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.
State retirement system
Arizona State Retirement System
State retirement systemstate generalAZ
Assets
$53B
Total assets, Jun 30, 2024 derived
Funded
n/a
not filed
Private markets target
50.0%
policy Jun 30, 2025
Commitments
0
none on the tape
Allocation policy
ACFR, as of Jun 30, 2025
| Asset class (as printed) | Bucket | Target | Range | Actual | Gap | Basis |
|---|---|---|---|---|---|---|
| Interest Rate Sensitive | Fixed income | 6.0% | 3% to 12% | 3.0% | -3.0 | reported azasrs.gov |
| Credit | Private credit | 23.0% | 17% to 26% | 20.5% | -2.5 | reported azasrs.gov |
| Private Equity | Private equity | 10.0% | 7% to 13% | 13.3% | +3.3 | reported azasrs.gov |
| Public Equity | Public equity | 44.0% | 34% to 54% | 44.2% | +0.2 | reported azasrs.gov |
| Real Estate | Real estate | 17.0% | 13% to 21% | 16.9% | -0.1 | reported azasrs.gov |
Actual allocation lines without a target (as filed)
- Cash and Short-Term Investments 2.1%
Consultants and advisers
7 firms
- Mercer Investment LLC Private equity consultantthrough Jun 30, 2025 ACFR
- Nepc, LLC General consultantthrough Jun 30, 2025 ACFR
- Rclco Real estate consultantthrough Jun 30, 2025 ACFR
- Meketa Investment Group Inc. Private equity consultantthrough Jun 30, 2025 ACFR
- Aksia LLC Private equity consultantthrough Jun 30, 2025 ACFR
- Gabriel, Roeder, Smith & Company Actuarythrough Jun 30, 2025 ACFR
- Bank of New York Mellon Custodianthrough Jun 30, 2025 ACFR
People
1 roles
- Paul Matson Executive DirectorExecutive director / CEO
Manager roster
No manager relationship is on the tape for this allocator.
Commitments
No fund commitments are on the tape for this allocator. The tape holds the plans that publish their own private-markets reports; a plan that publishes one and is not here is a gap we can close.
Size and funding
57 readings
What changed
4 events
- Jun 30, 2024Assets changedArizona State Retirement System fiduciary net position $49.8B -> $53.4B (+7.2%, 2023-06-30 to 2024-06-30)
- Jun 30, 2024Assets changedArizona State Retirement System total assets $49.5B -> $53.3B (+7.7%, 2023-06-30 to 2024-06-30)
- Jun 30, 2023Assets changedArizona State Retirement System fiduciary net position $47.1B -> $49.8B (+5.7%, 2022-06-30 to 2023-06-30)
- Jun 30, 2023Assets changedArizona State Retirement System total assets $46.5B -> $49.5B (+6.4%, 2022-06-30 to 2023-06-30)
Board record: approvals, recommendations, searches, terminations and re-up prospects for this system.
Provenance
Identifiers: Census PID6 226196
Cross-graph: no entry on another DFX graph
First observed Sep 15, 2026, last observed Sep 15, 2026. Classification confirmed. Every row above carries its source; a reported figure is the subject’s own, a derived one is arithmetic on reported figures, an estimated one is a model or a survey imputation and is never summed into a headline.