4 allocators raised a private markets target in the last year; Exelon Corp Pension Plans 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: 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).
A target is the number a board votes on and the number a consultant paces against, so a target that moves up is the first public sign of money that will be committed over the next vintages. It is a policy percentage on a filing, not capital that has moved.