Despite a slowdown in distributions from private equity funds to their limited partners, public pension funds are increasing their commitments to the asset class year-over-year.
According to a report published this week by Nasdaq eVestment, public pensions committed $100.9 billion to private equity strategies in 2025, a 24% increase from $81.2 billion in commitments public pension funds made the year before.
Through the first half of 2026, public plans had committed $31.9 billion to private equity.
PE manager firm Advent International L.P., which had $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, which also had increased interest from pension funds in 2025.
According to eVestment, 51 private equity managers raised capital for co-investment vehicles.
Thoma Bravo L.P., which focuses on software investments, ranked second to Advent International, raising $3.8 billion from public plans, primarily through its relationships with the California Public Employees’ Retirement System, the New York State Common Retirement Fund, the California Teachers’ Retirement System, the New York City Employees Retirement System and the State of Wisconsin Investment Board. Thoma Bravo reports AUM of $170 billion on the firm’s website.
CalPERS was the largest committer of capital to private equity funds last year—committing $20 billion across 93 mandates. It was followed by CalSTRS, with $9 billion across 58 commitments, and the New York State Common Retirement Fund, with $8.2 billion across 46 commitments.
Tags: Private Equity