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 |
|---|---|---|---|---|---|---|
| West Virginia Teachers' Retirement System | Private Equity | Jun 30, 2024 | 12.0% | reported ACFR | ||
| Alameda County Retirement Association | Private Equity | Dec 31, 2025 | 11.0% | 7.2% | reported ACFR | |
| Sacramento County Employees Retirement System | Private Equity | Jun 30, 2025 | 11.0% | reported ACFR | ||
| Illinois State University Retirement System (SURS) | Private Equity | Jun 30, 2025 | 11.0% | reported ACFR | ||
| Colorado Public Employees' Retirement Association | Private Equity | Dec 31, 2025 | 10.0% | 7.5% | reported ACFR | |
| US Bancorp de Pension Plans | Private Equity Funds | Dec 31, 2025 | 10.0% | reported 10-K XBRL | ||
| Alabama Teachers' Retirement System (TRS) | Alternative Investments | Sep 30, 2025 | 10.0% | 0% to 20% | reported ACFR | |
| TCRS Public Employee Retirement Plan | Private Equity - Traditional | Jun 30, 2025 | 10.0% | reported ACFR | ||
| Mississippi Public Employees Retirement System (PERS) | Private Equity | Jun 30, 2025 | 10.0% | 5% to 15% | reported ACFR | |
| TCRS Public Employee Retirement Plan | Private Equity - Strategic Lending | Jun 30, 2025 | 10.0% | reported ACFR | ||
| Arizona State Retirement System | Private Equity | Jun 30, 2025 | 10.0% | 7% to 13% | 13.3% | reported ACFR |
| San Diego City Employees' Retirement System | Private Equity Strategies | Jun 30, 2025 | 10.0% | 9.3% | reported ACFR | |
| Santa Barbara County Employees Retirement Association | Private Equity | Jun 30, 2025 | 10.0% | reported ACFR | ||
| Tennessee Consolidated Retirement System | Private Equity - Traditional | Jun 30, 2025 | 10.0% | reported ACFR | ||
| Tennessee Consolidated Retirement System | Private Equity - Strategic Lending | Jun 30, 2025 | 10.0% | reported ACFR | ||
| Milwaukee City Employees Retirement System | Private Equity | Dec 31, 2024 | 10.0% | reported ACFR | ||
| Water Power Employees Retirement Plan | Private equity | Jun 30, 2024 | 10.0% | reported ACFR | ||
| Municipal Pension | Private Equity | Oct 24, 2023 | 10.0% | reported ACFR | ||
| California Public Employees' Retirement System | Private Equity | Jun 30, 2023 | 10.0% | reported ACFR | ||
| Southern Co Pension Plans | Private Equity Funds | Dec 31, 2025 | 9.0% | 11.0% | reported 10-K XBRL | |
| Nys Teachers' Retirement System | Private Equity | Jun 30, 2025 | 9.0% | 4% to 14% | 9.8% | reported ACFR |
| Ohio STRS Traditional DB Pension Plan | Private Equity | Jun 30, 2025 | 9.0% | 6% to 14% | reported ACFR | |
| South Carolina Retirement System (SCRS) | Private Equity | Jun 30, 2025 | 9.0% | 5% to 13% | reported ACFR | |
| Southern Co Pension Plans | Private Equity Funds | Dec 31, 2024 | 9.0% | 12.0% | reported 10-K XBRL | |
| Nys Teachers' Retirement System | Private Equity | Jun 30, 2024 | 9.0% | reported ACFR | ||
| Teachers Retirement System of New York City | Alternative investments - Private equity | Jun 30, 2024 | 8.6% | reported ACFR | ||
| Kroger Co Pension Plans | Private Equity Funds | Jan 31, 2026 | 8.0% | 5.8% | reported 10-K XBRL | |
| Public School Teachers Pension and Retirement Fund of Chicago | Private Equity | Jun 30, 2025 | 8.0% | 8.2% | reported ACFR | |
| Teachers' Retirement System of Ok | Private Equity | Jun 30, 2025 | 8.0% | 6.3% | reported ACFR | |
| Persi Base DB Plan | Private Equity | Jun 30, 2025 | 8.0% | reported ACFR | ||
| North Carolina Teachers and State Employees Retirement System | Alternatives | Jun 30, 2025 | 8.0% | reported ACFR | ||
| North Carolina Local Govt Employees Retirement System | Alternatives | Jun 30, 2024 | 8.0% | reported ACFR | ||
| North Carolina Retirement Systems | Alternatives | Jun 30, 2024 | 8.0% | reported ACFR | ||
| Teachers Retirement System of New York City | Alternative investments - Private equity | Jun 30, 2025 | 7.8% | reported ACFR | ||
| General Mills Inc Pension Plans | Private Equity Funds | May 31, 2026 | 7.0% | 7.9% | reported 10-K XBRL | |
| Boeing Co Pension Plans | Private Equity Funds | Dec 31, 2025 | 7.0% | 9.0% | reported 10-K XBRL | |
| Teachers' Retirement System (TRS) | Private equity | Jun 30, 2025 | 7.0% | reported ACFR | ||
| San Mateo County Employees Retirement Association | Private Equity | Jun 30, 2025 | 7.0% | 7.0% | reported ACFR | |
| Boeing Co Pension Plans | Private Equity Funds | Dec 31, 2024 | 7.0% | 9.0% | reported 10-K XBRL | |
| Boston Retirement System | Private equity | Dec 31, 2024 | 7.0% | reported ACFR | ||
| Colorado Public Employees' Retirement Association | Alternatives | Dec 31, 2025 | 6.0% | 6.0% | reported ACFR | |
| Goodyear Tire & Rubber Co /oh/ Pension Plans | Private Credit And Private Equity Securities | Dec 31, 2025 | 6.0% | reported 10-K XBRL | ||
| Kentucky County Employees Retirement System (CERS) | Private Equity | Jun 30, 2025 | 6.0% | 3% to 9% | reported ACFR | |
| Nevada Public Employees Retirement System (PERS) | Private equity | Jun 30, 2025 | 6.0% | reported ACFR | ||
| Kentucky Employees Retirement System (KERS) | Private Equity | Jun 30, 2025 | 6.0% | 3% to 9% | 4.2% | reported ACFR |
| CVS Health Corp Pension Plans | Private Equity Funds | Dec 31, 2025 | 5.0% | reported 10-K XBRL | ||
| Northern Trust Corp Pension Plans | Private Equity Funds | Dec 31, 2025 | 5.0% | reported 10-K XBRL | ||
| Hawaiian Electric Industries Inc Pension Plans | Private Equity Funds | Dec 31, 2025 | 5.0% | 4.0% | reported 10-K XBRL | |
| Cook County Employees' and Officers' Annuity and Benefit Fund | Private Equity | Dec 31, 2025 | 5.0% | reported ACFR | ||
| Arkansas Public Employees Retirement System (APERS) | Private Equity | Jun 30, 2025 | 5.0% | reported ACFR | ||
| Nebraska Investment Council | Private Equity | Jun 30, 2025 | 5.0% | reported ACFR | ||
| Employees Retirement System of Ga | Alternatives | Jun 30, 2025 | 5.0% | reported ACFR | ||
| Macy's, Inc. Pension Plans | Private Equity Funds | Jan 31, 2026 | 4.0% | reported 10-K XBRL | ||
| CMS Energy Corp Pension Plans | Private Equity Funds | Dec 31, 2025 | 4.0% | 4.3% | reported 10-K XBRL | |
| Cleveland-Cliffs Inc. Pension Plans | Private Equity Funds | Dec 31, 2025 | 3.3% | 3.3% | reported 10-K XBRL | |
| Illinois State University Retirement System (SURS) | Alternative Risk Premia | Jun 30, 2025 | 3.0% | reported ACFR | ||
| United Natural Foods Inc Pension Plans | Private Equity Funds | Jul 31, 2025 | 2.0% | 2.5% | reported 10-K XBRL | |
| Tucson Electric Power Co Pension Plans | Private Equity Funds | Dec 31, 2025 | 1.0% | reported 10-K XBRL | ||
| Virginia Retirement System (VRS) | PIP – Private Investment Partnerships | Jun 30, 2025 | 1.0% | 1.8% | reported ACFR | |
| Pitney Bowes Inc /de/ Pension Plans | Private Equity Funds | Dec 31, 2025 | 0.0% | 0.0% | reported 10-K XBRL |