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
Iowa Public Employees Retirement System (IPERS)
State retirement systemstate generalIA
Assets
$47B
Fiduciary net position, Jun 30, 2025 reported
Funded
n/a
not filed
Private markets target
37.5%
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 |
|---|---|---|---|---|---|---|
| Core fixed income | Fixed income | 22.5% | 22% to 28% | 26.0% | +3.5 | reported legis.iowa.gov |
| Private credit | Private credit | 8.0% | 6.0% | -2.0 | reported legis.iowa.gov | |
| Public credit | Private credit | 3.0% | 0% to 6% | 3.0% | +0.0 | reported legis.iowa.gov |
| Private equity | Private equity | 17.0% | 17.0% | +0.0 | reported legis.iowa.gov | |
| Domestic equity | Public equity | 21.0% | 18% to 24% | 22.0% | +1.0 | reported legis.iowa.gov |
| Global smart beta equity | Public equity | 5.0% | 2% to 8% | 5.0% | +0.0 | reported legis.iowa.gov |
| International equity | Public equity | 13.0% | 10% to 16% | 14.0% | +1.0 | reported legis.iowa.gov |
| Private real assets | Real assets | 9.5% | 7.0% | -2.5 | reported legis.iowa.gov |
Consultants and advisers
3 firms
- Wilshire General consultantthrough Jun 30, 2025 ACFR
- Bank of New York Mellon Custodianthrough Jun 30, 2025 ACFR
- Cavanaugh Macdonald Consulting Actuarythrough Jun 30, 2025 ACFR
People
1 roles
Chief investment officer
Sriram Lakshminarayanan
Chief Investment Officer (Jun 30, 2025) legis.iowa.gov
Sriram Lakshminarayanan, Chief Investment Officer
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
54 readings
Fiduciary net position
$44B (2024-06) · $41B (2023-06) · $40B (2022-06)
What changed
3 events
- Jun 30, 2024Assets changedIowa Public Employees Retirement System (IPERS) fiduciary net position $41.2B -> $43.7B (+6.0%, 2023-06-30 to 2024-06-30)
- Jun 30, 2024Assets changedIowa Public Employees Retirement System (IPERS) total assets $41.2B -> $43.7B (+6.1%, 2023-06-30 to 2024-06-30)
- Jun 30, 2023Assets changedIowa Public Employees Retirement System (IPERS) fiduciary net position $40.2B -> $41.2B (+2.5%, 2022-06-30 to 2023-06-30)
Board record: approvals, recommendations, searches, terminations and re-up prospects for this system.
Provenance
Identifiers: Census PID6 227014
Cross-graph: no entry on another DFX graph
First observed Sep 15, 2026, last observed Sep 16, 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.