This year delivered a wave of headline-grabbing shifts across sovereign wealth funds, pension funds, and university endowments.
From major strategic reallocations to governance shake-ups and regulatory reforms, institutional investors were on the move. Here are the Top 10 most-read industry news stories of 2025 on the Markets Group website:
1. Temasek’s net assets increase to $339B while keeping focus on sustainability
Singapore’s Temasek reported an increase in net assets to $339B, underscoring steady performance as the fund reaffirmed sustainability as a central pillar of its investment strategy. Executives highlighted continued prioritization of decarbonization initiatives and climate-aligned capital allocation.
2. Ohio STRS rebalances equities portfolio on heels of strong returns
The Ohio State Teachers Retirement System shifted its equities exposure following a year of robust performance. The rebalance reflects efforts to lock in gains, reduce concentration risk, and position the portfolio for a potentially more volatile market environment in 2026.
3. New Connecticut law bans state institutions from accepting, requiring digital currency
Connecticut enacted a first-of-its-kind law prohibiting state agencies, universities, and public institutions from accepting or mandating digital currency for payments. The move reflects mounting regulatory caution as state officials push for greater consumer protection and stability in public transactions.
4. NC transfers state’s pension investment decisions to new board
North Carolina overhauled its pension governance structure, shifting investment decision-making from the state treasurer to a newly created investment board. Proponents say the change modernizes oversight and reduces political pressure; critics warn it could complicate accountability.
5. Connecticut spies opportunities in dwindling retail, niche residential RE
Connecticut’s investment team signaled growing interest in undervalued retail assets and niche segments of the residential market. Officials pointed to price dislocations and demographic shifts as catalysts for new opportunities in market segments that continue to see “strong demand from healthy retailers and consumers.”
6. CalPERS’ proposed TPA simplifies benchmark, boosts transparency
CalPERS unveiled a revamped total portfolio approach framework designed to streamline benchmarks and enhance transparency around performance attribution. The proposal is part of a broader push by the nation’s largest pension fund to modernize its risk and governance systems.
7. CalPERS becomes first U.S. pension fund to adopt total portfolio approach
In November, CalPERS formally adopted a total portfolio approach — making it the first major U.S. pension fund to fully transition to the model. The unified framework is intended to improve cross-asset allocation decisions and long-term capital efficiency.
8. Secondary private market deal volume surges past $100B in H1, 2025
Secondary market activity hit a record pace, surpassing $100B in the first half of the year. The surge was driven by limited partner portfolio sales, continuation vehicles, and general partners seeking liquidity solutions amid elongated exit timelines.
9. Maryland SRPS’ new responsible workforce framework guides private equity decisions
Maryland’s State Retirement and Pension System introduced a new “responsible workforce” framework aimed at evaluating private equity managers on labor practices, workforce safety, and human-capital management. The system said the framework will be used to inform manager selection and monitoring.
10. University of California dumps hedge funds, hikes public equities exposure
In a notable allocation shift, the University of California system divested its hedge fund portfolio and increased its exposure to public equities. Officials said the decision reflects long-term expectations for higher liquidity, lower fees, and stronger return potential within equity markets.
