4 allocators raised a private markets target in the last year; E••••• C••• P•••••• P•••• took Alternative Investments from 28.0% to 33.0%

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: E••••• C••• P•••••• P•••• Alternative Investments 28.0% to 33.0% (2024-12-31 to 2025-12-31); L•••••••• P•••••••• E•••••••• R••••••••• S••••• Alternatives 15.0% to 18.0% (2024-12-31 to 2025-12-31); I••••••• M•••••••• R••••••••• F••• ••••• Alternative Investments 12.5% to 14.0% (2024-12-31 to 2025-12-31); C••••••• I••• P•••••• P•••• Private Equity Funds 12.0% to 13.0% (2024-12-31 to 2025-12-31).