Where Institutional Capital Sits: A State-by-State Map
New York, California, and Texas headquarter the most institutional capital in the US. The top five states hold 45% of tracked AUM.
Last updated June 2026. Computed from PipelineRoad's vetted institutional investor and fund-manager data; recomputed on every publish.
Key findings
- New York headquarters the most institutional capital in the US at $3.12T, followed by California ($1.72T) and Texas ($1.04T).
- The top five states hold 45% of all tracked US institutional AUM, a striking geographic concentration.
- Capital concentration tracks the big public pensions and university endowments: state-fund size, not population, drives the ranking.
Institutional AUM by state (top 12)
Reported AUM summed by investor headquarters state.
Every state, ranked by institutional AUM
| # | State | Investors | Reported AUM |
|---|---|---|---|
| 1 | New York | 103 | $3.12T |
| 2 | California | 136 | $1.72T |
| 3 | Texas | 64 | $1.04T |
| 4 | Massachusetts | 31 | $927B |
| 5 | New Jersey | 13 | $817B |
| 6 | Wisconsin | 15 | $740B |
| 7 | Illinois | 43 | $666B |
| 8 | Michigan | 34 | $651B |
| 9 | Florida | 25 | $622B |
| 10 | Nebraska | 8 | $607B |
| 11 | Washington | 18 | $482B |
| 12 | Virginia | 29 | $409B |
| 13 | Iowa | 9 | $397B |
| 14 | Georgia | 31 | $379B |
| 15 | North Carolina | 24 | $358B |
| 16 | Pennsylvania | 87 | $352B |
| 17 | Minnesota | 19 | $347B |
| 18 | Ohio | 31 | $340B |
| 19 | Arkansas | 11 | $261B |
| 20 | Connecticut | 15 | $254B |
| 21 | Maryland | 21 | $205B |
| 22 | Tennessee | 18 | $204B |
| 23 | Oregon | 8 | $197B |
| 24 | Missouri | 17 | $187B |
| 25 | Utah | 10 | $187B |
Methodology
Every figure is computed at build time from PipelineRoad's curated institutional investor directory and fund-manager dataset. Reported assets reflect each entity's most recent disclosure; figures are deduplicated and scoped to asset owners (for LP reports) or active managers (for fund reports). Family-office and net-worth figures are widely reported estimates, not audited AUM. The page recomputes on every publish, so the numbers track the data as it is corrected and expanded.
PipelineRoad, "Where Institutional Capital Sits: A State-by-State Map," June 2026. https://pipelineroad.com/research/institutional-capital-by-state
Frequently asked questions
Which US state has the most institutional investment capital?
New York headquarters the most institutional capital in PipelineRoad's data, at $3.12T in reported AUM.
How concentrated is US institutional capital by state?
The top five states hold 45% of all tracked US institutional AUM.
Reach these investors
This report runs on PipelineRoad's data. Members get verified decision-maker contacts, current mandates, and live allocation signals, matched to a fund's thesis across 30+ institutional sources.
