Strategy Allocations
View full breakdown
Private Equity
At Target
Target
$53.2B
Actual
$52.1B
Real Estate
Underweight
Target
$50.2B
Actual
$42.6B
Infrastructure
Underweight
Target
$30.1B
Actual
$24.4B
Private Credit
Overweight
Target
$15.1B
Actual
$18.3B
Investment Criteria
Typical Commitment
$250M - $800M
Varies by strategy • Max $1.5B per fund
Co-Investment Target
15-20%
Direct program launched Jun 2025
New GP Appetite
12-18 per year
Emerging manager program active
Geographic Focus
65% North America
25% Europe • 10% Asia-Pacific
ESG Requirements
Mandatory Integration
UN PRI signatory since 2006
Primary Consultant
Meketa Group
Also uses Wilshire, StepStone
Commitment Pacing
View all commitments
Key Events
View all news
Jan 2026
Committed $600M to Brookfield Infra VI COMMITMENT
Expanding infrastructure allocation. Focus on energy transition assets.
Dec 2025
Committed $450M to Blackstone RE Partners XI COMMITMENT
Opportunistic real estate. Continued US logistics and multifamily exposure.
Nov 2025
Board Approved 35% Alternatives Ceiling POLICY
Increased from 33%. Reflects strong alternatives returns and diversification strategy.
Sep 2025
Stephen Gilmore Appointed CIO PERSONNEL
Former NZ Super Fund CIO. Focus on total portfolio approach and cost efficiency.