What the pensions hold
None of the funds on this map say who their investors are. The investors say it themselves. State pension funds publish their private-equity partnerships or have to produce them under public-records law. This page lists every stake we have found in the 14 funds we asked about, and the document each one comes from. Updated October 16, 2026.
- 10 of 14
- funds have at least one documented state pension investor
- 19 of 44
- state pension funds checked hold at least one of them
- $7.5B
- committed, counting only the pension funds that publish commitments
Who holds what
| State pension fund | General Catalyst | Lightspeed | Thrive Capital | Lux Capital | Valor Equity Partners | Accel | 8VC | Sequoia Capital | Craft Ventures | Bain Capital Tech Opportunities |
|---|---|---|---|---|---|---|---|---|---|---|
| CaliforniaCalPERS | $993.5M | $860M | $949.2M | $300M | $475M | $150M | ||||
| MichiganSMRS | $200M | $224Mv | $450.5Mv | |||||||
| WashingtonWSIB | $400M | $350M | ||||||||
| OhioSTRS Ohio | $272M | $60M | ||||||||
| HawaiiHIERS | $135M | $180M | ||||||||
| IllinoisTRS Illinois | $165M | $60M | ||||||||
| LouisianaTRSL | $62.5M | $40M | ||||||||
| New YorkNYSCRF | $1B | $20M | ||||||||
| MarylandMSRPS | $310M | |||||||||
| New MexicoNM PERA | $193M | |||||||||
| MissouriPSRS/PEERS | $152.7Mv | |||||||||
| MaineMainePERS | $150M | |||||||||
| South CarolinaRSIC | $126.6Mv | |||||||||
| KansasKPERS | $70M | |||||||||
| MassachusettsPRIM | $65M | |||||||||
| NevadaNVPERS | $59.8M | |||||||||
| AlaskaARMB | $16M | |||||||||
| DelawareDPERS | listed | |||||||||
| TennesseeTCRS | listed | |||||||||
| KentuckyKPPA (CERS) | $40M |
Amounts are total commitments. A small v marks reported value instead, where a state publishes no commitment amounts. Listed means the fund is named with no dollar figure. Dashed means approved but not signed. Dotted means held through another fund rather than committed directly. Click any amount for the partnerships behind it.
Not found in any pension fund checked: Founders Fund, Andreessen Horowitz, Riot Ventures, Eclipse.
The partnerships, fund by fund
General Catalyst
5 partnerships: General Catalyst Group XI Health Assurance (2023) and the four General Catalyst Group XII sleeves, Creation, Endurance, Health Assurance, and Ignition (2024).
$993.5M committed · $1.2B cash returned plus remaining value · as of Dec 31, 2025
Source: CalPERS Private Equity Program Fund Performance Review
General Catalyst Group XII ($300M) and the General Catalyst Excelsior co-investment fund ($300M), closed September 3, 2024; then General Catalyst Group XIII ($120M), GC Creation Fund III ($80M), and another $200M to Excelsior, closed June 30, 2026.
$1B committed · $834M fair value at Mar 31, 2026 of the five 2024 vehicles ($600M committed, $538.4M called); the $400M closed June 30, 2026 is not in the listing · as of Jun 30, 2026
The 2024 transaction report called General Catalyst "a new relationship for the CRF." The Mar 31, 2026 asset listing shows $0.4M returned so far. Our records request (FOIL 2026-0874) produced no further fund-level records: the Comptroller pointed to this listing and withheld the rest as proprietary.
GC Customer Value Fund (2026), an evergreen fund that finances sales and marketing for growth-stage companies.
$200M committed · as of Mar 31, 2026
Closed in the first quarter of 2026 and not yet drawn. Michigan holds it in its real-return portfolio, not private equity: it is General Catalyst's lending arm, not one of its venture funds.
11 partnerships: the General Catalyst Group X sleeves (2020), XI sleeves (2021), and XII sleeves (2024).
$135M committed · $183.9M reported value · as of Mar 31, 2026
Source: Employees' Retirement System of Hawaii private equity performance report
General Catalyst Group XII (March 2024) and Group XIII - Feeder (April 2026).
$400M committed · $249.7M market value · as of Mar 31, 2026
The second $200M, to Group XIII - Feeder, closed April 10, 2026 and appears in no published WSIB report. None of it has been called yet.
Source: Quarterly private equity performance summaries produced by WSIB in response to our records request, September 18, 2026
13 partnerships across six generations: General Catalyst Group III (2004) through the four Group XI sleeves (2021 and 2022).
$272M committed · $459.9M market value, plus $241.4M already returned · as of Jun 30, 2026
The relationship actually starts in 2001, with $10M in General Catalyst Group II; that fund returned about 2.5x and wound down in 2020, so it is not counted here. Lifetime commitment is $282M across 14 funds. STRS Ohio stopped at Group XI and joined neither XII nor XIII.
Source: Quarterly investment reports produced by STRS Ohio in response to our records request, September 18, 2026
13 partnerships: the three General Catalyst Group X sleeves (2020), four XI sleeves (2021), four XII sleeves (2023), GC Creation Fund III (2025), and Group XIII (2026).
$62.5M committed · as of Aug 2026
Held in yearly venture separate accounts that TRSL's annual report and minutes never itemize. The $20M to Group XIII was approved in June 2026; asked whether it has closed, TRSL said it has no document showing that.
Source: TRSL alternative assets list, produced in response to our records request, September 22, 2026
8 partnerships: the General Catalyst Group XI sleeves (2021), the XII sleeves (2024), and GC Creation Fund III (December 2025).
$193M committed · $242.5M net asset value · as of Dec 31, 2025
General Catalyst is the plan's fifth-largest private equity manager.
10 partnerships across three generations: General Catalyst X (March 2020), XI (October 2021), and XII (January 2024).
$150M committed · $206.5M market value · as of Mar 31, 2026
Maine's records officer refused to produce records and pointed to this table, which MainePERS posts for records requests.
6 partnerships: four General Catalyst XI sleeves (October 2021), General Catalyst XII (November 2023), and a secondary purchase of General Catalyst IX (December 2024).
$59.8M committed · $81.4M market value · as of Mar 31, 2026
Source: Quarterly private equity reports produced by NVPERS in response to our records request, September 14, 2026
General Catalyst Group IX, X, XI, and XII, reported together on one line.
$152.7M fair value · as of Jun 30, 2025
Missouri publishes one combined value per fund family and no commitment amounts or vintages.
Source: PSRS/PEERS annual report, fiscal 2025, private equity partnerships table
General Catalyst XII, described as four General Catalyst funds, committed January 26, 2024 through Pathway; plus part of a $2.5M secondary purchase (Project Halo) of interests in General Catalyst IX and NEA 16.
$16M committed · as of Dec 2025
Alaska lists each year's new commitments in its private equity plan but publishes no values for funds held through Pathway. The General Catalyst share of the secondary purchase is not broken out, so it is not counted in the total.
GC Creation Fund 3, approved by the Treasurer between September and December 2025.
No dollar figures published · as of Dec 12, 2025
Staff told the investment committee the fund offered "baseline venture exposure." The minutes give no amount, and Tennessee publishes no fund-level holdings.
Source: Tennessee Consolidated Retirement System investment committee minutes, December 12, 2025
Lightspeed
8 partnerships: Lightspeed XIV-A and XIV-B, Select V, and Opportunity Fund II (2022); XV-A, XV-B, Select VI, and Opportunity Fund III (2025).
$860M committed · $984.2M cash returned plus remaining value · as of Dec 31, 2025
Source: CalPERS Private Equity Program Fund Performance Review
9 partnerships: Lightspeed VII, XIII, XIV-A, and XIV-B, Select IV and V, Opportunity Funds I and II, and India Fund IV.
$224M reported value · as of Mar 31, 2026
8 partnerships: Lightspeed IX (2012), X and Select I (2014), XI and Select II (2016), and XIV, Select V, and Opportunity Fund II (2022).
$165M committed · $279.7M net asset value, plus $206.9M already returned · as of Jun 30, 2026
Fund IX alone has returned $127M on $30M. Two funds report values as of March 31, 2026.
Source: TRS Illinois private equity fund list (StepStone), as of June 30, 2026, produced in response to our records request
8 partnerships: Lightspeed Select III (2018), Select IV (2020), XIV-A, XIV-B, and Select V (2022), and XV-A, XV-B, and Select VI (2025).
$180M committed · $185.4M reported value · as of Mar 31, 2026
Source: Employees' Retirement System of Hawaii private equity performance report
9 partnerships: Lightspeed Opportunity Funds I (2019), II (2022), and III (2025), XIV-A and XIV-B and Select V (2022), and XV-A, XV-B, and Select VI (2025).
$310M committed · $450M market value · as of Mar 31, 2026
Opportunity Fund II has more than doubled: $100M in, $217M now. Maryland's annual report names these funds but gives no amounts; the figures come from the quarterly reports it produced on request.
Source: Quarterly private equity reports produced by the Maryland State Retirement Agency in response to our records request, September 23, 2026
Thrive Capital
4 partnerships: Thrive Capital Partners VIII Growth (2023), IX Growth and Opportunity Fund (2024), and IX (2025).
$949.2M committed · $1.37B cash returned plus remaining value · as of Dec 31, 2025
Source: CalPERS Private Equity Program Fund Performance Review
Thrive Capital Partners X, X Growth, and X Opportunity (2026).
$60M committed · $34.4M market value · as of Jun 30, 2026
New money: all three funds carry a 2026 vintage and a third of the commitment is still uncalled.
Source: Quarterly investment reports produced by STRS Ohio in response to our records request, September 18, 2026
Thrive Capital Partners X ($7M), X Growth ($43M), and X Opportunity ($15M), all 2026.
$65M committed · as of Aug 4, 2026
A new relationship: PRIM marks returning managers, and Thrive is not marked. The first two were approved January 5, 2026 as interim commitments, between board meetings. STRS Ohio committed to the same three funds.
Source: PRIM investment committee packet, August 4, 2026, produced in response to our records request
Lux Capital
Lux Ventures VIII (2023).
$300M committed · $418.5M cash returned plus remaining value · as of Dec 31, 2025
Source: CalPERS Private Equity Program Fund Performance Review
Lux Ventures IX (2026).
$70M committed · $10.3M market value · as of Mar 31, 2026
The KPERS board approved up to $110M on November 21, 2025, calling Lux early-stage venture at the intersection of technology and the hard sciences; the executed commitment came in $40M below that ceiling. No published Kansas document carries it.
Source: Private markets performance analysis and November 2025 board approval papers produced by KPERS in response to our records request, September 18, 2026
Valor Equity Partners
3 partnerships: Valor Equity Partners IV (2017), Valor Equity Partners VI (2023), and Valor Atreides AI I (2025).
$475M committed · $953.9M cash returned plus remaining value · as of Dec 31, 2025
Fund IV has returned 4.8 times the money put in.
Source: CalPERS Private Equity Program Fund Performance Review
Valor Equity Partners V (2020), held inside the fund's emerging-manager program run by M2, not as a direct commitment.
$20M committed · as of Mar 31, 2026
Source: New York State Common Retirement Fund asset listing as of March 31, 2026
Valor Equity Partners V, contract signed February 2020.
$126.6M market value · as of Jun 30, 2025
South Carolina paid $8.7M in fees and carried interest on this fund in fiscal 2025. It publishes no commitment amounts.
Source: South Carolina Retirement System Investment Commission annual investment report, fiscal 2025
Valor Equity Partners Fund VII, approved by the County Employees Retirement System board on June 29, 2026.
$40M committed · as of Sep 16, 2026
Approved but not signed. KPPA's records response says contract negotiations are ongoing, so no money has moved. It will count as a live stake once the contract is executed.
Source: CERS Board of Trustees meeting materials, September 14, 2026
Accel
30 partnerships: Accel VI, VI-S, and IX through XVI, Growth Funds II through VII, Leaders Funds 1 through 5, London V through VIII, India VII and VIII, Europe I and II, and Accel Core (2026).
$450.5M reported value · as of Mar 31, 2026
Michigan added $35M to Accel Leaders 5 in late 2025 and $25M to Accel Core in early 2026. It publishes value and unfunded amounts but not total commitments.
Accel funds approved 2008 to 2026, most recently Accel XIV, Growth V, and Leaders Fund II (2019), India VI (2019), Leaders Fund 3 (2020), XV and Growth VI (2021), India VII and Leaders Fund 4 (2022), XVI (2023), London VIII, Growth VII, and India VIII (2024), Leaders Fund 5 (2025), and Accel Core (2026).
No dollar figures published · as of Mar 17, 2026
Accel has been one of Delaware's managers since 1984, per its annual report. Its investment committee's minutes approve each fund 'up to' a ceiling, about $466M across the 2019 to 2026 approvals, but Delaware publishes no final commitments or values. IDG-Accel China funds, run by IDG Capital, are left out.
8VC
8VC Fund VI (approved January 2025) and 8VC Fund VII (approved June 2026).
$40M committed · as of Aug 2026
The only public pension found holding 8VC. Neither fund appears in any published Louisiana document. Fund VII was approved June 5, 2026; TRSL has no document showing it has closed.
Source: TRSL alternative assets list, produced in response to our records request, September 22, 2026
Sequoia Capital
Sequoia Global Growth Fund III - Endurance Partners (June 2018).
$350M committed · $713.9M market value, plus $164.8M already returned · as of Mar 31, 2026
Held in every quarterly report from 2020 through the first quarter of 2026. It has returned 2.6x.
Source: Quarterly private equity performance summaries produced by WSIB in response to our records request, September 18, 2026
Craft Ventures
2 partnerships: Craft Ventures IV and Craft Ventures Growth II (both 2022).
$60M committed · $98.1M net asset value · as of Jun 30, 2026
The only public pension found holding Craft Ventures, David Sacks's firm. The value nearly tripled in a year, from $34.3M in the fiscal 2025 annual report.
Source: TRS Illinois private equity fund list (StepStone), as of June 30, 2026, produced in response to our records request
Bain Capital Tech Opportunities
Bain Capital Tech Opportunities Fund II (2023).
$150M committed · $157.8M cash returned plus remaining value · as of Dec 31, 2025
Source: CalPERS Private Equity Program Fund Performance Review
Every pension fund checked
Each fund's own partnership list, searched for all 14 firms. "None found" means no direct commitment. Money a pension routes through a fund of funds does not show up in these lists.
| State | Result | Document |
|---|---|---|
| CaliforniaCalPERS | Holds at least one | Private Equity Program Fund Performance Review, 467 active funds, as of Dec 31, 2025. |
| New YorkNYSCRF | Holds at least one | Asset listing plus monthly transaction reports, as of Jun 30, 2026. |
| MichiganSMRS | Holds at least one | Investment board report, about 400 private equity partnerships plus real-return funds, as of Mar 31, 2026. About a third of its private equity sits in funds of funds, which are not itemized. Treasury sent this report in answer to our request, then refused a second request for what the funds of funds hold, citing manager confidentiality. We appealed, narrowing it to a yes-or-no on whether any of the 14 firms appears in those funds. On October 16, 2026 Treasury upheld the denial in full, so it has not said whether they do. |
| IllinoisTRS Illinois | Holds at least one | StepStone private equity fund list, 384 lines, with commitments and values, produced on request, as of Jun 30, 2026, from our records request. Also named in its fiscal 2025 annual report, which gives values but no commitments. Its Bain Capital holdings are buyout funds, not Tech Opportunities. TRS has no defense policy. |
| HawaiiHIERS | Holds at least one | Private equity performance report, as of Mar 31, 2026. |
| WashingtonWSIB | Holds at least one | Quarterly private equity performance summaries, 2020 through the first quarter of 2026, as of Mar 31, 2026, from our records request. WSIB released the performance pages and withheld the rest of each report as investment strategy and proprietary data. Partnerships held through Pathway and Invesco accounts are not itemized. |
| New MexicoNM PERA | Holds at least one | Private equity performance review, 102 funds, as of Dec 31, 2025. |
| MaineMainePERS | Holds at least one | Private Market Investments Summary, posted for records requests, as of Mar 31, 2026. Its Bain Capital Ventures funds are a different arm of Bain Capital and do not count. |
| NevadaNVPERS | Holds at least one | Quarterly private equity reports, 2020 to 2026, as of Mar 31, 2026, from our records request. |
| MissouriPSRS/PEERS | Holds at least one | Annual report, private equity partnerships table, 278 partnerships, as of Jun 30, 2025. |
| South CarolinaRSIC | Holds at least one | Annual investment report, schedule of investments, as of Jun 30, 2025. Large sums sit in funds of funds and separate accounts that are not itemized. |
| MarylandMSRPS | Holds at least one | Quarterly private equity reports, 2020 through the first quarter of 2026, as of Mar 31, 2026, from our records request. Its annual report names funds with no dollar figures. Maryland withheld what its funds of funds hold as trade secrets. |
| DelawareDPERS | Holds at least one | Investment committee minutes 2005 to 2026, and annual report manager list, as of Mar 17, 2026. No fund-level holdings list; commitments come from the minutes. |
| AlaskaARMB | Holds at least one | Private equity annual plans, commitments by year 2019 to 2024, and monthly financial report, as of Aug 31, 2026. About $4B sits in Abbott and Pathway separate accounts; only commitments made since 2019 are named. |
| TennesseeTCRS | Holds at least one | Investment committee minutes, 2023 to 2026, as of Apr 14, 2026. No fund-level holdings list; the one match comes from the minutes, with no amount. |
| KentuckyKPPA | Commitment pending | Holdings report and board minutes, as of Sep 16, 2026, from our records request. No current stake in any of the 14. A $40M Valor commitment is approved and awaiting a contract. |
| ColoradoColorado PERA | Old funds only | Private equity holdings, 425 funds, as of Dec 31, 2025. Only Accel Partners III (1989) and IV (1993), $2M each, long since paid out. PERA produced no documents in response to our request, pointed to this public page, and closed the file without searching for the fourteen firms itself. |
| IndianaINPRS | None found | Private equity report, about 340 funds, as of Mar 31, 2026. Horsley Bridge funds of funds and a HarbourVest separate account are not itemized. |
| OklahomaOTRS | None found | Meketa private markets report, 105 partnerships, as of Mar 31, 2026. All of its venture money sits in Franklin Park funds of funds, which are not itemized. Franklin Park publishes only how many partnerships each fund holds, never which. |
| ConnecticutCRPTF | None found | Private investment and private credit fund summaries produced by the Treasurer, about 145 funds, as of Mar 31, 2026, from our records request. None of the 14 firms appears. Venture, about $1.4B committed, runs through Top Tier and Fairview (Constitution) funds of funds, which are not itemized. The Treasurer's office said it "may have had or still have exposure to some of these firms" through those funds of funds but holds no record of what is inside them. It has no defense policy. |
| New HampshireNHRS | None found | Commitments since 2009, about 98 funds, as of Jul 31, 2026. Venture runs through Industry Ventures and Top Tier funds of funds. |
| ArkansasATRS | None found | Annual report partnership list and board packets, as of Mar 31, 2026. All venture exposure sits in the Franklin Park series, 41% of private equity, which is not itemized. |
| KansasKPERS | Holds at least one | Private markets performance analysis, plus the November 2025 board approval papers, as of Mar 31, 2026, from our records request. The only published Kansas list, a schedule of alternative investments as of June 30, 2025, predates the commitment entirely and shows nothing. This is the clearest case on the page of a records request finding what no published document carried. |
| North DakotaSIB | None found | Private market holdings for the pension, Legacy Fund, and insurance pools, plus a written answer, as of Mar 31, 2026, from our records request. RIO wrote that it has no records of any commitment to the 14. Its venture money runs through Adams Street, BlackRock, and Brinson funds of funds, which are not itemized. |
| ArizonaASRS | None found | Private assets report, confirmed in writing, as of Mar 31, 2026, from our records request. ASRS wrote that it has no commitments with any of the 14 firms. |
| MinnesotaSBI | None found | Private markets commitments, 314 funds, as of Jun 30, 2026. |
| IdahoPERSI | None found | Hamilton Lane private equity report, 136 funds, as of Mar 31, 2026. |
| OregonOPERF | None found | Private equity portfolio, 453 funds, as of Mar 31, 2026. Venture money runs through Pathway accounts that are not itemized. Answering our request, Treasury pointed back to this page and said it has no defense policy. |
| PennsylvaniaPSERS | None found | Right-to-Know response, and the published private markets disclosure of 148 active funds, as of Sep 18, 2026, from our records request. PSERS answered in writing that after a good faith search it holds no records responsive to the fourteen firms, which makes this the rare documented absence rather than an inference from a list. |
| WisconsinSWIB | None found | Schedule of investments, 602 private funds, as of Dec 31, 2025. Its private equity tables sent in answer to our request, 439 funds at Dec 31, 2025, show none either. But SWIB withheld all venture capital records under Wis. Stat. § 25.184, so its venture holdings are unknown. |
| FloridaSBA | None found | Private equity and strategic investments reports, 434 funds, as of Dec 31, 2025. Venture money runs through funds of funds. |
| Rhode IslandERSRI | None found | State Investment Commission book, produced on request, with every private equity partnership, as of Aug 31, 2026, from our records request. None of the 14, including among its 22 venture funds. The Treasurer's office confirmed in writing that it does not invest in any of them. Its only related policy, from 2020, bars direct holdings in private prison companies and makers of civilian assault-style firearms. |
| North CarolinaNCRS | None found | Performance report, about 170 private equity funds, as of Dec 31, 2025. |
| MontanaMBOI | None found | Investment holdings, 141 private investment funds, as of Dec 31, 2025. Venture money also runs through Accolade and FLC funds of funds, which are not itemized. |
| NebraskaNIC | None found | Quarterly investment report, 55 private equity partnerships, as of Mar 31, 2026. Venture exposure is mostly New Enterprise Associates, plus funds of funds that are not itemized. In answer to our request, the council confirmed in writing on Sep 17, 2026 that it has never made a commitment to any of the 14. |
| New JerseyNJDOI | None found | Investment reporting package, about 150 private equity partnerships, as of May 31, 2026. The State Investment Council approved $25M for General Catalyst Group VI in 2011, but that fund is not in the current list. |
| South DakotaSDIC | None found | Annual report portfolio summaries, 24 private equity lines, as of Jun 30, 2025. No venture managers at all. Commitments approved through August 2026 add none of the 14. |
| VermontVPIC | None found | Quarterly investment performance report, private equity fund listing, as of Mar 31, 2026. Its venture money is all in HarbourVest funds of funds, which do not itemize what they hold. Accel-KKR, listed twice, is a different firm from Accel. |
| TexasTRS | No fund-level list | Annual report, list of about 250 external managers, as of Aug 31, 2025. Names General Catalyst, Lightspeed Venture Partners, and Valor Management among its managers, with no fund names or dollar amounts. The Employees Retirement System of Texas names only its top ten private equity managers. |
| OhioOPERS | None found | Private equity partnership list produced by OPERS, 207 partnerships, $26.9B committed, as of Mar 31, 2026, from our records request. OPERS publishes only totals; this list came from our records request. None of the 14 firms appears, and OPERS confirmed it has no commitments to them. Its venture money runs mainly through nine Top Tier Venture Capital funds of funds, about $1.3B committed, whose holdings are not shown. Ohio's other system, STRS Ohio, has two matches. |
| OhioSTRS Ohio | Holds at least one | Quarterly investment reports, 2020 through the second quarter of 2026, as of Jun 30, 2026, from our records request. STRS Ohio publishes no fund-level list; its annual report named General Catalyst among about 130 managers with no amounts. The reports it produced turned that one line into 14 partnerships going back to 2001. One installment covering late 2021 through 2023 was never delivered and has been requested again. |
| MassachusettsPRIM | Holds at least one | Investment committee packets, 2022 and 2026, produced on request, as of Aug 4, 2026, from our records request. PRIM's annual report names 104 firms but no funds, and Thrive is not among them: the relationship began in 2026. Its fund-by-fund disclosure report has not been reviewed yet. |
| LouisianaTRSL | Holds at least one | Alternative assets list, about 220 partnerships with commitments, as of Aug 2026, from our records request. TRSL publishes no partnership list; its annual report and minutes skip the venture separate accounts where General Catalyst and 8VC sit. The list gives commitments only, no values. |
| IowaIPERS | No fund-level list | Annual report and investment board materials, as of Mar 31, 2026. All private equity runs through a Pathway fund of one, about 500 partnerships, none named. IPERS sent the same picture on request: two Pathway lines, $17.1B committed. |
| MississippiPERS | No fund-level list | Investment committee materials, as of Apr 21, 2026. All private equity sits in Pathway and Grosvenor funds of funds. The records PERS produced list the Grosvenor and Pathway vehicles, not the partnerships inside them. |
| VirginiaVRS | None found | Private equity partnership lists produced by VRS, every quarter from 2020 to 2026, as of Mar 31, 2026, from our records request. None of the 14 firms appears in any of 25 quarterly lists of 375 to 444 partnerships. VRS publishes only its top ten managers; its venture money is older funds (NEA, Menlo, Battery, U.S. Venture Partners, Insight) plus six GCM Grosvenor separate accounts whose holdings are not shown. VRS also said in writing it has no commitments to any of the 14 and no defense policy. |
| West VirginiaWVIMB | None found | Consultant private equity report, produced under FOIA, every partnership by strategy, as of Mar 31, 2026, from our records request. None of the 14. All $348M of its venture money is in Franklin Park funds of funds, about 117 partnerships its own auditors say are not disclosed. Asked to name them, WVIMB confirmed the manager is Franklin Park and withheld the list as trade secrets under state law. WVIMB also confirmed it has no defense policy. |
| AlabamaRSA | No fund-level list | Annual report and quarterly investment handout, as of Jun 30, 2026. Totals only. |
| UtahURS | No fund-level list | Annual report, as of Dec 31, 2025. Reports $6.35B in private equity partnerships as a single total. URS also refused our records request. |
| GeorgiaTRSGA | No fund-level list | Annual financial report, as of Jun 30, 2025. Publishes only totals: $2.2B committed to private equity, no fund names. A records request is pending. |
| WyomingWRS | No fund-level list | Annual report, private equity portfolio by manager, as of Dec 31, 2025. Lists 13 vehicles by percentage only. About 90% sits in Abbott and Grove Street funds of funds whose holdings are not shown. Answering our request, WRS said in writing it has no direct holdings in any of the 14 firms and no defense policy. |
Where the records requests stand
We asked the largest state pension fund in each state which of these firms hold its money. Whose money is it explains the request and writes it for residents of the states that only answer their own residents.
- Answered 24
- Arizona, Connecticut, Illinois, Iowa, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Nebraska, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Rhode Island, Virginia, Washington, West Virginia, Wyoming
- Pointed to its website 8
- Colorado, Hawaii, Idaho, Maine, Minnesota, New Mexico, Oregon, Vermont
- Refused 3
- South Dakota, Utah, Wisconsin
- Acknowledged, no answer yet 5
- Florida, Indiana, New Hampshire, North Carolina, Texas
- Filed, no answer yet 6
- Alaska, California, Georgia, Montana, Oklahoma, South Carolina
- Residents only, not filed 4
- Alabama, Arkansas, Delaware, Tennessee
How to read this
A pension fund that commits to a venture fund owns a share of that fund's whole portfolio. It does not pick the companies. So a stake here ties a pension to the fund, and through the fund to every company on this map that the fund backs. It does not mean the pension chose to invest in any one defense company.
Figures are the pension fund's own, as of the date shown. Pension funds report value in different ways, so values are labeled with what they measure and are not added together. Commitments are, where published.
Only the named firm counts. Maine holds Bain Capital Ventures funds and several states hold Bain Capital buyout funds. Those are separate arms of Bain Capital, not Bain Capital Tech Opportunities, so they are left out. Names that only look similar, like Accel-KKR or public shares of Lightspeed Commerce, are left out too.
Most of this page comes from lists the pension funds already publish. Nevada, Arizona, Kentucky, West Virginia, and Wisconsin produced records in answer to our requests, and Nebraska answered in writing. More answers are due through the end of September. Sources and caveats covers the rest of the map.