004 · Allocations
The typical portfolio.
102 plans state a target by asset class. For each class: the median target (dot), the middle half of the universe's targets (line) and the median allowed range (band) — as the documents state them, in percent of the fund.
Across the universe
| Asset class | Plans | Median target | Middle half | Median range | Typical width |
|---|---|---|---|---|---|
| Public Equity | 87 | 46% | 36–52% | 34.5–55.5% | 10 pts |
| Fixed Income | 85 | 23% | 18–29% | 15–33% | 9 pts |
| Private Equity | 71 | 11% | 8.5–15.5% | 6–18% | 10 pts |
| Private Credit / Debt | 52 | 5.88% | 3.88–10% | 2–11.5% | 7 pts |
| Real Estate | 64 | 9.5% | 7.75–10% | 5–15% | 10 pts |
| Real Assets / Infrastructure | 68 | 8% | 4–14% | 2.5–12% | 7 pts |
| Hedge Funds / Absolute Return | 36 | 6% | 5–10.25% | 2.5–11% | 8 pts |
| Cash | 59 | 1% | 0–2% | 0–5% | 5 pts |
| Multi-Asset / Other | 50 | 14.25% | 5.5–24% | 8–20% | 10 pts |
By plan type
A plan type is shown for a class only where at least three of its plans state a target there.
31 statewide plans state a target.
| Asset class | Plans | Median target | Middle half | Median range | Typical width |
|---|---|---|---|---|---|
| Public Equity | 29 | 46% | 36–60% | 33.8–56.5% | 10 pts |
| Fixed Income | 29 | 25% | 18–30.5% | 16–34.8% | 10 pts |
| Private Equity | 23 | 14% | 10–16% | 8–21% | 14 pts |
| Private Credit / Debt | 14 | 9% | 5.5–10% | 1–12.5% | 10 pts |
| Real Estate | 20 | 10% | 8–10% | 5–15% | 13.5 pts |
| Real Assets / Infrastructure | 22 | 11.5% | 5.5–18.75% | 3.8–18.8% | 10 pts |
| Hedge Funds / Absolute Return | 12 | 6.75% | 5.75–11.25% | 3–11% | 8 pts |
| Cash | 20 | 1% | 0–2% | 0–5% | 5 pts |
| Multi-Asset / Other | 17 | 17% | 8.5–48% | 10–22% | 10 pts |
19 municipal plans state a target.
| Asset class | Plans | Median target | Middle half | Median range | Typical width |
|---|---|---|---|---|---|
| Public Equity | 19 | 43% | 35.5–48.75% | 34–50% | 10 pts |
| Fixed Income | 19 | 23% | 20–26% | 16–30% | 8 pts |
| Private Equity | 15 | 10% | 7.5–12.75% | 5–15% | 10 pts |
| Private Credit / Debt | 11 | 5.75% | 5–10% | 4–13% | 7.5 pts |
| Real Estate | 13 | 10% | 9–12% | 5.5–15.5% | 9 pts |
| Real Assets / Infrastructure | 13 | 7% | 5–11% | 4–14% | 8 pts |
| Hedge Funds / Absolute Return | 10 | 5% | 5–8.25% | 1–12.5% | 9 pts |
| Cash | 12 | 1% | 0–2.25% | 0–5% | 5 pts |
| Multi-Asset / Other | 10 | 19% | 7.12–20% | 9.5–25% | 10 pts |
13 teachers plans state a target.
| Asset class | Plans | Median target | Middle half | Median range | Typical width |
|---|---|---|---|---|---|
| Public Equity | 13 | 51.5% | 46–57% | 40–57.8% | 10 pts |
| Fixed Income | 12 | 19.5% | 15–27.38% | 10–24% | 6 pts |
| Private Equity | 11 | 10% | 9–13% | 6–18.5% | 10 pts |
| Private Credit / Debt | 7 | 7% | 4–7.75% | 0.5–11% | 6 pts |
| Real Estate | 10 | 9.5% | 8.25–14.75% | 6–17% | 9 pts |
| Real Assets / Infrastructure | 10 | 9% | 3.75–17% | 2–12% | 4.5 pts |
| Hedge Funds / Absolute Return | 3 | 5% | 5–5.5% | 1.5–10% | 8.5 pts |
| Cash | 8 | 1% | 0.75–1.25% | 0–5% | 5 pts |
| Multi-Asset / Other | 9 | 9% | 7–10% | 5–20% | 10 pts |
11 county plans state a target.
| Asset class | Plans | Median target | Middle half | Median range | Typical width |
|---|---|---|---|---|---|
| Public Equity | 11 | 40% | 30.5–46.25% | 29–46% | 10 pts |
| Fixed Income | 10 | 24% | 18.5–25.75% | 14–33% | 8 pts |
| Private Equity | 10 | 13% | 9.5–19.5% | 9–20% | 9 pts |
| Private Credit / Debt | 9 | 5% | 3.5–10% | 4–9.5% | 6 pts |
| Real Estate | 7 | 9% | 7–9% | 5–11% | 8 pts |
| Real Assets / Infrastructure | 11 | 9% | 4.5–11.5% | 5–12% | 6.5 pts |
| Hedge Funds / Absolute Return | 7 | 8% | 5–21% | 5–9% | 8 pts |
| Cash | 9 | 1% | 0–1% | 0–5% | 5 pts |
| Multi-Asset / Other | 6 | 23.75% | 8.88–50.25% | 9–44.5% | 10 pts |
11 police & fire plans state a target.
| Asset class | Plans | Median target | Middle half | Median range | Typical width |
|---|---|---|---|---|---|
| Public Equity | 11 | 50% | 43.5–55.5% | 31–67% | 10 pts |
| Fixed Income | 11 | 22% | 21–28.5% | 14–38% | 9.5 pts |
| Private Equity | 8 | 6.5% | 4.75–12.75% | 1.5–11.5% | 10 pts |
| Private Credit / Debt | 8 | 4.5% | 3–8% | 0–13% | 7.5 pts |
| Real Estate | 10 | 9% | 8–10% | 5–15% | 9 pts |
| Real Assets / Infrastructure | 8 | 3.5% | 3–6% | 0–6% | 5.5 pts |
| Hedge Funds / Absolute Return | 3 | 7% | 5–9% | 1–21% | 7 pts |
| Cash | 7 | 0% | 0–0.5% | 0–6.5% | 6.2 pts |
| Multi-Asset / Other | 6 | 9% | 5.75–17.5% | 2–13% | 12.5 pts |
3 school employees plans state a target.
| Asset class | Plans | Median target | Middle half | Median range | Typical width |
|---|---|---|---|---|---|
| Public Equity | 3 | 40% | 38.5–48.75% | 35–56% | 6 pts |
| Fixed Income | 3 | 20% | 19–28.5% | 17–23% | 10 pts |
| Private Equity | 3 | 7% | 6–10.5% | 7.5–15% | 7.5 pts |
| Real Estate | 3 | 7% | 6.25–7% | 3.5–11% | 7.5 pts |
| Real Assets / Infrastructure | 3 | 8% | 5–10.5% | 3.5–15% | 5.5 pts |