The US Public Pension Report 2026
The largest US public pensions PipelineRoad tracks hold $7.95T, led by CalPERS at $502B.
Last updated June 2026. Computed from PipelineRoad's vetted institutional investor and fund-manager data; recomputed on every publish.
Key findings
- PipelineRoad tracks 408 US public pension systems managing $7.95T in reported assets.
- CalPERS is the largest at $502B, followed by the other mega-state systems.
- California, New York, and Michigan concentrate the most pension capital by headquarters state.
- US public pensions allocate an average of 16% to alternatives, well below endowments but a meaningful and growing share.
US public pension assets by state
Reported AUM, summed by fund headquarters state.
The 20 largest US public pensions
| # | Pension system | State | Reported AUM |
|---|---|---|---|
| 1 | CalPERS | California | $502B |
| 2 | CalSTRS | California | $340B |
| 3 | New York State Common Retirement Fund | New York | $298B |
| 4 | Florida State Board of Administration | Florida | $260B |
| 5 | Florida Retirement System | Florida | $205B |
| 6 | Teacher Retirement System of Texas | Texas | $185B |
| 7 | Washington State Investment Board (WSIB) | Washington | $180B |
| 8 | State of Wisconsin Investment Board | Wisconsin | $156B |
| 9 | New York State Teachers' Retirement System | New York | $145B |
| 10 | Wisconsin Department of Employee Trust Funds | Wisconsin | $131B |
| 11 | Minnesota State Board of Investment | Minnesota | $130B |
| 12 | Wisconsin Retirement System | Wisconsin | $130B |
| 13 | New York City Teachers' Retirement System | New York | $117B |
| 14 | North Carolina Retirement Systems | North Carolina | $115B |
| 15 | Michigan Office of Retirement Services | Michigan | $114B |
| 16 | Massachusetts Pension Reserves Investment Management Board | Massachusetts | $100B |
| 17 | New Jersey Division of Investment | New Jersey | $100B |
| 18 | Ohio Public Employees Retirement System | Ohio | $100B |
| 19 | Oregon State Treasury | Oregon | $100B |
| 20 | Virginia Retirement System (VRS) | Virginia | $100B |
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, "The US Public Pension Report 2026," June 2026. https://pipelineroad.com/research/us-public-pension-report
Frequently asked questions
What is the largest US public pension fund?
CalPERS is the largest US public pension PipelineRoad tracks, with $502B in reported assets.
How much do US public pensions allocate to alternatives?
US public pensions allocate an average of 16% to alternatives in PipelineRoad's data.
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.
