Public pension real assets commitments

• A commitment counts when a US public pension's own records (board minutes, investment reports or commitment schedules) show it committing to or approving a real assets fund, with a date.
• Disclosed holdings with no commitment date are left out: they say a pension holds a fund, not when it decided to.
• Each pension is ranked by commitments dated in the last 24 months, then by all dated commitments, then by the amount disclosed.

Included

• State retirement systems, public pension plans and municipal retirement systems in the United States.
• Commitments with status committed or approved, in the real assets asset class.

Left out

• Corporate and union (Taft-Hartley) pension plans, foundations and endowments.
• Disclosed holdings, proposed and recommended commitments, and any commitment without a date.

• 33 commitments disclose an amount, $3.8B in all.
• The commitments went to 10 managers.
• 34 commitments are dated in the last 24 months.
• The record reaches back to 10 January 2025.

• Public pension private equity commitments
• Public pension private credit commitments
• Public pension real estate commitments
• Public pension infrastructure commitments
• Public pension venture capital commitments
• Every allocator commitment

• Board and investment committee minutes of each pension
• Commitment schedules and investment reports the pensions publish
• 2 distinct pension sources behind this page

Every source DFX reads is listed with its rights determination on the sources page.

• The commitment tape
• Re-ups
• Allocator methodology