Key Takeaways
- • Public pension funds committed $100.9 billion to private equity strategies in 2025, a 24% increase from $81.2 billion committed the prior year, according to Nasdaq eVestment.
- • Public plans committed $31.9 billion to private equity in the first half of 2026, per the same eVestment report.
- • Advent International was the largest recipient of public pension LP capital in 2025, raising $4.6 billion, primarily through its GPE XI flagship buyout fund and co-investment vehicles.
- • Thoma Bravo ranked second, raising $3.8 billion from public plans, led by relationships with CalPERS, New York State Common Retirement Fund, CalSTRS, NYC Employees Retirement System and the State of Wisconsin Investment Board.
- • CalPERS was the largest committer, with $20 billion across 93 mandates, followed by CalSTRS at $9 billion across 58 commitments and the New York State Common Retirement Fund at $8.2 billion across 46 commitments.
Summary
Public pension funds increased their private equity commitments year-over-year despite a slowdown in distributions from private equity funds to their limited partners, according to a report published by Nasdaq eVestment and covered by Chief Investment Officer. The $100.9 billion committed in 2025 represented a 24% increase from the $81.2 billion committed the year before. Public plans had committed $31.9 billion through the first half of 2026.
Advent International, which reported $109 billion in assets under management as of June 30, was the largest recipient of public pension LP capital last year. The firm raised $4.6 billion from these investors in 2025, primarily through its flagship GPE XI buyout fund and various co-investment vehicles. According to eVestment, 51 private equity managers raised capital for co-investment vehicles during the period.
Thoma Bravo, which focuses on software investments, ranked second, raising $3.8 billion from public plans. Its investors included CalPERS, the New York State Common Retirement Fund, CalSTRS, the New York City Employees Retirement System and the State of Wisconsin Investment Board. The firm reports $170 billion in AUM on its website.
CalPERS was the largest committer of capital to private equity funds in 2025, committing $20 billion across 93 mandates. CalSTRS followed with $9 billion across 58 commitments, and the New York State Common Retirement Fund committed $8.2 billion across 46 commitments.
Advent International, which reported $109 billion in assets under management as of June 30, was the largest recipient of public pension LP capital last year. The firm raised $4.6 billion from these investors in 2025, primarily through its flagship GPE XI buyout fund and various co-investment vehicles. According to eVestment, 51 private equity managers raised capital for co-investment vehicles during the period.
Thoma Bravo, which focuses on software investments, ranked second, raising $3.8 billion from public plans. Its investors included CalPERS, the New York State Common Retirement Fund, CalSTRS, the New York City Employees Retirement System and the State of Wisconsin Investment Board. The firm reports $170 billion in AUM on its website.
CalPERS was the largest committer of capital to private equity funds in 2025, committing $20 billion across 93 mandates. CalSTRS followed with $9 billion across 58 commitments, and the New York State Common Retirement Fund committed $8.2 billion across 46 commitments.
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