In 2 charts: 2019 public plan commitments revealed
23 January 2020

Last year 267 private equity GPs captured 45% of public plan commitments, raising $64 billion in capital from 109 investors based on public plan documents with disclosed data on both winners and commitment amounts tracked by eVestment Market Lens. However, with 726 individual commitments to private equity in 2019, the average ticket size for each measured $88 million, making it the smallest average amount among the asset classes shown below. In contrast, 65 traditional equity managers captured just 5.5% of public plan commitments, but raised $41 billion in the process at an average of $463 million per allocation. The average public equity commitment amount was by far the largest across asset classes with the mean for fixed income, the second ranking asset class, averaging $264 million.

Total Commitment in USD Billions

Source: eVestment Market Lens

Total amounts only include disclosed data with both winners and commitment amounts from public plan documents. Balanced/multi-asset totals excluded from this chart.

The main driver of traditional equity’s outsized average was Los Angeles County Employees Retirement Association’s (LACERA) $14.8 billion consolidation of seven passive mandates into just one ACWI mandate to be managed by State Street Global Advisors (SSGA). However, even after excluding this substantial shift, the average traditional equity commitment still surpassed that of other asset classes at $300 million as shown below.

Average Commitment in USD Millions

Source: eVestment Market Lens

Averages only include reported commitments with disclosed amounts.

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