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    Annual report · 2026 edition

    CrossWork Teachers' Retirement System Private Equity Report 2026

    How U.S. teachers' retirement systems have grown private equity over a decade, system by system, with the targets they raised and the room left to reach them.

    Sources
    1. 121. Teachers' Retirement System of the State of Illinois: annual comprehensive financial report, fiscal year 2025.
    2. 123. PSRS/PEERS of Missouri: asset allocation at June 30, 2026.
    3. 127. CalSTRS: investment portfolio at August 31, 2026.

    Key findings

    Five figures from the report.

    12%

    The average private equity share at 18 U.S. teachers' retirement systems rose from 8.6% around fiscal 2015 to 12.3% in the latest reports. 16 of the 18 hold more today.

    CrossWork analysis of the 18 systems' own reports; unweighted average.
    21%

    Missouri PSRS raised its long-term private equity target from 16% to 21% in 2022. It held 15.4% in private equity at 30 June 2026, up from 7.5% in fiscal 2015.

    PSRS/PEERS asset allocation, 30 June 2026; annual reports, fiscal 2015, 2020 and 2025.
    17%

    Illinois TRS held 17.3% in private equity in fiscal 2025, up from 11.6% in fiscal 2015.

    Teachers' Retirement System of the State of Illinois, annual reports, fiscal 2015 and 2025.
    15%

    North Dakota's Teachers' Fund for Retirement raised its private equity target from 10% to 15% in September 2025. It held 12.7% at May 2026, up from 4.0% in fiscal 2016.

    TFFR board minutes, 25 September 2025; North Dakota State Investment Board, August 2026; RIO annual report 2016.
    14%

    CalSTRS held 13.7% in private equity at 31 August 2026, against a 14% target, up from 10.1% in fiscal 2015.

    CalSTRS investment portfolio, 31 August 2026; CalSTRS 2015 annual report, investment section.
    Sources
    1. 121. Teachers' Retirement System of the State of Illinois: annual comprehensive financial report, fiscal year 2025.
    2. 122. Teachers' Retirement System of the State of Illinois: comprehensive annual financial report, fiscal year 2015.
    3. 123. PSRS/PEERS of Missouri: asset allocation at June 30, 2026.
    4. 124. PSRS/PEERS of Missouri: investment section, fiscal year 2015.
    5. 129. North Dakota State Investment Board: meeting materials, August 2026.
    6. 130. North Dakota Retirement and Investment Office: annual report 2016.
    7. 127. CalSTRS: investment portfolio at August 31, 2026.
    8. 128. CalSTRS: 2015 annual report, investment section (archived copy).
    9. 132. Connecticut State Treasurer: annual report 2015.
    10. 133. Connecticut State Treasurer: annual report 2025.
    11. 126. PSRS/PEERS of Missouri: investment section, fiscal year 2020.
    12. 125. PSRS/PEERS of Missouri: annual comprehensive financial report, fiscal year 2025.
    13. 131. North Dakota Teachers' Fund for Retirement: board minutes, September 25, 2025.

    Ten-year rise

    Steady growth. Private equity as a share of each system.

    Private equity as a share of each system, about fiscal 2015 and latest
    SystemAbout fiscal 2015Latest
    Average of 18 systems8.6%12.3%
    Illinois TRS11.6%17.3%
    Missouri PSRS7.5%15.4%
    North Dakota TFFR4.0%12.7%
    CalSTRS10.1%13.7%
    Connecticut TRF9.3%11.8%

    Each system's own reports, in its own category. About fiscal 2015: North Dakota fiscal 2016. Latest: Illinois and Connecticut fiscal 2025; Missouri, North Dakota and CalSTRS May to August 2026. The average of 18 systems is unweighted (CrossWork analysis), each at its latest report, fiscal 2025 to August 2026. Connecticut's teachers' fund invests through the state's pooled fund.

    Illustrative geometry, sourced figures.

    Sources
    1. 121. Teachers' Retirement System of the State of Illinois: annual comprehensive financial report, fiscal year 2025.
    2. 122. Teachers' Retirement System of the State of Illinois: comprehensive annual financial report, fiscal year 2015.
    3. 123. PSRS/PEERS of Missouri: asset allocation at June 30, 2026.
    4. 124. PSRS/PEERS of Missouri: investment section, fiscal year 2015.
    5. 129. North Dakota State Investment Board: meeting materials, August 2026.
    6. 130. North Dakota Retirement and Investment Office: annual report 2016.
    7. 127. CalSTRS: investment portfolio at August 31, 2026.
    8. 128. CalSTRS: 2015 annual report, investment section (archived copy).
    9. 132. Connecticut State Treasurer: annual report 2015.
    10. 133. Connecticut State Treasurer: annual report 2025.

    Inside the report

    The chapters. Research first, then CrossWork.

    Research chapters

    1. The trend

      The 18-system average, and the ten-year rise system by system.

    2. Where each system stands

      Private equity at 25 systems and pooled funds, with each target where there is one and the room left to reach it.

    3. Profiles and news

      CalSTRS, Missouri PSRS/PEERS, Ontario Teachers' for context, and six more systems.

    4. Emerging-manager programs

      How newer managers reach teachers' systems, from Texas TRS to Chicago.

    5. Market and AI

      The market for existing fund stakes, AI exposure in pension portfolios and the late-stage window.

    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 teachers' retirement systems allocate to private equity?

    The average private equity share at 18 U.S. teachers' retirement systems rose from 8.6% around fiscal 2015 to 12.3% in the latest reports, an unweighted average of the systems' own reports. 16 of the 18 hold more today.

    How much does CalSTRS hold in private equity?

    CalSTRS held 13.7% in private equity at 31 August 2026, against a 14% target, up from 10.1% in fiscal 2015.

    What is Missouri PSRS's long-term private equity target?

    Missouri PSRS raised its long-term private equity target from 16% to 21% in 2022. It held 15.4% in private equity at 30 June 2026, up from 7.5% in fiscal 2015.

    More research

    The other 2026 reports.

    See all eight reports