disclosure, not a closing, and sits on the commitments tape with its report date.

DateAllocatorFundManagerBucketAmountVintageStatusSource
Aug 14, 2026Virginia Retirement System (VRS)ValueAct Strategic Global Fund IIco investmentValueActPublic equity$200MCommitted (dated)varetire.org
Aug 12, 2026Los Angeles County Employees Retirement AssociationCheyne Capital Management separate accountseparate accountCheyne Capital ManagementPrivate credit$750MCommitted (dated)lacera.gov
Aug 12, 2026Los Angeles County Employees Retirement AssociationWhitman Peterson Fund Vco investmentWhitman PetersonReal estate$75.0MCommitted (dated)re-uplacera.gov
Jul 28, 2026South Carolina Retirement System (SCRS)Industry Ventures Secondary XIsecondaryIndustry VenturesPrivate equity$150MCommitted (dated)rsic.sc.gov
Jul 23, 2026South Carolina Retirement System (SCRS)Abacus Multi-Family Partners VIIAbacusReal assets$150MCommitted (dated)rsic.sc.gov
Jul 20, 2026South Carolina Retirement System (SCRS)Alpine Investors Heroes IAlpine InvestorsPrivate equity$100MCommitted (dated)rsic.sc.gov
Jun 30, 2026New York State Common Retirement FundGeneral Catalyst Group XIII, L.P.unresolvedVenture$120M2026Committed (dated)re-uposc.ny.gov
Jun 30, 2026New York State Common Retirement FundGC Creation Fund III, L.P.General CatalystPrivate equity$80.0M2026Committed (dated)re-uposc.ny.gov
Jun 29, 2026New York State Common Retirement FundBridgepoint Europe VIII B S.C.Sp.unresolvedPrivate equityn/a2026Committed (dated)re-uposc.ny.gov
Jun 26, 2026New York State Common Retirement FundPSG Europe III S.C.Sp.PSG Equity L.L.C.Private equityn/a2026Committed (dated)re-uposc.ny.gov
Jun 23, 2026Los Angeles County Employees Retirement AssociationKingswood Capital Opportunities Fund IVKingswood Capital Management, L.P.Private equity$220MCommitted (dated)lacera.gov
Jun 23, 2026Los Angeles County Employees Retirement AssociationKingswood Capital Opportunities Small Cap Fund IKingswood Capital Management, L.P.Private equity$100MCommitted (dated)lacera.gov
What changed

Re-ups, new managers, targets, advisers

Dated on the day the thing happened, never on the day a document was read. Schedule C changes are inferences (a provider paid under $5,000 drops off the schedule) and say so.

All capital-flow events
Consultants

Who advises the most plans

All consultants and OCIOs
Managers

Backed by the most allocators on the tape

Who backs this manager
Allocation policy

Targets that moved

  • Jun 30, 2026
    Sysco Corp Pension Plans cut its Common Contractual Fund target 50.0% -> 42.0% (2025-06-30 to 2026-06-30)
  • Jun 30, 2026
    Estee Lauder Companies Inc Pension Plans raised its Equity Securities (foreign) target 20.0% -> 22.0% (2025-06-30 to 2026-06-30)
  • Jun 30, 2026
    Sysco Corp Pension Plans raised its Matching Portfolio target 50.0% -> 58.0% (2025-06-30 to 2026-06-30)
  • Jun 30, 2026
    News Corp Pension Plans raised its Fixed Income Securities target 86.0% -> 87.0% (2025-06-30 to 2026-06-30)
  • Jun 30, 2026
    Lumentum Holdings Inc. Pension Plans raised its Equity Funds target 35.0% -> 37.0% (2025-06-30 to 2026-06-30)
  • Jun 30, 2026
    Lumentum Holdings Inc. Pension Plans cut its Fixed Income Funds target 27.0% -> 25.0% (2025-06-30 to 2026-06-30)
  • Jun 30, 2026
    Estee Lauder Companies Inc Pension Plans cut its Other Investments (foreign) target 24.0% -> 22.0% (2025-06-30 to 2026-06-30)
  • Mar 31, 2026
    Kyndryl Holdings, Inc. Pension Plans raised its Equity Securities And Funds target 28.0% -> 29.0% (2025-03-31 to 2026-03-31)
Allocation policy across allocators
Sources and method

Census Bureau Annual Survey of Public Pensions (every state and local system, 2022 to 2024), Form 5500 long form with Schedules SB, MB, H, C and D (every defined benefit plan and Taft-Hartley trust with 100 or more participants, plan years 2022 to 2025), IRS Business Master File (foundations and endowment holders), sworn 10-K XBRL defined benefit disclosures (corporate policy targets), Form ADV (consultants and OCIOs by their own filing), the plans’ own private-markets reports and ACFRs. Restricted compilations are discovery indexes only and never published. Read the methodology.

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