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.
Allocation policy
Targets by bucket across allocators
A target is the board-approved policy weight; an actual is the weight on the as-of date. Public systems print both in the ACFR investment section; corporate sponsors tag both in the 10-K (us-gaap DefinedBenefitPlan facts, all of the sponsor’s plans in aggregate). Bucket labels are DFX’s; the subject’s own label is kept beside each row. Policy change precedes manager selection: the targets that moved are listed first.
Targets that moved between consecutive policy periods
- Sysco Corp Pension Plans raised its Matching Portfolio target 50.0% -> 58.0% (2025-06-30 to 2026-06-30)
- Lumentum Holdings Inc. Pension Plans raised its Equity Funds target 35.0% -> 37.0% (2025-06-30 to 2026-06-30)
- Sysco Corp Pension Plans cut its Common Contractual Fund target 50.0% -> 42.0% (2025-06-30 to 2026-06-30)
- News Corp Pension Plans raised its Fixed Income Securities target 86.0% -> 87.0% (2025-06-30 to 2026-06-30)
- Lumentum Holdings Inc. Pension Plans cut its Fixed Income Funds target 27.0% -> 25.0% (2025-06-30 to 2026-06-30)
- Estee Lauder Companies Inc Pension Plans raised its Equity Securities (foreign) target 20.0% -> 22.0% (2025-06-30 to 2026-06-30)
- Estee Lauder Companies Inc Pension Plans cut its Other Investments (foreign) target 24.0% -> 22.0% (2025-06-30 to 2026-06-30)
- Kyndryl Holdings, Inc. Pension Plans raised its Equity Securities And Funds target 28.0% -> 29.0% (2025-03-31 to 2026-03-31)
- Kyndryl Holdings, Inc. Pension Plans cut its Fixed Income Investments target 46.0% -> 45.0% (2025-03-31 to 2026-03-31)
- Carmax Inc Pension Plans raised its Fixed Income Securities target 80.0% -> 100.0% (2025-02-28 to 2026-02-28)
- Louisiana Parochial Employees Retirement System raised its Alternatives target 15.0% -> 18.0% (2024-12-31 to 2025-12-31)
- Louisiana Parochial Employees Retirement System cut its Fixed Income target 37.0% -> 29.0% (2024-12-31 to 2025-12-31)
- Louisiana Parochial Employees Retirement System raised its Real Assets target 1.0% -> 3.0% (2024-12-31 to 2025-12-31)
- Louisiana Parochial Employees Retirement System raised its Equity target 47.0% -> 50.0% (2024-12-31 to 2025-12-31)
- Illinois Municipal Retirement Fund (IMRF) cut its Domestic Equity target 33.5% -> 32.5% (2024-12-31 to 2025-12-31)
122 policy rows for Private equity
| Allocator | As printed | Period | Target | Range | Actual | Source |
|---|---|---|---|---|---|---|
| Public Safety Personnel Retirement System | Global Private Equity | Jun 30, 2025 | 27.0% | 22% to 30% | 23.6% | reported ACFR |
| Houston Firefighters Relief and Retirement Fund | Private Equity | Jun 30, 2025 | 25.0% | 35.0% | reported ACFR | |
| Washington State Investment Board | Private Equity | Jun 30, 2025 | 25.0% | 20% to 30% | reported ACFR | |
| Eversource Energy Pension Plans | Private Equity Funds | Dec 31, 2025 | 23.0% | 12.0% | reported 10-K XBRL | |
| Eversource Energy Pension Plans | Private Equity Funds | Dec 31, 2024 | 23.0% | 12.0% | reported 10-K XBRL | |
| Missouri Public School Retirement System | Private Equity | Jun 30, 2025 | 21.0% | 4% to 28% | reported ACFR | |
| Missouri Public Education Employee Retirement System | Private Equity | Jun 30, 2025 | 21.0% | 4% to 28% | reported ACFR | |
| Wisconsin Retirement System | Private Equity | Dec 31, 2025 | 20.0% | reported ACFR | ||
| DTE Energy Co Pension Plans | Private Equity Funds | Dec 31, 2025 | 20.0% | reported 10-K XBRL | ||
| Firstenergy Corp Pension Plans | Private Equity Funds And Private Debt | Dec 31, 2025 | 20.0% | 22.0% | reported 10-K XBRL | |
| Texas Municipal Retirement System | Private Equity | Dec 31, 2025 | 20.0% | 10% to 25% | reported ACFR | |
| Oregon Public Employees Retirement Fund | Private Equity | Jun 30, 2025 | 20.0% | 24.9% | reported ACFR | |
| Wisconsin Retirement System | Private Equity | Dec 31, 2024 | 20.0% | reported ACFR | ||
| Louisiana Parochial Employees Retirement System | Alternatives | Dec 31, 2025 | 18.0% | reported ACFR | ||
| Ventura County Employees Retirement Association | Private Equity | Jun 30, 2025 | 18.0% | 18.5% | reported ACFR | |
| San Bernardino County Employees Retirement System | Private Equity | Jun 30, 2025 | 18.0% | 6% to 23% | 19.4% | reported ACFR |
| Ventura County Employees Retirement Association | Private Equity | Jun 30, 2024 | 18.0% | reported ACFR | ||
| New Mexico Education Employees' Retirement System | Private equity | Jun 30, 2025 | 17.0% | 21.1% | reported ACFR | |
| Iowa Public Employees Retirement System (IPERS) | Private equity | Jun 30, 2025 | 17.0% | 17.0% | reported ACFR | |
| Houston Municipal Employees Pension System | Private equity | Jun 30, 2025 | 17.0% | 25.0% | reported ACFR | |
| Texas Employees Retirement System | Private Equity | Aug 31, 2025 | 16.0% | reported ACFR | ||
| Los Angeles City Employees' Retirement System | Private Equity | Jun 30, 2025 | 16.0% | 19.1% | reported ACFR | |
| Maryland State Retirement and Pension System | Private Equity | Jun 30, 2025 | 16.0% | reported ACFR | ||
| Wyoming Public Employees Pension Plan | Marketable Alternatives | Dec 31, 2024 | 16.0% | reported ACFR | ||
| Wyoming Public Employees Pension Plan | Marketable Alternatives | Dec 31, 2023 | 16.0% | reported ACFR | ||
| Orange County Employees Retirement System | Private Equity | Dec 31, 2025 | 15.0% | 10% to 20% | 18.0% | reported ACFR |
| General Electric Co Pension Plans | Private Equity Funds And Other Investments | Dec 31, 2025 | 15.0% | 35.0% | reported 10-K XBRL | |
| Solventum Corp Pension Plans | Private Equity Funds | Dec 31, 2025 | 15.0% | reported 10-K XBRL | ||
| 3m Co Pension Plans | Private Equity Securities | Dec 31, 2025 | 15.0% | reported 10-K XBRL | ||
| American Airlines Group Inc. Pension Plans | Private Equity Funds | Dec 31, 2025 | 15.0% | reported 10-K XBRL | ||
| Virginia Retirement System (VRS) | Private Equity | Jun 30, 2025 | 15.0% | 16.0% | reported ACFR | |
| Montana Teacher Retirement System | Private Investments | Jun 30, 2025 | 15.0% | reported ACFR | ||
| Los Angeles Fire and Police Pension System | Private Equity | Jun 30, 2025 | 15.0% | reported ACFR | ||
| Teachers' Retirement System of the State of Illinois | Private equity | Jun 30, 2025 | 15.0% | 17.3% | reported ACFR | |
| Indiana Public Retirement System | Private Markets | Jun 30, 2025 | 15.0% | 10% to 20% | 16.2% | reported ACFR |
| New York State Common Retirement Fund | Private Equity | Mar 31, 2025 | 15.0% | 14.9% | reported ACFR | |
| Louisiana Parochial Employees Retirement System | Alternatives | Dec 31, 2024 | 15.0% | reported ACFR | ||
| Teachers' Retirement System of the State of Illinois | Private equity | Jun 30, 2024 | 15.0% | reported ACFR | ||
| California Public Employees' Retirement System | Private Equity | Jun 30, 2024 | 15.0% | 15.6% | reported ACFR | |
| Los Angeles Fire and Police Pension System | Private Equity | Jun 30, 2024 | 15.0% | reported ACFR | ||
| Montana Public Employees Retirement System DB Plan | Private Investments | Jun 30, 2024 | 15.0% | 12% to 20% | 16.8% | reported ACFR |
| Illinois Municipal Retirement Fund (IMRF) | Alternative Investments | Dec 31, 2025 | 14.0% | reported ACFR | ||
| Alaska Teachers' Retirement System (TRS-DB) | Private Equity | Jun 30, 2025 | 14.0% | reported ACFR | ||
| Ohio SERS Traditional DB Pension Plan | Global Private Equity | Jun 30, 2025 | 14.0% | 11% to 17% | 12.9% | reported ACFR |
| California State Teachers' Retirement System | Private Equity | Jun 30, 2025 | 14.0% | 9% to 19% | 15.1% | reported ACFR |
| Alaska Public Employees Retirement System (PERS-DB) | Private Equity | Jun 30, 2025 | 14.0% | reported ACFR | ||
| California State Teachers' Retirement System | Private Equity | Jun 30, 2024 | 14.0% | reported ACFR | ||
| Corteva, Inc. Pension Plans | Private Equity Funds | Dec 31, 2025 | 13.0% | reported 10-K XBRL | ||
| District of Columbia Police Officers and Firefighters' Retirement Fund | Private Equity | Sep 30, 2025 | 13.0% | 10.0% | reported ACFR | |
| Louisiana Sheriffs Pension and Relief Fund | Alternative Investments | Jun 30, 2025 | 13.0% | reported ACFR | ||
| Louisiana Sheriffs Pension and Relief Fund | Alternative Investments | Jun 30, 2024 | 13.0% | reported ACFR | ||
| New Jersey Division of Investment | Private equity | Oct 1, 2023 | 13.0% | reported ACFR | ||
| Illinois Municipal Retirement Fund (IMRF) | Alternative Investments | Dec 31, 2024 | 12.5% | reported ACFR | ||
| GE Healthcare Technologies Inc. Pension Plans | Private Equity Funds And Other Investments | Dec 31, 2025 | 12.0% | 12.0% | reported 10-K XBRL | |
| University of California Retirement Plan (UCRP) | Private Equity | Jun 30, 2025 | 12.0% | 12.0% | reported ACFR | |
| Arkansas Teacher Retirement Plan | Private Equity | Jun 30, 2025 | 12.0% | reported ACFR | ||
| Nevada Public Employees Retirement System (PERS) | Private markets | Jun 30, 2025 | 12.0% | reported ACFR | ||
| Water Power Employees Retirement Plan | Private equity | Jun 30, 2025 | 12.0% | reported ACFR | ||
| West Virginia Public Employees' Retirement System | Private Equity | Jun 30, 2025 | 12.0% | reported ACFR | ||
| Corteva, Inc. Pension Plans | Private Equity Funds | Dec 31, 2024 | 12.0% | reported 10-K XBRL |
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