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Public pension plans that invest in venture funds

50 public pension plans that report the venture funds they hold: 1,049 holdings in all, and 22 still adding venture funds.

  • Start with the most active. Ranked by the venture funds each reports holding, with what it holds and how to reach it.
  • Know what’s new. 22 of them are still adding venture funds, by their latest reports.
  • From their own reports. Each LP’s holdings are from its own fund-level report: most give commitments, and some cash flows and returns.

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1,049 venture fund holdings across 50 public pension plans

Public pension plans holding the most venture funds
Public pension plans holding the most venture fundsPublic pension plans holding the most venture funds. State of Michigan Retirement System (SMRS): 105; Employees' Retirement System of the State of Hawaii (HIERS): 83; Los Angeles City Employees' Retirement System (LACERS): 73; Andra AP-fonden (AP2): 67; CalPERS: 65; Colorado Public Employees' Retirement Association (Colorado PERA): 52; LACERA: 47; Washington State Investment Board: 47.State of Michigan Retirement…State of Michigan Retirement System (SMRS): 105105Employees' Retirement System…Employees' Retirement System of the State of Hawaii (HIERS): 8383Los Angeles City Employees' R…Los Angeles City Employees' Retirement System (LACERS): 7373Andra AP-fonden (AP2)Andra AP-fonden (AP2): 6767CalPERSCalPERS: 6565Colorado Public Employees' Re…Colorado Public Employees' Retirement Association (Colorado PERA): 5252LACERALACERA: 4747Washington State Investment B…Washington State Investment Board: 4747
The numbers
LPVenture funds
State of Michigan Retirement System (SMRS)105
Employees' Retirement System of the State of Hawaii (HIERS)83
Los Angeles City Employees' Retirement System (LACERS)73
Andra AP-fonden (AP2)67
CalPERS65
Colorado Public Employees' Retirement Association (Colorado PERA)52
LACERA47
Washington State Investment Board47
Public pension plans by the number of venture funds they report holding
#LPLocationVenture fundsIn venture fundsTotal assets
1State of Michigan Retirement System (SMRS)Public pension plan · as of December 31, 2025—105$3.2B—
2Employees' Retirement System of the State of Hawaii (HIERS)Public pension plan · as of March 31, 2026—83$831M—
3Los Angeles City Employees' Retirement System (LACERS)Public pension plan · as of December 31, 2025—73$1.3B—
4Andra AP-fonden (AP2)Public pension plan · as of December 31, 2025Sweden67——
5CalPERSPublic pension plan · as of December 31, 2025—65$9.4B—
6Colorado Public Employees' Retirement Association (Colorado PERA)Public pension plan · as of December 31, 2025—52$1.5B—
7Washington State Investment BoardPublic pension plan · as of March 31, 2026—47$5B—
8LACERAPublic pension plan · as of March 31, 2026—47$1.6B—
9CalSTRSPublic pension plan · as of June 30, 2025—44$3.6B—
10Orange County Employees Retirement System (OCERS)Public pension plan · as of December 31, 2025—44$779M—
11Teachers' Retirement System of the State of Illinois (TRS)Public pension plan · as of June 30, 2025—43$1.1B—
12Oregon State Treasury (OPERF)Public pension plan · as of March 31, 2026—34$1.1B—
13Texas Municipal Retirement SystemPublic pension plan · as of June 30, 2026—32$2B—
14New York State Common Retirement FundPublic pension plan · as of March 31, 2026—29$2.2B—
15Fire and Police Pension Association of Colorado (FPPA)Public pension plan · as of December 31, 2025—28$318M—
16North Carolina Retirement Systems (NCRS)Public pension plan · as of December 31, 2025—22$1.1B—
17State of Wisconsin Investment Board (SWIB)Public pension plan · as of December 31, 2025—21$857M—
18Maine Public Employees Retirement System (MainePERS)Public pension plan · as of March 31, 2026—19$448M—
19New Mexico Educational Retirement Board (NMERB)Public pension plan · as of December 31, 2025—17$679M—
20Pennsylvania SERSPublic pension plan · as of December 31, 2025—17$638M—
21NYC Police Pension FundPublic pension plan · as of March 31, 2026—17$390M—
22Pennsylvania PSERSPublic pension plan · as of December 31, 2025—16$1.2B—
23Alameda County Employees' Retirement Association (ACERA)Public pension plan · as of December 31, 2024—15$140M—
24Public School and Education Employee Retirement Systems of Missouri (PSRS/PEERS)Public pension plan · as of June 30, 2025—12$1.1B—
25New Jersey Division of InvestmentPublic pension plan · as of May 31, 2026—10$565M—
26NYC Employees' Retirement System (NYCERS)Public pension plan · as of December 31, 2025—8$468M—
27NYC Fire Pension FundPublic pension plan · as of March 31, 2026—8$154M—
28West Yorkshire Pension Fund (WYPF)Public pension plan · as of March 31, 2026United Kingdom8$125M—
29District of Columbia Retirement Board (DCRB)Public pension plan · as of March 31, 2026—7$380M—
30NYC Teachers' Retirement SystemPublic pension plan · as of December 31, 2025—6$498M—
31Teachers' Retirement System of Oklahoma (OTRS)Public pension plan · as of March 31, 2026—6$250M—
32Arkansas Teacher Retirement System (ATRS)Public pension plan · as of June 30, 2026—6$202M—
33Greater Manchester Pension Fund (GMPF)Public pension plan · as of December 31, 2025United Kingdom6$161M—
34Connecticut Retirement Plans and Trust Funds (CRPTF)Public pension plan · as of June 30, 2025—5$331M—
35NYC Board of Education Retirement System (BERS)Public pension plan · as of September 30, 2024—5$58M—
36Chicago Teachers' Pension Fund (CTPF)Public pension plan · as of September 30, 2025—4$75M—
37Employees' Retirement System of Rhode Island (ERSRI)Public pension plan · as of March 31, 2026—4$75M—
38South Carolina Retirement System Investment Commission (RSIC)Public pension plan · as of June 30, 2025—4$65M—
39Kentucky Public Pensions Authority (KPPA)Public pension plan · as of June 30, 2026—4$42M—
40State Universities Retirement System of Illinois (SURS)Public pension plan · as of June 30, 2026—3$39M—
41Minnesota State Board of InvestmentPublic pension plan · as of June 30, 2026—2$110M—
42Alaska Retirement Management Board (ARMB)Public pension plan · as of August 31, 2026—2$24M—
43New Hampshire Retirement System (NHRS)Public pension plan · as of March 31, 2026—1$56M—
44Contra Costa County Employees' Retirement Association (CCCERA)Public pension plan · as of June 30, 2026—1$50M—
45Merseyside Pension FundPublic pension plan · as of June 30, 2026United Kingdom0——
46Public Employee Retirement System of Idaho (PERSI)Public pension plan · as of March 31, 2026—0——
47San Bernardino County Employees' Retirement Association (SBCERA)Public pension plan · as of December 31, 2025—0——
48San Diego County Employees Retirement Association (SDCERA)Public pension plan · as of June 30, 2025—0——
49South Dakota Investment Council (South Dakota Retirement System)Public pension plan · as of June 30, 2025—0——
50Teachers' Retirement System of the State of Kentucky (TRS)Public pension plan · as of June 30, 2026—0——

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About the data

A fund counts as venture when its manager is in the fund index or the venture adviser directory, or, on a foundation’s return, when it is named as a venture fund; funds are linked to managers by name, and a match can be wrong. An LP is “still adding venture funds” when its latest report shows a fund from the last three years or one that wasn’t on the report before. Each LP’s page says what its amounts are and how old its report is. Organizations only: no individuals are listed.

Data feeds: latest LP reports (RSS) · every LP as CSV · the free weekly email for managers raising.

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