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    Annual report · 2026 edition

    CrossWork State Pension Fund Private Equity Report 2026

    How U.S. state and large public pension funds built up private equity over a decade, fund by fund, and where 32 of them stand today.

    Sources
    1. 116. Preqin News, July 1, 2026: CalPERS adopts a total portfolio approach (citing CalPERS data).
    2. 103. Office of the New York State Comptroller: Common Retirement Fund asset allocation (long-term policy from April 1, 2024).

    Key findings

    Five figures from the report.

    14%

    The median private equity share of 25 state and large public pension funds rose from 8.9% around 2015 to 14.3% in 2025–26. 21 of the 25 hold more than about ten years ago.

    CrossWork analysis of each fund's annual, quarterly and board reports, in each fund's own category.
    19%

    CalPERS held 19.3% of its fund in private equity in May 2026, up from 8.9% in 2016.

    Preqin News, 1 July 2026, citing CalPERS data; CalPERS private equity review, November 2016.
    21%

    Private equity rose from 8.0% of Maryland's State Retirement and Pension System in fiscal 2015 to 20.5% in fiscal 2025.

    Maryland SRPS annual report 2025; Maryland Department of Legislative Services, 2016 SRPS investment overview.
    15%

    The New York State Common Retirement Fund raised its long-term private equity target from 10% to 15% from 1 April 2024. Private equity was 14.3% of the fund at 31 March 2026.

    Office of the New York State Comptroller: asset allocation and the 20 May 2026 release; fiscal 2020 annual report.
    20%

    The Texas Municipal Retirement System raised its private equity target from 13% to 20% from 1 January 2025. Private equity grew from 0.1% of the fund at the program's start in December 2015 to 15.3% in June 2026.

    TMRS annual reports 2015, 2024 and 2025 (investment sections); NEPC performance report to TMRS, June 2026.
    Sources
    1. 106. Maryland State Retirement and Pension System: annual report 2025, investment section.
    2. 107. Maryland Department of Legislative Services: 2016 SRPS investment overview.
    3. 116. Preqin News, July 1, 2026: CalPERS adopts a total portfolio approach (citing CalPERS data).
    4. 102. CalPERS, November 2016: private equity program review.
    5. 108. Texas Municipal Retirement System: annual report 2015, investment section (archived copy).
    6. 111. NEPC, June 30, 2026: performance report to the Texas Municipal Retirement System.
    7. 112. LACERA: annual report 2015.
    8. 113. LACERA: total fund performance, June 2026.
    9. 104. Office of the New York State Comptroller, August 2015: Common Retirement Fund first-quarter results.
    10. 103. Office of the New York State Comptroller: Common Retirement Fund asset allocation (long-term policy from April 1, 2024).
    11. 114. Virginia Retirement System: annual report 2015.
    12. 115. Virginia Retirement System: investments quarterly report, June 30, 2026.
    13. 117. Office of the New York State Comptroller, May 20, 2026: Common Retirement Fund fiscal 2026 results.
    14. 105. New York State Common Retirement Fund: comprehensive annual financial report, fiscal year 2020.
    15. 109. Texas Municipal Retirement System: annual report 2024, investment section.
    16. 110. Texas Municipal Retirement System: annual report 2025, investment section.

    Then and now

    A decade of growth. Private equity as a share of each fund.

    Private equity as a share of each fund, about 2015 and latest
    FundAbout 2015Latest, 2025–26
    Maryland SRPS8.0%20.5%
    CalPERS8.9%19.3%
    Texas Municipal (TMRS)0.1%15.3%
    LACERA8.8%15.2%
    NY State Common7.5%14.3%
    Virginia RS7.4%14.2%
    Median of 25 funds8.9%14.3%

    Each fund's own reports, in each fund's own category. About 2015: CalPERS 2016, and TMRS at its program's start in December 2015. Latest: CalPERS May 2026, NY State Common March 2026, Maryland June 2025, the others June 2026. TMRS and LACERA are municipal and county systems. Median of 25 funds with comparable figures, CrossWork analysis.

    Illustrative geometry, sourced figures.

    Sources
    1. 106. Maryland State Retirement and Pension System: annual report 2025, investment section.
    2. 107. Maryland Department of Legislative Services: 2016 SRPS investment overview.
    3. 116. Preqin News, July 1, 2026: CalPERS adopts a total portfolio approach (citing CalPERS data).
    4. 102. CalPERS, November 2016: private equity program review.
    5. 108. Texas Municipal Retirement System: annual report 2015, investment section (archived copy).
    6. 111. NEPC, June 30, 2026: performance report to the Texas Municipal Retirement System.
    7. 112. LACERA: annual report 2015.
    8. 113. LACERA: total fund performance, June 2026.
    9. 104. Office of the New York State Comptroller, August 2015: Common Retirement Fund first-quarter results.
    10. 103. Office of the New York State Comptroller: Common Retirement Fund asset allocation (long-term policy from April 1, 2024).
    11. 114. Virginia Retirement System: annual report 2015.
    12. 115. Virginia Retirement System: investments quarterly report, June 30, 2026.

    Inside the report

    The chapters. Research first, then CrossWork.

    Research chapters

    1. The trend

      Then and now at 25 funds, and the funds that raised their private equity targets.

    2. Where each fund stands

      Private equity at 32 state and local funds, largest first, with each policy target where there is one.

    3. Fund profiles and news

      CalPERS, New York State Common, TMRS and 12 more state and local funds.

    4. The market for fund stakes

      Sales of existing private fund stakes, and the state funds that buy them.

    5. Emerging-manager programs

      How newer and smaller managers reach public pension funds.

    CrossWork chapters

    1. The CrossWork record: Midas I and the co-investment SPVs, 2021–25 vintages, net of fees

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    2. Cerebras: 2023 entry, 2026 IPO

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    3. What the data room shows

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    Questions

    Common questions. Answered from the report.

    How much do state pension funds allocate to private equity?

    The median private equity share of 25 state and large public pension funds rose from 8.9% around 2015 to 14.3% in 2025–26, in each fund's own reports. 21 of the 25 hold more than about ten years ago.

    How much of CalPERS is in private equity?

    CalPERS held 19.3% of its fund in private equity in May 2026, up from 8.9% in 2016.

    Which public pension funds have raised their private equity targets?

    Among the funds on this page, the New York State Common Retirement Fund raised its long-term private equity target from 10% to 15% from 1 April 2024, and the Texas Municipal Retirement System raised its target from 13% to 20% from 1 January 2025.

    More research

    The other 2026 reports.

    See all eight reports