The intelligence graph connecting private capital, companies and real assets. Public records ingested on their own cadence, resolved to one identity by shared identifier, connected by typed relationships with a date and a source on every edge, and read by detectors that say what changed and what it means. Facts, derived metrics, signals, anomalies and inferences are labelled as such.
The capital-owner layer of the graph: 14,998 institutional allocators from the Census of public pensions, DOL Form 5500 with Schedules H, SB, C and D, the IRS exempt-organization master file and 990 returns, 10-K pension and insurer balance sheets, Form ADV consultants and OCIOs, and the annual reports and commitment lists the plans publish, read with every quote verified; $11.8T of assets represented, 4,709 commitments to named managers and funds ($661B), 61,335 value-only holdings in pooled vehicles, 21,326 advisory relationships and 41,069 dated events.
Data as of , computed by the allocators graph's statistics view from government tapes; sec filings; what the plans publish; pending. Sources refresh on their own cadence: government tapes on their release; ACFRs and commitment lists monthly; Form ADV weekly.
Assets and classes cover every filer on the government tapes; commitments are concentrated in the public plans that publish lists (616 dated, 4,093 disclosed as holdings), searches and board approvals are not yet read, and unfunded balances are absent.
Allocators: al_pub_stats allocators: entities classed as an allocator (public pensions 4,652, corporate 6,661, Taft-Hartley 1,305, endowments 626, foundations 1,741, insurers 78); plan sponsors and reference managers are not counted. Assets represented: al_pub_stats assets_represented_usd: each allocator's latest total assets reading (Census, Form 5500 Schedule H, BMF, 990, 10-K), components of a pool not summed twice. Commitments: al_pub_stats commitments: rows with a commitment amount (approved, committed or disclosed), never a value-only holding. Committed: al_pub_stats commitment_usd: the sum of commitment amounts as each plan states them. Consultants and OCIOs: al_pub_stats consultants: Form ADV advisers whose institutional share of RAUM is at least half (OCIO when discretionary assets exceed $5B), plus Schedule C pension consultants. Managers receiving commitments: al_pub_stats managers_with_commitments: manager reference nodes with at least one commitment, keyed to the private equity, venture or real estate fund graphs. Re-ups: al_pub_stats re_ups: commitments the plan describes as a re-up, or to a successor of a fund it already holds. Dated events: al_pub_stats events: rows of al_pub_event. Relationships: df_graph_totals.relationships for graph al: rows of al_pub_relationship. Sources: df_graph_totals.sources for graph al: enabled rows of al_pub_source. Cadence: government tapes on their release; ACFRs and commitment lists monthly; Form ADV weekly.
A commitment amount is the plan's commitment, never the fund's size; a value-only holding (a Schedule D plan interest, a 990-PF other investment) is a holding and is never counted as a commitment.
Managers and funds are reference nodes keyed to the private equity, venture and real estate fund graphs, never new identities.
A component (a unit an office invests for, a division of a plan, a 10-K aggregate) is never summed into a total.
Every ACFR item carries a verbatim quote verified line by line; allocation targets must sum between 85 and 115.
Fiduciary signers on Form 5500 are never published; people are scoped to the plan that names them.
Stated limits
Searches and mandates are registered and unread (0 rows); board minutes are a later cycle.
Unfunded commitment balances are absent.
Consultant relationships from Schedule C are keyed by EIN or a two-word name stem and are current for 24 months after the plan year end.
Several large plans block non-browser clients (Texas TRS, Florida SBA, Michigan, Nevada, STRS Ohio); their reports are read by hand or not at all.
each allocator's latest total assets reading (Census, Form 5500 Schedule H, the IRS master file, a 990 or a 10-K); a component of a pool is never summed into its parent
Population: al_pub_commitment rows the plan describes as a re-up, or that name a successor of a fund the plan already holds
Derivation: count of re-up commitments grouped by the year of the commitment date
Range: 2007 to 2026
Source: df_pub_series (al_re_ups_by_year)
Read with care: A re-up is the plan's own word or a successor-name rule over funds it already holds; a plan that does not say so contributes nothing.
Commitments by quarter and asset class
Population: al_pub_commitment rows with an amount, dated by the commitment date, else the board approval date, else the report date
Derivation: count of commitments and the sum of amount_usd grouped by quarter and bucket (private equity, venture, private credit, real estate, infrastructure, other)
Range: Q1 07 to Q3 26
Source: df_pub_series (al_commitments_by_quarter)
Read with care: Only the plans that publish commitment lists are here, and a plan's amount is its own commitment, never the fund's size. A disclosure repeated in two reports is one commitment. The current quarter is partial, and rows dated by a report date cluster on that report's date.
Series computed at a time not yet recorded; every point is a count or a sum over published rows, never an estimate.
Between 2024-09-23 and 2026-08-14, 10 plans printed 181 commitments with a closing date across 67 managers, $30.4B where the plan printed a dollar amount. 62 of the funds and 62 of the managers resolve to a DFX private capital record. Most recent: Virginia Retirement System (VRS) $200M to ValueAct Strategic Global Fund II, closed 2026-08-14; Los Angeles County Employees Retirement Association $750M to Cheyne Capital Management separate account, closed 2026-08-12; Los Angeles County Employees Retirement Association $75M to Whitman Peterson Fund V, closed 2026-08-12; South Carolina Retirement System (SCRS) $150M to Industry Ventures Secondary XI, closed 2026-07-28; South Carolina Retirement System (SCRS) $150M to Abacus Multi-Family Partners VII, closed 2026-07-23.
A re-up is the plan's own word: its report says the manager is an existing relationship, or its table carries Existing in the New/Existing column. 91 of 181 dated closings in the window are re-ups and 37 are first-time managers. Deepest relationships in the window: New York State Common Retirement Fund to Warburg Pincus LLC (7 earlier commitments on the tape since 2007-10-01), $15M to Warburg Pincus Jovian FS, L.P.; New York State Common Retirement Fund to Thoma Bravo (6 earlier commitments on the tape since 2016-04-27), $300M to Thoma Bravo Fund XVI, L.P.; New York State Common Retirement Fund to TA Associates (6 earlier commitments on the tape since 2009-07-01), $300M to TA Clarendon East, L.P.; New York State Common Retirement Fund to Thoma Bravo (6 earlier commitments on the tape since 2016-04-27), $100M to Thoma Bravo Discover Fund V, L.P.; New York State Common Retirement Fund to Primary Ventures (6 earlier commitments on the tape since 2010-08-01), $40M to PVP Fund V, L.P.; New York State Common Retirement Fund to Primary Ventures (6 earlier commitments on the tape since 2010-08-01), $30M to Primary Select Fund IV, L.P..
Between their two latest policy periods, 4 allocators raised and 10 cut a target in a private markets bucket, across 14 allocators with a target on file. Largest increases: Exelon Corp Pension Plans Alternative Investments 28.0% to 33.0% (2024-12-31 to 2025-12-31); Louisiana Parochial Employees Retirement System Alternatives 15.0% to 18.0% (2024-12-31 to 2025-12-31); Illinois Municipal Retirement Fund (IMRF) Alternative Investments 12.5% to 14.0% (2024-12-31 to 2025-12-31); Corteva, Inc. Pension Plans Private Equity Funds 12.0% to 13.0% (2024-12-31 to 2025-12-31).
Across 80 plans, 42 consultant appearances and 39 disappearances on Schedule C between adjacent filing years, 45 of them at plans reporting $1B or more. Appeared: Wipfli Advisory LLC at National Electrical Benefit Fund ($22.5B); MRI Software LLC at National Electrical Benefit Fund ($22.5B); Tier 1 Consultants LLC at Bricklayers & Trowel Trades International Pension Fund ($2.1B). No longer on the schedule: Callan LLC at Nys Teachers' Retirement System ($154.2B); Mercer at Virginia Retirement System (VRS) ($114.4B); Mercer at Virginia Retirement System (VRS) ($114.4B); Aksia LLC at Oregon Public Employees Retirement Fund ($98.0B).
37 of 181 dated closings in the window are the plan's first commitment to that manager, by the plan's own word. Largest: New York State Common Retirement Fund $300M to The Veritas Capital Fund IX, L.P. (Veritas Capital Fund Management, L.L.C.), closed 2025-03-07; New York State Common Retirement Fund $250M to Summit Partners Growth Equity Fund XII, L.P. (Summit Partners, L.P.), closed 2024-10-01; New York State Common Retirement Fund $200M to K6 Private Investors, L.P. (K1 Investment Management LLC), closed 2025-12-01; New York State Common Retirement Fund $175M to Hg Saturn 4 A, L.P. (HG Capital Management, LLC), closed 2025-08-08; Texas Municipal Retirement System $150M to HPC GPFS Co-Invest (Zilker), L.P. (Hunter Point Capital LP), closed 2025-04-28; Nys Teachers' Retirement System $150M to Blackstone Infrastructure Partners (Blackstone), closed 2026-02-04.
Connecticut Retirement Plans and Trust Funds, Investment Advisory Council (Office of the Treasurer) reports as committed $250M to Fortress Lending Fund V (A) L.P.
Connecticut Retirement Plans and Trust Funds, Investment Advisory Council (Office of the Treasurer) reports as committed $250M to Fortress Lending Fund V Co-Invest L.P.
Connecticut Retirement Plans and Trust Funds, Investment Advisory Council (Office of the Treasurer) reports as committed $250M to IFM Global Value Add Infrastructure Fund SCSp
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Every row on this page carries its source and its date. The methodology says what is measured, what is inferred, and what DFX does not claim. The Data Factory is this and eight other graphs, joined.