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    Research · 2026 editions

    Private equity research for eight kinds of investor.

    Each report gathers cited figures on how one group of investors holds private equity. The summaries are free to read here; the full reports are sent by email when you register.

    The reports

    Eight reports. One per kind of investor.

    • University endowments

      CrossWork University Endowment Private Equity Report 2026

      Endowment allocations to private equity and venture capital, 40 universities and the fiscal 2026 results reported so far.

      29%

      of U.S. college endowment assets were in private equity and venture capital in fiscal 2025.

      NACUBO-Commonfund Study of Endowments, FY2025. Dollar-weighted.

    • State pension funds

      CrossWork State Pension Fund Private Equity Report 2026

      Private equity at 32 state and local pension funds, with then and now for 25 of them.

      14%

      median private equity share of 25 state and large public pension funds in 2025–26, up from 8.9% around 2015.

      CrossWork analysis of each fund's annual, quarterly and board reports.

    • Teachers' retirement systems

      CrossWork Teachers' Retirement System Private Equity Report 2026

      Private equity at 18 teachers' retirement systems, with profiles of CalSTRS, Missouri and Ontario Teachers'.

      12%

      average private equity share at 18 U.S. teachers' retirement systems in the latest reports, up from 8.6% around fiscal 2015.

      CrossWork analysis of the 18 systems' own reports; unweighted average.

    • Sovereign wealth funds

      CrossWork Sovereign Wealth Fund Private Equity Report 2026

      Private equity at the largest sovereign funds and U.S. state permanent funds, and sovereign capital in AI.

      18%

      GIC's private equity share of its portfolio in March 2024, up from 9% in March 2016.

      GIC Reports 2015/16 and 2023/24.

    • Family offices

      CrossWork Family Office Private Equity Report 2026

      How family offices are moving from funds to direct and pre-IPO deals, survey by survey.

      45%

      direct deals' share of North American family offices' private-markets portfolios in 2026, ahead of funds at 36%.

      Campden Wealth and RBC, North America Family Office Report 2026 (155 offices).

    • High-net-worth investors

      CrossWork High-Net-Worth Investor Private Equity Report 2026

      What wealthy individuals hold in private equity, what they want, and how they reach private markets.

      68%

      of high-net-worth individuals surveyed in January 2026 say they want more private equity.

      Capgemini World Wealth Report 2026 (6,510 high-net-worth individuals).

    • Registered investment advisers

      CrossWork RIA Private Equity Report 2026

      How registered investment advisers plan to use private equity, from RIA and adviser surveys.

      74%

      of RIA professionals surveyed in 2025 plan to raise their private equity allocations, up from 45% a year earlier.

      KKR, 2025 RIA Private Markets Survey (108 RIA professionals).

    • Wealth managers

      CrossWork Wealth Manager Private Equity Report 2026

      How wealth firms build private markets into client portfolios, and what wealthy clients ask for.

      $3.7T

      projected U.S. advisor-channel private-market assets by 2029, up from $1.9 trillion in 2025.

      Cerulli Associates, September 2025.

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    Sources
    1. 50. NACUBO, February 12, 2026: NACUBO-Commonfund Study of Endowments, fiscal year 2025 (dollar-weighted asset allocation).
    2. 106. Maryland State Retirement and Pension System: annual report 2025, investment section.
    3. 107. Maryland Department of Legislative Services: 2016 SRPS investment overview.
    4. 116. Preqin News, July 1, 2026: CalPERS adopts a total portfolio approach (citing CalPERS data).
    5. 102. CalPERS, November 2016: private equity program review.
    6. 108. Texas Municipal Retirement System: annual report 2015, investment section (archived copy).
    7. 111. NEPC, June 30, 2026: performance report to the Texas Municipal Retirement System.
    8. 112. LACERA: annual report 2015.
    9. 113. LACERA: total fund performance, June 2026.
    10. 104. Office of the New York State Comptroller, August 2015: Common Retirement Fund first-quarter results.
    11. 103. Office of the New York State Comptroller: Common Retirement Fund asset allocation (long-term policy from April 1, 2024).
    12. 114. Virginia Retirement System: annual report 2015.
    13. 115. Virginia Retirement System: investments quarterly report, June 30, 2026.
    14. 121. Teachers' Retirement System of the State of Illinois: annual comprehensive financial report, fiscal year 2025.
    15. 122. Teachers' Retirement System of the State of Illinois: comprehensive annual financial report, fiscal year 2015.
    16. 123. PSRS/PEERS of Missouri: asset allocation at June 30, 2026.
    17. 124. PSRS/PEERS of Missouri: investment section, fiscal year 2015.
    18. 129. North Dakota State Investment Board: meeting materials, August 2026.
    19. 130. North Dakota Retirement and Investment Office: annual report 2016.
    20. 127. CalSTRS: investment portfolio at August 31, 2026.
    21. 128. CalSTRS: 2015 annual report, investment section (archived copy).
    22. 132. Connecticut State Treasurer: annual report 2015.
    23. 133. Connecticut State Treasurer: annual report 2025.
    24. 141. GIC: Report on the Management of the Government's Portfolio, year to March 2016 (GIC Report 2015/16).
    25. 142. GIC: Report on the Management of the Government's Portfolio, year to March 2024 (GIC Report 2023/24).
    26. 161. Campden Wealth and RBC, September 2026: The North America Family Office Report 2026.
    27. 181. Capgemini Research Institute, June 2026: World Wealth Report 2026.
    28. 201. KKR, December 2025: 2025 RIA Private Markets Survey.
    29. 184. Cerulli Associates, September 30, 2025: private markets retail assets projected through 2029.