Allocator Intelligence

A capital owner: a state or local retirement system (every unit of the Census Bureau’s Annual Survey of Public Pensions, 2022 census and 2023 to 2024 samples, by its stable PID), a corporate defined benefit plan or Taft-Hartley trust (every Form 5500 long-form filer with a defined benefit code, plan years 2022 to 2025, by EIN and plan number), a private or community foundation and a university endowment holder above a stated asset floor (IRS Business Master File, by EIN), a state sovereign or investment pool. An investment office or pool that invests for named systems is its own node with an INVESTS FOR relationship; a Census division of a larger association is PLAN OF it. Components are shown but never double counted in totals. Types are a history with a printed basis; a candidate becomes confirmed on the subject’s own filing.

Every typed fact carries effective_at (when it was true of: an as-of date, a plan year end, a closing), observed_at (the document’s date), first_seen_at (when DFX first recorded it) and ingested_at. “What changed” is ordered by effective date; an event that only has a document date says report date and stays out of the default feed.

A reported figure is the subject’s own number with its citation. Derived is arithmetic on reported figures with the formula stated (a Schedule H line over total assets, a funded ratio from two lines). Estimated is a survey imputation or a model, labelled, and never added into a headline total. A Census-imputed item is estimated. A BMF asset field capped at $2 billion is estimated.

RECOMMENDED, PROPOSED, APPROVED, COMMITTED, DISCLOSED HOLDING, UNKNOWN. A line of a performance or holdings report is a disclosed holding as of the report date, with the plan’s own commitment, paid-in, distributed, remaining value, IRR and multiple as printed. A closing the plan dated (NY Common’s monthly transaction report, LACERS’s new investments table) is COMMITTED with that date. WSIB prints the date of initial commitment beside each holding; that date is carried while the status stays a disclosure. Board and investment committee minutes fill the lower rungs with the stance the minutes give an item: a vote (motion carried, approved, adopted) is APPROVED as of the meeting; a staff or consultant recommendation with no vote in the record is RECOMMENDED; an item presented for consideration is PROPOSED; a commitment reported as made under delegated authority is APPROVED with that note, and COMMITTED only when a closing date is printed. Every minutes row carries the sentence that states it, verified against the document line by line before it is written. The amount is always the plan’s commitment, never a fund size, and one implausible amount on the source tape was refused rather than published. Two more sources feed the DISCLOSED HOLDING rung with a value and no amount: a foundation’s 990-PF other investments statement, and a plan’s year-end interest in a collective trust, pooled separate account or 103-12 entity on Form 5500 Schedule D Part I (the vehicle is a node keyed by the EIN and plan number it files under; its sponsor is the manager only when a node already carries that EIN).

The plan’s own words only: “existing relationship” / “new relationship” in NY Common’s report, the Existing / New column in LACERS’s table. A re-up prospect is not a re-up: it is arithmetic on the tape (the allocator holds Fund N of a manager, the same series has Fund N+1 open on the venture or private equity graph, and no commitment to it is on this graph), labelled an inference, dated at the successor’s first Form D sale, and retired by itself when a commitment lands. No likelihood is attached and a RE UP LIKELY score will not be published before it is validated against a held-out set.

A commitment resolves to the private equity or venture graph through the venture lane’s resolver (exact name, stem plus series plus numeral, manager stem, manager brand, with kind-word conflicts refused) and the private equity lane’s. The manager node here is keyed by the shared canonical identity (dfx_canon_member) when the entity is in it, else by the graph entity id, so a fund both lanes hold is one node. A row neither lane resolved keeps its printed name and is counted, not guessed. A Schedule C investment manager (code 28) is a node keyed by EIN when filed, else by exact name within type.

Where an allocator writes only a manager’s brand (“OWL Ventures”, “Spark Capital”, “Apollo Investment Fund”) and that manager runs more than one vehicle, the row is real evidence about the manager and no evidence about which fund. It resolves to the manager and the fund is left unresolved rather than assigned to whichever vehicle happens to carry the house name. Where the manager runs exactly one fund, the brand does name it and the row resolves.

A fund page lists one line per allocator, folded across every filing, report and board record that names the vehicle, so an allocator that reported the same commitment in eight annual filings appears once. A line is closed only where a closing date exists and held where the allocator reports the position without one. The dollars are the sum of what the allocators that printed a number disclosed, stated with how many of the roster that is; they are commitments and holdings from the LPs’ own books, never a fund size, and the LPs of a fund are only ever the ones that disclose.

Buckets are DFX’s (public equity, fixed income, private equity, venture, private credit, real estate, infrastructure, natural resources, hedge and diversifiers, cash, other alternatives, real assets, multi-asset) and the subject’s own label is kept on every row. Public systems: the board-approved target, range and actual as printed in the ACFR investment section, read by a model from text windows around the words that mark the table, with every item required to carry a verbatim quote found in the text and targets required to sum to 85 to 115 percent; anything else is dropped. Corporate sponsors: us-gaap DefinedBenefitPlan target and actual allocation facts by asset category member from the SEC Financial Statement and Notes data sets, the sponsor’s plans in aggregate, OPEB excluded. Plans: Schedule H lines as filed, shares derived over total assets; a plan whose assets sit in a master trust shows that.

A consultant is on the graph by its own filing: Form ADV Item 5.G(6) pension consulting, with the institutional client counts and RAUM by client type of Item 5.D. Institutional RAUM share at least 0.5 makes an investment consultant; discretionary RAUM of at least $5 billion at that share makes an OCIO; a lower share with an asset manager class is an institutional manager; wealth firms advising small corporate plans are not on this graph. Relationships come from Schedule C service codes (27 investment advisory to the plan, 17 pension consulting, 16 general consulting, 11 actuarial, 19 and 21 custody and trustee) and from the ACFR’s schedule of consultants. A Schedule C relationship is current for two years after its plan year end.

Board minutes and agendas (approvals with consultant recommendations, watch lists, terminations), searches and RFPs, pacing plans and unfunded commitments by allocator, insurers’ general accounts (NAIC statutory data is licensed), Form 990 endowment balances and Schedule D other-securities lines, 13F identity for allocators that file, and the plans whose sites refuse every non-browser client (Florida SBA, TRS Texas, Michigan, Arizona ASRS; honoured, not evaded). Nothing predictive is published.

The full registry with rights determinations and yields is on the sources page.