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Sources and methodology

Allocation Database Sources and Methodology

Browse dated whole-portfolio allocations from institutional disclosures, family offices and individual-investor networks, and research published by alternative-investment sponsors and managers. Institutional and survey references are historical snapshots; sponsor and manager models are explicitly labeled hypothetical analyses. Some peer surveys and research sources publish allocation data without a matched portfolio return, which is shown as not disclosed rather than estimated. None are recommendations. The reference portfolios differ significantly in their objectives, liquidity needs, tax treatment, access, use of leverage, and investment horizon.

Last verified September 11, 2026

How the catalog is built

We preserve each displayed source category and label every allocation as an actual holding, policy target, survey composite, or research model. Research models remain explicitly separate from real institutions and survey cohorts. Source-native categories remain broad unless the source publishes a supported split.

Return labels preserve the source's denominator and method. Institutional results are total-fund returns; the RBC/Campden family-office figure is an estimated survey composite; the FOX result is a survey average; and research-firm figures are clearly labeled as either hypothetical modeled historical results or the firm's expected returns. Some peer surveys and research models publish allocation data without a matched portfolio return; those cards say Not disclosed rather than substituting an estimate. These return types are context, describing what each source reported — not a standardized basis for ranking sources against each other.

Endowments

Endowments

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Yale

Publisher
Yale University
Type
University endowment
Classification
Policy target, not actual holdings
Allocation as of
FY2020 (published September 2019)
Publication date
September 27, 2019
Publication status
Publish only as a historical target

Original reported categories

Absolute return
23%
Venture capital
21.5%
Leveraged buyouts
16.5%
Foreign equity
13.75%
Real estate
10%
Bonds and cash
7%
Natural resources
5.5%
Domestic equity
2.75%
Reported total
100%

Total fund return

Total fund return — not specific to this institution's alternatives allocation.

HorizonReturnPeriodBasisStatus
1yr5.7%Fiscal year ended June 30, 2019Net of fees; nominal/real basis not specifiedNot marked preliminary or final
10yr11.1%Ten years ended June 30, 2019Annualized; fee and nominal/real basis not specifiedNot marked preliminary or final
20yr11.4%Twenty years ended June 30, 2019Annualized; fee and nominal/real basis not specifiedNot marked preliminary or final

Yale has not published a comparably detailed current allocation in its recent public return releases. This is a historical target and must not be presented as Yale's current allocation.

Primary source

Last verified September 11, 2026

Endowments

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Harvard

Publisher
Harvard Management Company
Type
University endowment
Classification
Actual holding
Allocation as of
June 30, 2025
Publication date
October 2025
Publication status
Annual report; not marked preliminary

Original reported categories

Public equities
14%
Hedge funds
31%
Private equity
41%
Real estate
5%
Bonds/TIPS
4%
Other real assets
3%
Cash
3%
Reported total
101%

Total fund return

Total fund return — not specific to this institution's alternatives allocation.

HorizonReturnPeriodBasisStatus
1yr11.9%Fiscal year ended June 30, 2025Fee and nominal/real basis not specifiedAnnual report; not marked preliminary
8yr9.6%Current management team's eight-year tenure through FY2025Annualized; fee and nominal/real basis not specifiedAnnual report; not marked preliminary

Private-equity subcategories disclosed by Harvard are not split in the card’s source-native allocation list.

Primary source

Last verified September 11, 2026

Endowments

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NACUBO/Commonfund

Publisher
NACUBO/Commonfund
Type
Survey composite
Classification
Dollar-weighted allocation across 657 participating U.S. institutions
Allocation as of
June 30, 2025
Publication date
February 12, 2026
Publication status
Publishable with composite and taxonomy caveats

Original reported categories

Public equities
31.5%
Private/alternative strategies
54.5%
Fixed income
11%
Other
3%
Reported total
100%

Total fund return

Total fund return — not specific to this institution's alternatives allocation.

HorizonReturnPeriodBasisStatus
1yr10.9%Fiscal year ended June 30, 2025Average annualized net return across respondents; nominal/real basis not specifiedFinal FY2025 study results
3yr10.0%Three years ended June 30, 2025Average annualized net return across respondents; nominal/real basis not specifiedFinal FY2025 study results
5yr10.2%Five years ended June 30, 2025Average annualized net return across respondents; nominal/real basis not specifiedFinal FY2025 study results
10yr7.7%Ten years ended June 30, 2025Average annualized net return across respondents; nominal/real basis not specifiedFinal FY2025 study results
15yr8.5%Fifteen years ended June 30, 2025Average annualized net return across respondents; nominal/real basis not specifiedFinal FY2025 study results
20yr7.3%Twenty years ended June 30, 2025Average annualized net return across respondents; nominal/real basis not specifiedFinal FY2025 study results
25yr6.6%Twenty-five years ended June 30, 2025Average annualized net return across respondents; nominal/real basis not specifiedFinal FY2025 study results

Alternatives ranged from 12.5% for institutions under $50 million to 62.5% for institutions over $5 billion. The all-participant dollar-weighted allocation is not representative of a typical institution or individual investor.

Source notes

  • The formal release separately identifies private equity at 16.8%, marketable alternatives at 15.4%, and venture capital at 12.2%. Those categories total 44.4%, leaving 10.1 percentage points within the broad private/alternative bucket that the public release does not fully disaggregate. The tool therefore preserves the formal release’s broad 54.5% category instead of guessing at the remainder.
  • Some later Commonfund summaries use a narrower 44.8% “alternative strategies” taxonomy. It is not interchangeable with the formal release’s 54.5% “private/alternative strategies” grouping.

Primary sources

Last verified September 11, 2026

Endowments

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Stanford Merged Pool

Publisher
Stanford University
Type
University endowment investment pool
Classification
Policy target for the Merged Pool
Allocation as of
October 8, 2025
Publication date
October 8, 2025
Publication status
Official university publications; not marked preliminary

Original reported categories

Domestic Equity
8%
International Equity
15%
Private Equity
38%
Real Assets
10%
Absolute Return
19%
Fixed Income and Cash
10%
Reported total
100%

Total fund return

Total fund return — not specific to this institution's alternatives allocation.

HorizonReturnPeriodBasisStatus
1yr14.3%Fiscal year ended June 30, 2025Net of internal and external investment costs and before federal excise tax; nominal returnOfficial university release; not marked preliminary
5yr11.7%Five years ended June 30, 2025Annualized on the same disclosed net basisOfficial university release; not marked preliminary
10yr9.4%Ten years ended June 30, 2025Annualized on the same disclosed net basisOfficial university release; not marked preliminary

The allocation is a policy target dated one day after Stanford published the Merged Pool return through June 30, 2025. The two dates are shown separately and are not represented as same-day actual holdings.

Primary sources

Last verified September 11, 2026

Family Offices & Investor Networks

Family Offices & Investor Networks

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RBC/Campden North American family offices

Publisher
RBC and Campden Wealth
Type
Family-office survey composite
Classification
Survey composite across 141 North American family offices
Allocation as of
Calendar year 2024
Publication date
October 16, 2025
Publication status
Publishable with estimated-return methodology disclosed

Original reported categories

Cash and liquid assets
10%
Government bonds — developed markets
9%
Government bonds — developing markets
1%
Equities — developed markets
24%
Equities — developing markets
3%
Private equity — direct investments
9%
Private equity funds
11%
Venture capital
5%
Private credit/direct lending
4%
Real estate
18%
Hedge funds
3%
Commodities
1%
Gold/precious metals
1%
Forestry/agricultural land
1%
Cryptocurrency/digital assets
0%
Reported total
100%

Estimated portfolio return

Estimated survey composite — calculated from average asset-class returns and the average allocation, not a directly reported portfolio return.

HorizonReturnPeriodBasisStatus
202411%Calendar year 2024Estimated from average asset-class capital appreciation and income applied to the average allocation; fee basis not specifiedReport estimate; not a directly reported composite return

The allocation is an average across participating North American family offices, not a recommended portfolio or an investable composite. Individual family-office portfolios vary materially.

Source notes

  • The report estimates the 11% return by aggregating respondents' asset-class capital appreciation and income, then applying those averages to the average family-office allocation. It is not a directly reported, independently verified composite return.
  • The 2025 report covers 141 North American family offices with average AUM of $1.5 billion. The allocation and estimated return describe calendar 2024; the separately reported 5% figure is an expectation for 2025 and is not shown as performance.

Primary source

Last verified September 11, 2026

Family Offices & Investor Networks

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FOX China family offices

Publisher
Family Office Exchange
Type
Regional family-office survey composite
Classification
Average allocation across 24 China-based family offices
Allocation as of
Calendar year 2023
Publication date
November 20, 2024
Publication status
Publishable only with regional and small-sample caveats

Original reported categories

Cash and fixed income
41%
Public equity
21%
Real assets
15%
Private equity
17%
Hedge funds and other
6%
Reported total
100%

Average portfolio return

Survey average — the actual portfolio return reported by a small regional cohort, not an investable composite or institution-level result.

HorizonReturnPeriodBasisStatus
202312.7%Calendar year 2023Average actual investment return across the China cohort; fee and nominal/real basis not specifiedSurvey result; not marked preliminary or final

This regional case study covers only 24 China-based family offices, and some visuals may have fewer responses. It is useful as a distinct peer reference, not as a global or North American family-office norm.

Source notes

  • FOX reports broad category totals that sum to 100%. Combined categories remain combined rather than being split or mapped speculatively.
  • The source labels 12.7% as the average actual 2023 investment return and separately shows 2024 return targets. The targets are not presented as performance.

Primary source

Last verified September 11, 2026

Family Offices & Investor Networks

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TIGER 21 members

Publisher
TIGER 21
Type
High-net-worth individual investor network
Classification
Trailing-12-month aggregate of members’ individual Portfolio Defense allocations
Allocation as of
Q4 2024 (trailing 12 months)
Publication date
February 2025
Publication status
Public allocation-only peer reference; matched portfolio return not disclosed

Original reported categories

Real Estate
28%
Private Equity
28%
Public Equities
23%
Cash & Cash Equivalent
9%
Fixed Income
7%
Hedge Funds
2%
Miscellaneous
1%
Currencies
1%
Commodities
1%
Reported total
100%

Average portfolio return

Survey average — the actual portfolio return reported by a small regional cohort, not an investable composite or institution-level result.

Not disclosed

This is an aggregate of allocation decisions reported by individual high-net-worth TIGER 21 members, not an institutional portfolio, recommended allocation, or investable composite.

Source notes

  • TIGER 21 calculates each quarterly dataset on a trailing-12-month basis from members’ annual Portfolio Defense presentations; approximately one-twelfth of members generally report in a given month.
  • The public report does not disclose a matched realized member-portfolio return. AltTrack therefore shows the allocation as a peer reference and marks return as not disclosed.
  • AltTrack presents only the reported figures in its own format and links to TIGER 21’s original public report; it does not reproduce the report’s chart, design, or document.

Primary source

Last verified September 11, 2026

Family Offices & Investor Networks

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Goldman Sachs global family offices

Publisher
Goldman Sachs
Type
Global family-office survey composite
Classification
Average allocation across 245 family-office decision-makers globally
Allocation as of
2025 survey
Publication date
September 10, 2025
Publication status
Official public survey summary; matched portfolio return not disclosed

Original reported categories

Public Equities
31%
Private Equity
21%
Private Real Estate & Infrastructure
11%
Private Credit
4%
Hedge Funds
6%
Fixed Income
11%
Commodities
1%
Cash
12%
Reported total
97%

Average portfolio return

Survey average — the actual portfolio return reported by a small regional cohort, not an investable composite or institution-level result.

Not disclosed

This is an average across a global family-office survey, not an individual family office’s holdings, a recommended allocation, or an investable composite.

Source notes

  • The survey included 245 family-office decision-makers: 47% in the Americas, 26% in EMEA, and 27% in APAC. Goldman reports that 67% represented families with at least $1 billion of net worth.
  • The official release discloses the listed global allocation averages but no matched realized whole-portfolio return. AltTrack does not infer one.

Primary source

Last verified September 11, 2026

Family Offices & Investor Networks

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UBS global family offices

Publisher
UBS
Type
Global family-office survey composite
Classification
Average strategic allocation across 307 UBS family-office clients globally
Allocation as of
2025 strategic allocation
Publication date
May 28, 2026
Publication status
Official public survey report; matched portfolio return not disclosed

Original reported categories

Fixed income — developed markets
14%
Fixed income — emerging markets
3%
Equities — developed markets
27%
Equities — emerging markets
5%
Cash or cash equivalent
9%
Private equity — direct investments
8%
Private equity — funds / funds of funds
9%
Private debt
3%
Hedge funds
6%
Real estate
11%
Infrastructure
1%
Gold
2%
Precious metals excluding gold
0%
Commodities
1%
Art and antiques
1%
Reported total
100%

Average portfolio return

Survey average — the actual portfolio return reported by a small regional cohort, not an investable composite or institution-level result.

Not disclosed

This is the reported global average for very large family offices, not an individual investor’s allocation, a recommendation, or an investable composite.

Source notes

  • UBS surveyed 307 family-office clients across more than 30 markets from January 22 through March 30, 2026. Participating families had average net worth of $2.7 billion and their family offices managed $1.3 billion on average.
  • The report publishes the 2025 strategic allocation and planned 2026 allocation separately. AltTrack shows the reported 2025 allocation and does not treat the plan as actual holdings.
  • The report does not disclose a matched realized whole-portfolio return. AltTrack does not infer one.

Primary source

Last verified September 11, 2026

Family Offices & Investor Networks

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Capgemini global HNW investors

Publisher
Capgemini
Type
Global high-net-worth individual survey composite
Classification
Average asset mix across 3,119 surveyed high-net-worth individuals
Allocation as of
January 2024
Publication date
June 5, 2024
Publication status
Official public survey report; matched portfolio return not disclosed

Original reported categories

Cash and cash equivalents
25%
Fixed income
20%
Real estate
19%
Equities
21%
Alternative investments
15%
Reported total
100%

Average portfolio return

Survey average — the actual portfolio return reported by a small regional cohort, not an investable composite or institution-level result.

Not disclosed

This is a global average reported by individual high-net-worth respondents, including more than 1,300 ultra-high-net-worth respondents, not an institutional allocation or recommendation.

Source notes

  • Capgemini surveyed 3,119 HNWIs across 26 major wealth markets in January 2024. Its broad alternatives category includes commodities, currencies, private equity, hedge funds, structured products, and digital assets and cannot be split further from the public source.
  • The report discusses market returns and HNWI wealth growth but does not disclose a matched realized return for this surveyed portfolio allocation. AltTrack does not infer one.

Primary source

Last verified September 11, 2026

Family Offices & Investor Networks

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BofA wealthy Americans — ages 21–43

Publisher
Bank of America
Type
U.S. high-net-worth individual survey cohort
Classification
Average allocation of respondents ages 21–43 within a 1,007-person HNW survey
Allocation as of
2024 survey
Publication date
June 18, 2024
Publication status
Official public survey release; matched portfolio return not disclosed

Original reported categories

Alternatives
17%
Crypto
14%
Stock
28%
Bonds
19%
Cash
19%
Other
5%
Reported total
102%

Average portfolio return

Survey average — the actual portfolio return reported by a small regional cohort, not an investable composite or institution-level result.

Not disclosed

This is an age-cohort average reported by high-net-worth individuals making personal allocation decisions, not institutional holdings, a target allocation, or a recommendation.

Source notes

  • Escalent surveyed 1,007 U.S. respondents age 21 or older with at least $3 million in investable assets, excluding their primary residence. The source does not publish the age cohort’s separate respondent count.
  • The study does not disclose a matched realized portfolio return for this allocation. AltTrack does not infer one.

Primary source

Last verified September 11, 2026

Family Offices & Investor Networks

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BofA wealthy Americans — ages 44+

Publisher
Bank of America
Type
U.S. high-net-worth individual survey cohort
Classification
Average allocation of respondents age 44+ within a 1,007-person HNW survey
Allocation as of
2024 survey
Publication date
June 18, 2024
Publication status
Official public survey release; matched portfolio return not disclosed

Original reported categories

Alternatives
5%
Crypto
1%
Stock
55%
Bonds
19%
Cash
15%
Other
5%
Reported total
100%

Average portfolio return

Survey average — the actual portfolio return reported by a small regional cohort, not an investable composite or institution-level result.

Not disclosed

This is an age-cohort average reported by high-net-worth individuals making personal allocation decisions, not institutional holdings, a target allocation, or a recommendation.

Source notes

  • Escalent surveyed 1,007 U.S. respondents age 21 or older with at least $3 million in investable assets, excluding their primary residence. The source does not publish the age cohort’s separate respondent count.
  • The study does not disclose a matched realized portfolio return for this allocation. AltTrack does not infer one.

Primary source

Last verified September 11, 2026

Pensions & Sovereign Funds

Pensions & Sovereign Funds

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CalPERS

Publisher
CalPERS
Type
U.S. public pension
Classification
Actual holding
Allocation as of
April 30, 2026
Publication date
April 30, 2026
Publication status
Official monthly update

Original reported categories

Public equity
36.3%
Private equity
19.5%
Income
31.1%
Real assets
12.6%
Private debt
4.3%
Other trust level
2.7%

Total fund return

Total fund return — not specific to this institution's alternatives allocation.

HorizonReturnPeriodBasisStatus
1yr14.8%Fiscal year ended June 30, 2026Net investment return; nominal/real basis not specifiedPreliminary
5yr6.83%Five years ended June 30, 2026Annualized total-fund return in the net-return series; nominal/real basis not specifiedPreliminary
10yr8.57%Ten years ended June 30, 2026Annualized total-fund return in the net-return series; nominal/real basis not specifiedPreliminary
20yr6.81%Twenty years ended June 30, 2026Annualized total-fund return in the net-return series; nominal/real basis not specifiedPreliminary

'Income' is CalPERS' asset-class label and must not be mistaken for portfolio distributions. CalPERS launched a Total Portfolio Approach in July 2026; its former 40% private-markets target is historical and is not shown here.

Source notes

  • CalPERS uses a mutable URL for its latest monthly update. AltTrack should retain an archived copy or replace it with a stable board-packet attachment so the April 2026 evidence remains auditable after CalPERS updates the file.

Primary sources

Last verified September 11, 2026

Pensions & Sovereign Funds

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CPP Investments

Publisher
CPP Investments
Type
Canadian public pension
Classification
Actual holding
Allocation as of
March 31, 2025
Publication date
May 21, 2025
Publication status
Publishable

Original reported categories

Public equities
29%
Private equities
29%
Government bonds
15%
Credit
11%
Infrastructure
9%
Real estate
7%
Reported total
100%

Total fund return

Total fund return — not specific to this institution's alternatives allocation.

HorizonReturnPeriodBasisStatus
1yr9.3%Fiscal year ended March 31, 2025Net nominal returnAnnual report; not marked preliminary
5yr9.0%Five years ended March 31, 2025Annualized net nominal returnAnnual report; not marked preliminary
10yr8.3%Ten years ended March 31, 2025Annualized net nominal returnAnnual report; not marked preliminary

CPP Investments uses a hybrid implementation model spanning direct investments, co-investments and partners, secondary investments, and fund investments. The displayed actual combined-fund allocation is distinct from its leveraged strategic targets.

Source notes

  • CPP Investments has since reported FY2026 results. Refresh this entry from the complete FY2026 primary report when its full asset-class table is available; do not substitute an investment-department percentage for the asset-class allocation.

Primary source

Last verified September 11, 2026

Pensions & Sovereign Funds

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Coca-Cola U.S. pension plan

Publisher
The Coca-Cola Company
Type
Corporate defined-benefit pension
Classification
Target allocation for the U.S. qualified pension plan
Allocation as of
December 31, 2025 filing
Publication date
February 20, 2026
Publication status
Publishable at the disclosed broad-category level

Original reported categories

Equity securities
32%
Fixed-income securities
37%
Alternative investments
31%
Reported total
100%

Total fund return

Total fund return — not specific to this institution's alternatives allocation.

HorizonReturnPeriodBasisStatus
5yr3.8%Five years ended December 31, 2025Annualized; fee and nominal/real basis not specified2025 Form 10-K; not marked preliminary
10yr7.0%Ten years ended December 31, 2025Annualized; fee and nominal/real basis not specified2025 Form 10-K; not marked preliminary
15yr6.9%Fifteen years ended December 31, 2025Annualized; fee and nominal/real basis not specified2025 Form 10-K; not marked preliminary
Since inception9.8%Since inception through December 31, 2025Annualized; inception date, fee basis, and nominal/real basis not specified2025 Form 10-K; not marked preliminary

The company defines alternative investments as including hedge funds, reinsurance, private-equity limited partnerships, and real assets, but does not publish each component's percentage. Those broad categories are not split here.

Source notes

  • The fixed-income target is 57% long-duration bonds and 43% multi-strategy alternative credit managers. Because those managers may invest across high-yield bonds, bank loans, structured credit, and emerging-market debt, the 43% sub-allocation is not relabeled as private credit.

Primary source

Last verified September 11, 2026

Pensions & Sovereign Funds

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Norway Government Pension Fund Global

Publisher
Norges Bank Investment Management
Type
Sovereign wealth fund
Classification
Actual holding
Allocation as of
December 31, 2025
Publication date
February 27, 2026
Publication status
Audited annual report; final

Original reported categories

Listed equities
71.3%
Fixed income
26.5%
Unlisted real estate
1.7%
Unlisted renewable-energy infrastructure
0.4%
Reported total
99.9%

Total fund return

Total fund return — not specific to this institution's alternatives allocation.

HorizonReturnPeriodBasisStatus
1yr15.11%Calendar year ended December 31, 2025Before management costs; nominal return in the fund's currency basketAnnual report; not marked preliminary
5yr8.26%Five years ended December 31, 2025Annualized before management costs; nominal return in the fund's currency basketAnnual report; not marked preliminary
10yr8.47%Ten years ended December 31, 2025Annualized before management costs; nominal return in the fund's currency basketAnnual report; not marked preliminary
15yr8.05%Fifteen years ended December 31, 2025Annualized before management costs; nominal return in the fund's currency basketAnnual report; not marked preliminary
Since 19986.64%January 1, 1998 through December 31, 2025Annualized before management costs; nominal return in the fund's currency basketAnnual report; not marked preliminary

Norway had 2.1% combined in the two disclosed unlisted real-asset categories and no private-equity allocation.

Primary source

Last verified September 11, 2026

Pensions & Sovereign Funds

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New York State Common Retirement Fund

Publisher
New York State Common Retirement Fund
Type
U.S. public pension
Classification
Actual holding
Allocation as of
March 31, 2025
Publication date
June 6, 2025
Publication status
Final fiscal-year results; not marked preliminary

Original reported categories

Publicly traded equities
39.2%
Cash, bonds, and mortgages
23%
Private equity
14.9%
Real estate and real assets
14.1%
Credit, absolute return strategies, and opportunistic alternatives
8.8%
Reported total
100%

Total fund return

Total fund return — not specific to this institution's alternatives allocation.

HorizonReturnPeriodBasisStatus
1yr5.84%Fiscal year ended March 31, 2025Time-weighted total-fund return, gross of certain investment fees; nominal/real basis not specifiedFinal fiscal-year release; not marked preliminary
5yr10.6%Five years ended March 31, 2025Annualized time-weighted total-fund return, gross of certain investment fees; nominal/real basis not specifiedFinal fiscal-year release; not marked preliminary
10yr7.74%Ten years ended March 31, 2025Annualized time-weighted total-fund return, gross of certain investment fees; nominal/real basis not specifiedFinal fiscal-year release; not marked preliminary

The public release combines unlike exposures in two broad source-native categories. AltTrack preserves those labels instead of guessing at an internal split.

Primary sources

Last verified September 11, 2026

Pensions & Sovereign Funds

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CalSTRS

Publisher
CalSTRS
Type
U.S. public pension
Classification
Actual holding
Allocation as of
June 30, 2025
Publication date
September 3, 2025
Publication status
Official investment-committee report; not marked preliminary

Original reported categories

Public Equity
41.2%
Private Equity
15.1%
Real Estate
12.8%
Fixed Income
12%
Collaborative Strategies
1.8%
Inflation Sensitive
6.9%
Risk Mitigating Strategies
7.3%
Strategic Overlay
0%
Cash-Unallocated
2.8%
Futures Offset
0.1%
Reported total
100%

Total fund return

Total fund return — not specific to this institution's alternatives allocation.

HorizonReturnPeriodBasisStatus
1yr8.53%Year ended June 30, 2025Net of manager fees; nominal/real basis not specifiedOfficial committee report; not marked preliminary
3yr7.75%Three years ended June 30, 2025Annualized, net of manager fees; nominal/real basis not specifiedOfficial committee report; not marked preliminary
5yr9.47%Five years ended June 30, 2025Annualized, net of manager fees; nominal/real basis not specifiedOfficial committee report; not marked preliminary
10yr8.26%Ten years ended June 30, 2025Annualized, net of manager fees; nominal/real basis not specifiedOfficial committee report; not marked preliminary

The report notes that derivatives providing additional public-equity exposure are not included in the allocation table.

Primary source

Last verified September 11, 2026

Pensions & Sovereign Funds

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New York State Teachers’ Retirement System

Publisher
New York State Teachers’ Retirement System
Type
U.S. public pension
Classification
Actual holding
Allocation as of
June 30, 2025
Publication date
December 2, 2025
Publication status
Audited annual report; final

Original reported categories

Domestic Equity
32.8%
International Equity
15.6%
Global Equity
4.5%
Real Estate Equity
10.4%
Private Equity
9.8%
Domestic Fixed Income
14.8%
High-Yield Bonds
0.9%
Global Bonds
2%
Real Estate Debt
5.9%
Private Debt
1.9%
Cash Equivalents
1.4%
Reported total
100%

Total fund return

Total fund return — not specific to this institution's alternatives allocation.

HorizonReturnPeriodBasisStatus
1yr10.6%Fiscal year ended June 30, 2025Time-weighted, net of fees; nominal/real basis not specifiedAudited annual report; final
3yr10.3%Three years ended June 30, 2025Annualized, time-weighted, net of fees; nominal/real basis not specifiedAudited annual report; final
5yr10.0%Five years ended June 30, 2025Annualized, time-weighted, net of fees; nominal/real basis not specifiedAudited annual report; final
10yr8.4%Ten years ended June 30, 2025Annualized, time-weighted, net of fees; nominal/real basis not specifiedAudited annual report; final
20yr7.8%Twenty years ended June 30, 2025Annualized, net of fees; nominal/real basis not specifiedAudited annual report; final
30yr8.4%Thirty years ended June 30, 2025Annualized, net of fees; nominal/real basis not specifiedAudited annual report; final

The source separately reports real-estate equity and real-estate debt; AltTrack preserves both rather than combining them.

Primary source

Last verified September 11, 2026

Pensions & Sovereign Funds

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Teacher Retirement System of Texas

Publisher
Teacher Retirement System of Texas
Type
U.S. public pension
Classification
Actual holding
Allocation as of
August 31, 2025
Publication date
November 20, 2025
Publication status
Audited annual report; final

Original reported categories

Public Equity - All Country
37.16%
USA
0%
Non-US Developed
5.38%
Emerging Markets
0.97%
Private Equity
15.32%
Government Bonds - Nominal
8.7%
Government Bonds - Real
3.13%
Absolute Return
3.91%
Stable Value Hedge Funds
4.87%
Real Estate
13.42%
Energy, Natural Resources & Infrastructure
6.88%
Commodities
0.16%
Risk Parity
4.82%
Cash
1.95%

Total fund return

Total fund return — not specific to this institution's alternatives allocation.

HorizonReturnPeriodBasisStatus
1yr10.75%Year ended June 30, 2025Time-weighted total-fund return, net of feesAudited annual report; final
3yr7.88%Three years ended June 30, 2025Annualized time-weighted total-fund return, net of feesAudited annual report; final
5yr9.33%Five years ended June 30, 2025Annualized time-weighted total-fund return, net of feesAudited annual report; final
10yr7.78%Ten years ended June 30, 2025Annualized time-weighted total-fund return, net of feesAudited annual report; final

The ACFR return table is dated June 30, 2025 while the allocation is dated August 31, 2025. Both are for the same Pension Trust Fund, but the two-month date difference remains explicit.

Primary sources

Last verified September 11, 2026

Pensions & Sovereign Funds

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Virginia Retirement System

Publisher
Virginia Retirement System
Type
U.S. public pension
Classification
Actual holding
Allocation as of
June 30, 2025
Publication date
August 19, 2025
Publication status
Official quarterly report; not marked preliminary

Original reported categories

Public Equity
33.6%
Private Equity
16%
Real Assets
12.7%
Credit Strategies
15.2%
Diversifying Strategies
4.1%
Private Investment Partnerships
1.8%
Exposure Management Portfolio
0.8%
Fixed Income
15.2%
Cash
1.8%

Total fund return

Total fund return — not specific to this institution's alternatives allocation.

HorizonReturnPeriodBasisStatus
1yr9.9%Fiscal year ended June 30, 2025Net of fees; nominal/real basis not specifiedOfficial quarterly report; not marked preliminary
3yr8.6%Three years ended June 30, 2025Annualized, net of fees; nominal/real basis not specifiedOfficial quarterly report; not marked preliminary
5yr10.4%Five years ended June 30, 2025Annualized, net of fees; nominal/real basis not specifiedOfficial quarterly report; not marked preliminary
10yr8.1%Ten years ended June 30, 2025Annualized, net of fees; nominal/real basis not specifiedOfficial quarterly report; not marked preliminary
15yr8.9%Fifteen years ended June 30, 2025Annualized, net of fees; nominal/real basis not specifiedOfficial quarterly report; not marked preliminary
20yr7.4%Twenty years ended June 30, 2025Annualized, net of fees; nominal/real basis not specifiedOfficial quarterly report; not marked preliminary
25yr6.5%Twenty-five years ended June 30, 2025Annualized, net of fees; nominal/real basis not specifiedOfficial quarterly report; not marked preliminary

Private Investment Partnerships is a source-native mixed category. It is not reassigned to a single canonical private-market category.

Primary sources

Last verified September 11, 2026

Pensions & Sovereign Funds

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Pennsylvania Public School Employees’ Retirement System

Publisher
Pennsylvania Public School Employees’ Retirement System
Type
U.S. public pension
Classification
Actual holding
Allocation as of
June 30, 2025
Publication date
December 19, 2025
Publication status
Audited annual report; final

Original reported categories

Public Equity
31.3%
Private Equity
12.5%
Public Fixed Income
23.8%
Private Fixed Income
7.4%
Public Real Assets
10.3%
Private Real Assets
12%
Tail Risk Mitigation
0.1%
Opportunistic
1%
Total Net Leverage
1.6%
Reported total
100%

Total fund return

Total fund return — not specific to this institution's alternatives allocation.

HorizonReturnPeriodBasisStatus
1yr9.67%Fiscal year ended June 30, 2025Time-weighted, net of fees and investment and administrative expensesAudited annual report; final
3yr7.09%Three years ended June 30, 2025Annualized time-weighted net returnAudited annual report; final
5yr9.36%Five years ended June 30, 2025Annualized time-weighted net returnAudited annual report; final
10yr7.48%Ten years ended June 30, 2025Annualized time-weighted net returnAudited annual report; final

Total Net Leverage is positive in this snapshot and remains a separately labeled source-native category rather than being recast as an asset class.

Primary source

Last verified September 11, 2026

Pensions & Sovereign Funds

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Washington State Investment Board CTF

Publisher
Washington State Investment Board
Type
U.S. public pension commingled trust
Classification
Actual holding
Allocation as of
June 30, 2025
Publication date
September 29, 2025
Publication status
Audited fiscal-year report; final

Original reported categories

Fixed Income
15.3%
Tangible Assets
7.1%
Real Estate
18.5%
Public Equity
27.9%
Private Equity
28.5%
Innovation
1.2%
Cash
1.6%
Reported total
100.1%

Total fund return

Total fund return — not specific to this institution's alternatives allocation.

HorizonReturnPeriodBasisStatus
1yr9.04%Fiscal year ended June 30, 2025Net of all non-appropriated fees; nominal/real basis not specifiedAudited fiscal-year report; final
3yr7.58%Three years ended June 30, 2025Annualized, net of all non-appropriated feesAudited fiscal-year report; final
5yr11.05%Five years ended June 30, 2025Annualized, net of all non-appropriated feesAudited fiscal-year report; final
10yr9.31%Ten years ended June 30, 2025Annualized, net of all non-appropriated feesAudited fiscal-year report; final
20yr8.43%Twenty years ended June 30, 2025Annualized, net of all non-appropriated feesAudited fiscal-year report; final

The allocation table is the CTF by-asset-class view. The same report also shows an overlay-adjusted column; AltTrack does not blend the two presentations.

Primary sources

Last verified September 11, 2026

Pensions & Sovereign Funds

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Michigan State Employees’ Retirement System

Publisher
Michigan State Employees’ Retirement System
Type
U.S. public pension
Classification
Actual holding
Allocation as of
September 30, 2025
Publication date
March 5, 2026
Publication status
Audited annual report; final

Original reported categories

Domestic Equity Pools
22.1%
International Equity Pools
15.5%
Private Equity Pools
20.6%
Real Estate and Infrastructure Pools
8.5%
Fixed Income Pools
10.1%
Absolute Return Pools
9.3%
Real Return and Opportunistic Pools
9.2%
Short-Term Investment Pools
4.6%
Reported total
99.9%

Total fund return

Total fund return — not specific to this institution's alternatives allocation.

HorizonReturnPeriodBasisStatus
1yr9.59%Fiscal year ended September 30, 2025Money-weighted total-fund return, net of pension-plan investment expensesAudited annual report; final

Real Return and Opportunistic Pools is a combined source category and is not split or recast.

Primary sources

Last verified September 11, 2026

Pensions & Sovereign Funds

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Australia Future Fund

Publisher
Future Fund Management Agency
Type
Sovereign wealth fund
Classification
Actual holding
Allocation as of
June 30, 2025
Publication date
October 16, 2025
Publication status
Audited annual report; final

Original reported categories

Australian equities
10.8%
Global equities — Developed markets
25.8%
Global equities — Emerging markets
5.7%
Private equity
13.3%
Property
4.4%
Infrastructure and timberland
11.4%
Credit
8.9%
Alternatives
14.7%
Cash
5.1%
Reported total
100.1%

Total fund return

Total fund return — not specific to this institution's alternatives allocation.

HorizonReturnPeriodBasisStatus
1yr12.2%Year ended June 30, 2025Net of all costs; nominal returnAudited annual report; final
3yr9.1%Three years ended June 30, 2025Annualized, net of all costs; nominal returnAudited annual report; final
5yr9.4%Five years ended June 30, 2025Annualized, net of all costs; nominal returnAudited annual report; final
7yr8.1%Seven years ended June 30, 2025Annualized, net of all costs; nominal returnAudited annual report; final
10yr8.0%Ten years ended June 30, 2025Annualized, net of all costs; nominal returnAudited annual report; final
Since inception7.9%May 2006 through June 30, 2025Annualized, net of all costs; nominal returnAudited annual report; final

Returns are for the Future Fund itself, not the agency’s other separately mandated funds.

Primary source

Last verified September 11, 2026

Pensions & Sovereign Funds

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Australia Disaster Ready Fund

Publisher
Future Fund Management Agency
Type
Australian government investment fund
Classification
Actual holding
Allocation as of
June 30, 2025
Publication date
October 16, 2025
Publication status
Audited annual report; final

Original reported categories

Australian equities
5.6%
Global equities — Developed markets
13.4%
Global equities — Emerging markets
3%
Private equity
5.9%
Property
4.4%
Infrastructure
6.9%
Credit
20.8%
Alternatives
17.2%
Cash
22.9%
Reported total
100.1%

Total fund return

Total fund return — not specific to this institution's alternatives allocation.

HorizonReturnPeriodBasisStatus
1yr10.3%Year ended June 30, 2025Net of all costs; nominal returnAudited annual report; final
3yr8.1%Three years ended June 30, 2025Annualized, net of all costs; nominal returnAudited annual report; final
5yr7.5%Five years ended June 30, 2025Annualized, net of all costs; nominal returnAudited annual report; final
Since inception7.8%April 1, 2020 through June 30, 2025Annualized, net of all costs; nominal returnAudited annual report; final

This is a separately mandated Australian government fund managed by the Future Fund Management Agency, not the main Future Fund portfolio.

Primary source

Last verified September 11, 2026

Pensions & Sovereign Funds

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Housing Australia Future Fund

Publisher
Future Fund Management Agency
Type
Australian government investment fund
Classification
Actual holding
Allocation as of
June 30, 2025
Publication date
October 16, 2025
Publication status
Audited annual report; final

Original reported categories

Australian equities
5.6%
Global equities — Developed markets
13.4%
Global equities — Emerging markets
3%
Private equity
5.9%
Property
4.4%
Infrastructure
6.9%
Credit
20.8%
Alternatives
17.2%
Cash
22.8%
Reported total
100%

Total fund return

Total fund return — not specific to this institution's alternatives allocation.

HorizonReturnPeriodBasisStatus
1yr10.0%Year ended June 30, 2025Net of all costs; nominal returnAudited annual report; final
Since inception8.4%November 1, 2023 through June 30, 2025Annualized, net of all costs; nominal returnAudited annual report; final

This is a separately mandated Australian government fund managed by the Future Fund Management Agency, not the main Future Fund portfolio. Its short track record reflects a November 2023 inception.

Primary source

Last verified September 11, 2026

Pensions & Sovereign Funds

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New Zealand Superannuation Fund

Publisher
New Zealand Superannuation Fund
Type
Sovereign wealth fund
Classification
Actual holding
Allocation as of
June 30, 2025
Publication date
October 7, 2025
Publication status
Audited annual report; final

Original reported categories

Listed equities (3% Emerging Markets, 4% New Zealand, 47% Developed Markets)
54%
Fixed income (3% corporate debt securities, 5% other, 10% Treasury)
18%
Private Equity
5%
Real Estate
5%
Alternatives
8%
Infrastructure
4%
Rural and timber
5%
Other (cash and miscellaneous)
1%
Reported total
100%

Total fund return

Total fund return — not specific to this institution's alternatives allocation.

HorizonReturnPeriodBasisStatus
1yr11.84%Year ended June 30, 2025After costs and before New Zealand tax; nominal returnAudited annual report; final
5yr11.62%Five years ended June 30, 2025Annualized after costs and before New Zealand tax; nominal returnAudited annual report; final
10yr10.06%Ten years ended June 30, 2025Annualized after costs and before New Zealand tax; nominal returnAudited annual report; final
20yr9.92%Twenty years ended June 30, 2025Annualized after costs and before New Zealand tax; nominal returnAudited annual report; final
Since inception10.09%September 2003 through June 30, 2025Annualized after costs and before New Zealand tax; nominal returnAudited annual report; final

The report provides parenthetical detail within its broad listed-equity and fixed-income categories. Those source-native labels are retained rather than split into reconstructed slices.

Primary source

Last verified September 11, 2026

Pensions & Sovereign Funds

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Ontario Teachers’ Pension Plan

Publisher
Ontario Teachers’ Pension Plan
Type
Canadian public pension
Classification
Actual holding
Allocation as of
December 31, 2025
Publication date
March 12, 2026
Publication status
Audited annual report; final

Original reported categories

Public equity
18%
Private equity
19%
Venture growth
6%
Fixed income
23%
Commodities
12%
Natural resources
4%
Inflation hedge
4%
Real estate
10%
Infrastructure
13%
Credit
14%
Absolute return strategies
9%

Total fund return

Total fund return — not specific to this institution's alternatives allocation.

HorizonReturnPeriodBasisStatus
1yr6.7%Year ended December 31, 2025Net of transaction costs, management fees, and investment administrative costs; nominal returnAudited annual report; final
5yr6.6%Five years ended December 31, 2025Annualized net returnAudited annual report; final
10yr6.8%Ten years ended December 31, 2025Annualized net returnAudited annual report; final
Since 19909.2%January 1, 1990 through December 31, 2025Annualized net returnAudited annual report; final

Credit is retained as a source-native category and is not reassigned without a published split.

Primary source

Last verified September 11, 2026

Pensions & Sovereign Funds

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PSP Investments

Publisher
PSP Investments
Type
Canadian public-sector pension investment manager
Classification
Actual holding
Allocation as of
March 31, 2026
Publication date
June 16, 2026
Publication status
Official annual results; final

Original reported categories

Capital Markets
51.3%
Private Equity
12.2%
Credit Investments
10.9%
Infrastructure
10%
Real Estate
8.7%
Natural Resources
6.1%
Cash and cash equivalents
0.8%
Reported total
100%

Total fund return

Total fund return — not specific to this institution's alternatives allocation.

HorizonReturnPeriodBasisStatus
1yr6.5%Fiscal year ended March 31, 2026Net total-fund return; nominal basisOfficial annual results; final
5yr8.3%Five years ended March 31, 2026Annualized net total-fund return; nominal basisOfficial annual results; final
10yr8.8%Ten years ended March 31, 2026Annualized net total-fund return; nominal basisOfficial annual results; final

Capital Markets and Credit Investments are broad source-native categories. They are not subdivided without a published percentage split.

Primary sources

Last verified September 11, 2026

Pensions & Sovereign Funds

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OMERS

Publisher
OMERS
Type
Canadian public pension
Classification
Actual holding
Allocation as of
December 31, 2025
Publication date
March 6, 2026
Publication status
Audited annual report; final

Original reported categories

Government Bonds
10.8%
Public Credit
12.1%
Private Credit
14.4%
Public Equities
20.1%
Private Equities
17.4%
Infrastructure
22.1%
Real Estate
15%

Total fund return

Total fund return — not specific to this institution's alternatives allocation.

HorizonReturnPeriodBasisStatus
1yr6.0%Year ended December 31, 2025Net of investment expenses; nominal returnAudited annual report; final
5yr7.7%Five years ended December 31, 2025Annualized, net of investment expenses; nominal returnAudited annual report; final
10yr7.1%Ten years ended December 31, 2025Annualized, net of investment expenses; nominal returnAudited annual report; final

Public and private credit remain separate source-native categories, as disclosed in the annual report.

Primary sources

Last verified September 11, 2026

Pensions & Sovereign Funds

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Healthcare of Ontario Pension Plan

Publisher
Healthcare of Ontario Pension Plan
Type
Canadian public pension
Classification
Actual holding
Allocation as of
December 31, 2025
Publication date
March 10, 2026
Publication status
Audited annual report; final

Original reported categories

Capital markets
65%
Private markets
35%
Reported total
100%

Total fund return

Total fund return — not specific to this institution's alternatives allocation.

HorizonReturnPeriodBasisStatus
1yr7.7%Year ended December 31, 2025Net of all investment costs; nominal returnAudited annual report; final
10yr7.8%Ten years ended December 31, 2025Annualized, net of all investment costs; nominal returnAudited annual report; final
20yr8.4%Twenty years ended December 31, 2025Annualized, net of all investment costs; nominal returnAudited annual report; final

HOOPP publicly discloses a complete but unusually broad two-category allocation. Capital markets and private markets are preserved exactly and are not subdivided from narrative descriptions.

Primary sources

Last verified September 11, 2026

Pensions & Sovereign Funds

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La Caisse (CDPQ)

Publisher
La Caisse (CDPQ)
Type
Canadian public institutional investor
Classification
Actual holding
Allocation as of
December 31, 2024
Publication date
April 24, 2025
Publication status
Audited annual report; final

Original reported categories

Equity Markets
27.5%
Private Equity
19.1%
Rates
10.3%
Credit
21.7%
Short Term Investments
0.8%
Real Estate
8.9%
Infrastructure
13.6%
Asset Allocation
0.1%

Total fund return

Total fund return — not specific to this institution's alternatives allocation.

HorizonReturnPeriodBasisStatus
1yr9.4%Year ended December 31, 2024Weighted-average total-portfolio return, net of transaction and external-management fees but before operating and other fees; nominal returnAudited annual report; final
5yr6.2%Five years ended December 31, 2024Annualized on the same disclosed net basisAudited annual report; final
10yr7.1%Ten years ended December 31, 2024Annualized on the same disclosed net basisAudited annual report; final

CDPQ rebranded as La Caisse after this reporting period. The historical report name is retained so the citation remains auditable.

Primary sources

Last verified September 11, 2026

Pensions & Sovereign Funds

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Alaska Permanent Fund

Publisher
Alaska Permanent Fund Corporation
Type
U.S. sovereign permanent fund
Classification
Actual holding
Allocation as of
June 30, 2025
Publication date
October 14, 2025
Publication status
Audited annual report; final

Original reported categories

Public Equities
33%
Fixed Income
20%
Private Equity
17%
Real Estate
11%
Private Income
9%
Absolute Return
7%
Tactical Opportunities
1%
Cash
2%
Reported total
100%

Total fund return

Total fund return — not specific to this institution's alternatives allocation.

HorizonReturnPeriodBasisStatus
1yr9.35%Fiscal year ended June 30, 2025Total-fund return, net of fees; nominal/real basis not specifiedAudited annual report; final
5yr9.73%Five years ended June 30, 2025Annualized total-fund return, net of fees; nominal/real basis not specifiedAudited annual report; final
10yr8.08%Ten years ended June 30, 2025Annualized total-fund return, net of fees; nominal/real basis not specifiedAudited annual report; final
Since inception8.74%41.5 years through June 30, 2025Annualized total-fund return, net of fees; nominal/real basis not specifiedAudited annual report; final

Private Income and Tactical Opportunities are retained as source-native categories; AltTrack does not infer their internal strategy mix.

Primary sources

Last verified September 11, 2026

Pensions & Sovereign Funds

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Florida Retirement System Pension Plan

Publisher
State Board of Administration of Florida
Type
U.S. public pension
Classification
Actual holding
Allocation as of
June 30, 2025
Publication date
December 12, 2025
Publication status
Official statutory report; final and not marked preliminary

Original reported categories

Global Equity
48.8%
Fixed Income
20.4%
Real Estate
9.4%
Private Equity
9%
Strategic Investments
6%
Active Credit
5.4%
Cash Equivalents/Short Term
1.2%
Reported total
100.2%

Total fund return

Total fund return — not specific to this institution's alternatives allocation.

HorizonReturnPeriodBasisStatus
1yr10.32%Fiscal year ended June 30, 2025SBA managed return, net of feesOfficial statutory report; final and not marked preliminary
3yr9.44%Three years ended June 30, 2025Annualized SBA managed return, net of feesOfficial statutory report; final and not marked preliminary
5yr9.72%Five years ended June 30, 2025Annualized SBA managed return, net of feesOfficial statutory report; final and not marked preliminary
10yr8.06%Ten years ended June 30, 2025Annualized SBA managed return, net of feesOfficial statutory report; final and not marked preliminary

Strategic Investments and Active Credit remain source-native categories. Active Credit combines public and private exposures, so AltTrack does not recast it as private credit.

Primary sources

Last verified September 11, 2026

Sponsor & Managers

Sponsor & Managers

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Ares — Growth

Publisher
Ares Management
Type
Asset-manager research model
Classification
Hypothetical Ares model portfolio, not actual holdings
Allocation as of
June 2025 (modeled history begins December 2004)
Publication date
July 8, 2026
Publication status
Publishable with hypothetical-model and methodology caveats

Original reported categories

Public fixed income
20%
Public equity
20%
Private equity
20%
Private infrastructure
15%
Private real estate
12%
Alternative risk premia
13%
Reported total
100%

Modeled historical return

Hypothetical index-based model — not actual holdings, an investable portfolio, or product performance.

HorizonReturnPeriodBasisStatus
Modeled history~9%December 2004–June 2025Hypothetical index-based total return; underlying index returns reported net of fees and expensesIllustrative Ares model; not actual holdings or Ares product performance

This is Ares's own hypothetical model and stated analysis, not a real institution's holdings, a neutral market fact, an investable portfolio, or a recommendation from AltTrack.

Source notes

  • Ares describes this as a hypothetical example based on its views. It is not an actual client account, an investable portfolio, or the performance of an Ares product.
  • The modeled history uses index-level return streams from December 2004 through June 2025. Ares reports total returns with dividends reinvested and the underlying index returns net of fees and expenses.

Primary sources

Last verified September 11, 2026

Sponsor & Managers

↑ Return to top

Ares — Moderate Growth

Publisher
Ares Management
Type
Asset-manager research model
Classification
Hypothetical Ares model portfolio, not actual holdings
Allocation as of
June 2025 (modeled history begins December 2004)
Publication date
July 8, 2026
Publication status
Publishable with hypothetical-model and methodology caveats

Original reported categories

Public fixed income
30%
Public equity
11%
Private equity
15%
Private infrastructure
14%
Private real estate
13%
Private credit
5%
Alternative risk premia
12%
Reported total
100%

Modeled historical return

Hypothetical index-based model — not actual holdings, an investable portfolio, or product performance.

HorizonReturnPeriodBasisStatus
Modeled history~8%December 2004–June 2025Hypothetical index-based total return; underlying index returns reported net of fees and expensesIllustrative Ares model; not actual holdings or Ares product performance

This is Ares's own hypothetical model and stated analysis, not a real institution's holdings, a neutral market fact, an investable portfolio, or a recommendation from AltTrack.

Source notes

  • Ares describes this as a hypothetical example based on its views. It is not an actual client account, an investable portfolio, or the performance of an Ares product.
  • The modeled history uses index-level return streams from December 2004 through June 2025. Ares reports total returns with dividends reinvested and the underlying index returns net of fees and expenses.

Primary sources

Last verified September 11, 2026

Sponsor & Managers

↑ Return to top

Ares — Moderate Income

Publisher
Ares Management
Type
Asset-manager research model
Classification
Hypothetical Ares model portfolio, not actual holdings
Allocation as of
June 2025 (modeled history begins December 2004)
Publication date
July 8, 2026
Publication status
Publishable with hypothetical-model and methodology caveats

Original reported categories

Public fixed income
45%
Public equity
4%
Private equity
6%
Private infrastructure
12%
Private real estate
14%
Private credit
14%
Alternative risk premia
5%
Reported total
100%

Modeled historical return

Hypothetical index-based model — not actual holdings, an investable portfolio, or product performance.

HorizonReturnPeriodBasisStatus
Modeled history~7%December 2004–June 2025Hypothetical index-based total return; underlying index returns reported net of fees and expensesIllustrative Ares model; not actual holdings or Ares product performance

This is Ares's own hypothetical model and stated analysis, not a real institution's holdings, a neutral market fact, an investable portfolio, or a recommendation from AltTrack.

Source notes

  • Ares describes this as a hypothetical example based on its views. It is not an actual client account, an investable portfolio, or the performance of an Ares product.
  • The modeled history uses index-level return streams from December 2004 through June 2025. Ares reports total returns with dividends reinvested and the underlying index returns net of fees and expenses.

Primary sources

Last verified September 11, 2026

Sponsor & Managers

↑ Return to top

Ares — Income

Publisher
Ares Management
Type
Asset-manager research model
Classification
Hypothetical Ares model portfolio, not actual holdings
Allocation as of
June 2025 (modeled history begins December 2004)
Publication date
July 8, 2026
Publication status
Publishable with hypothetical-model and methodology caveats

Original reported categories

Public fixed income
53%
Private credit
22%
Private real estate
14%
Private infrastructure
11%
Reported total
100%

Modeled historical return

Hypothetical index-based model — not actual holdings, an investable portfolio, or product performance.

HorizonReturnPeriodBasisStatus
Modeled history~6%December 2004–June 2025Hypothetical index-based total return; underlying index returns reported net of fees and expensesIllustrative Ares model; not actual holdings or Ares product performance

This is Ares's own hypothetical model and stated analysis, not a real institution's holdings, a neutral market fact, an investable portfolio, or a recommendation from AltTrack.

Source notes

  • Ares describes this as a hypothetical example based on its views. It is not an actual client account, an investable portfolio, or the performance of an Ares product.
  • The modeled history uses index-level return streams from December 2004 through June 2025. Ares reports total returns with dividends reinvested and the underlying index returns net of fees and expenses.

Primary sources

Last verified September 11, 2026

Sponsor & Managers

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Blackstone — 30% Private Markets

Publisher
Blackstone
Type
Alternative-asset-manager educational model
Classification
Hypothetical Blackstone index-based portfolio illustration, not actual holdings
Allocation as of
December 31, 2023 (10-year modeled history)
Publication date
April 22, 2025
Publication status
Official public educational brochure; not marked preliminary

Original reported categories

Equity
45%
Fixed income
25%
Private equity
10%
Private credit
10%
Private real estate
10%
Reported total
100%

Modeled historical return

Hypothetical index-based model — not actual holdings, an investable portfolio, or product performance.

HorizonReturnPeriodBasisStatus
10yr7.4%January 1, 2014–December 31, 2023Hypothetical index-based annualized return; uniform fee basis not statedIllustrative historical model; not actual holdings or product performance

This is Blackstone's own hypothetical whole-portfolio model and stated analysis, not real client holdings, a neutral market fact, an investable portfolio, or a recommendation from AltTrack.

Source notes

  • Blackstone compares this illustrative portfolio with a traditional 60/40 portfolio. AltTrack records the model data in its own format and does not reproduce Blackstone’s charts or page design.
  • The annualized result uses quarterly index returns over the ten years ended December 31, 2023. The source does not state one uniform fee basis across the underlying public- and private-market indices.
  • The brochure does not print a publication date; April 22, 2025 is the Last-Modified date served by Blackstone for the official public PDF.

Primary source

Last verified September 11, 2026

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Blue Owl — Enhanced Income

Publisher
Blue Owl
Type
Alternative-asset-manager private-wealth research model
Classification
Hypothetical Blue Owl portfolio for a high-net-worth investor, not actual holdings
Allocation as of
December 31, 2023 (modeled history begins December 31, 2015)
Publication date
August 2024
Publication status
Official public research page; not marked preliminary

Original reported categories

Public equity
42%
Fixed income
28%
Private credit
15%
Private real estate
15%
Reported total
100%

Modeled historical return

Hypothetical index-based model — not actual holdings, an investable portfolio, or product performance.

HorizonReturnPeriodBasisStatus
Modeled history9.09%December 31, 2015–December 31, 2023Hypothetical index-based annualized return; uniform fee basis not statedIllustrative Blue Owl model; not actual holdings or product performance

This is Blue Owl's own hypothetical whole-portfolio model and stated analysis, not real client holdings, a neutral market fact, an investable portfolio, or a recommendation from AltTrack.

Source notes

  • Blue Owl starts from a 60/40 portfolio, reduces public equity and fixed income proportionally, and assigns 30% to an alternatives sleeve split equally between private credit and private real estate.
  • The modeled return uses public and private market indices over December 31, 2015 through December 31, 2023. The source does not state one uniform fee basis across those indices.

Primary source

Last verified September 11, 2026

Sponsor & Managers

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Blue Owl — Capital Appreciation

Publisher
Blue Owl
Type
Alternative-asset-manager private-wealth research model
Classification
Hypothetical Blue Owl portfolio for a high-net-worth investor, not actual holdings
Allocation as of
December 31, 2023 (modeled history begins December 31, 2015)
Publication date
August 2024
Publication status
Official public research page; not marked preliminary

Original reported categories

Public equity
42%
Fixed income
28%
Private equity
18%
Private credit
6%
Private real estate
6%
Reported total
100%

Modeled historical return

Hypothetical index-based model — not actual holdings, an investable portfolio, or product performance.

HorizonReturnPeriodBasisStatus
Modeled history10.48%December 31, 2015–December 31, 2023Hypothetical index-based annualized return; uniform fee basis not statedIllustrative Blue Owl model; not actual holdings or product performance

This is Blue Owl's own hypothetical whole-portfolio model and stated analysis, not real client holdings, a neutral market fact, an investable portfolio, or a recommendation from AltTrack.

Source notes

  • Blue Owl starts from a 60/40 portfolio, reduces public equity and fixed income proportionally, and assigns 30% to an alternatives sleeve comprising 60% private equity, 20% private credit, and 20% private real estate.
  • The modeled return uses public and private market indices over December 31, 2015 through December 31, 2023. The source does not state one uniform fee basis across those indices.

Primary source

Last verified September 11, 2026

Sponsor & Managers

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Blue Owl — Diversified Alternatives

Publisher
Blue Owl
Type
Alternative-asset-manager private-wealth research model
Classification
Hypothetical Blue Owl portfolio for a high-net-worth investor, not actual holdings
Allocation as of
December 31, 2023 (modeled history begins December 31, 2015)
Publication date
August 2024
Publication status
Official public research page; not marked preliminary

Original reported categories

Public equity
42%
Fixed income
28%
Private equity
10%
Private credit
10%
Private real estate
10%
Reported total
100%

Modeled historical return

Hypothetical index-based model — not actual holdings, an investable portfolio, or product performance.

HorizonReturnPeriodBasisStatus
Modeled history9.86%December 31, 2015–December 31, 2023Hypothetical index-based annualized return; uniform fee basis not statedIllustrative Blue Owl model; not actual holdings or product performance

This is Blue Owl's own hypothetical whole-portfolio model and stated analysis, not real client holdings, a neutral market fact, an investable portfolio, or a recommendation from AltTrack.

Source notes

  • Blue Owl starts from a 60/40 portfolio, reduces public equity and fixed income proportionally, and assigns 30% equally to private equity, private credit, and private real estate.
  • The modeled return uses public and private market indices over December 31, 2015 through December 31, 2023. The source does not state one uniform fee basis across those indices.

Primary source

Last verified September 11, 2026

Sponsor & Managers

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Neuberger Berman — Volatility Control

Publisher
Neuberger Berman
Type
Asset-manager committed-capital liquidity model
Classification
Hypothetical Neuberger Berman liquid commitments portfolio, not a whole investor portfolio or actual holdings
Allocation as of
November 30, 2021
Publication date
February 2022
Publication status
Official public white paper; not marked preliminary

Original reported categories

Equity
15%
Fixed income
80%
Liquid alternatives
0%
Uncorrelated diversifiers
0%
Cash
5%
Reported total
100%

Modeled expected return

The research firm's hypothetical expected return — not actual holdings, realized performance, an investable portfolio, or an AltTrack forecast.

HorizonReturnPeriodBasisStatus
Expected1.89%Capital market assumptions as of November 30, 2021Hypothetical expected return, gross of fees; net returns would be lowerIllustrative Neuberger Berman model; not a promise or prediction

This is Neuberger Berman's own hypothetical committed-capital liquidity-portfolio model and stated analysis, not real client holdings, a neutral market fact, an investable portfolio, or a recommendation from AltTrack.

Source notes

  • This model covers the liquid assets reserved to fund private-market commitments; it is not the investor’s full portfolio or the private investments themselves.
  • Neuberger Berman characterizes the model’s expected return as low/moderate and publishes a numerical capital-market-assumption result of 1.89%, gross of fees.

Primary source

Last verified September 11, 2026

Sponsor & Managers

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Neuberger Berman — SAA Carveout

Publisher
Neuberger Berman
Type
Asset-manager committed-capital liquidity model
Classification
Hypothetical Neuberger Berman liquid commitments portfolio, not a whole investor portfolio or actual holdings
Allocation as of
November 30, 2021
Publication date
February 2022
Publication status
Official public white paper; not marked preliminary

Original reported categories

Equity
35%
Fixed income
40%
Liquid alternatives
10%
Uncorrelated diversifiers
10%
Cash
5%
Reported total
100%

Modeled expected return

The research firm's hypothetical expected return — not actual holdings, realized performance, an investable portfolio, or an AltTrack forecast.

HorizonReturnPeriodBasisStatus
Expected3.78%Capital market assumptions as of November 30, 2021Hypothetical expected return, gross of fees; net returns would be lowerIllustrative Neuberger Berman model; not a promise or prediction

This is Neuberger Berman's own hypothetical committed-capital liquidity-portfolio model and stated analysis, not real client holdings, a neutral market fact, an investable portfolio, or a recommendation from AltTrack.

Source notes

  • This model covers the liquid assets reserved to fund private-market commitments; it is not the investor’s full portfolio or the private investments themselves.
  • Neuberger Berman characterizes the model’s expected return as moderate/high and publishes a numerical capital-market-assumption result of 3.78%, gross of fees.

Primary source

Last verified September 11, 2026

Sponsor & Managers

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Neuberger Berman — Proxy

Publisher
Neuberger Berman
Type
Asset-manager committed-capital liquidity model
Classification
Hypothetical Neuberger Berman liquid commitments portfolio, not a whole investor portfolio or actual holdings
Allocation as of
November 30, 2021
Publication date
February 2022
Publication status
Official public white paper; not marked preliminary

Original reported categories

Equity
10%
Fixed income
10%
Liquid alternatives
65%
Uncorrelated diversifiers
10%
Cash
5%
Reported total
100%

Modeled expected return

The research firm's hypothetical expected return — not actual holdings, realized performance, an investable portfolio, or an AltTrack forecast.

HorizonReturnPeriodBasisStatus
Expected6.8%Capital market assumptions as of November 30, 2021Hypothetical expected return, gross of fees; net returns would be lowerIllustrative Neuberger Berman model; not a promise or prediction

This is Neuberger Berman's own hypothetical committed-capital liquidity-portfolio model and stated analysis, not real client holdings, a neutral market fact, an investable portfolio, or a recommendation from AltTrack.

Source notes

  • This model covers the liquid assets reserved to fund private-market commitments; it is not the investor’s full portfolio or the private investments themselves.
  • Neuberger Berman characterizes the model’s expected return as high/very high and publishes a numerical capital-market-assumption result of 6.8%, gross of fees.

Primary source

Last verified September 11, 2026

Sponsor & Managers

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iCapital — Expanded Portfolio with Alternatives

Publisher
iCapital
Type
Alternative-investment platform research model
Classification
Hypothetical iCapital model portfolio, not actual holdings
Allocation as of
April 30, 2025 (20-year analysis through December 2024)
Publication date
October 27, 2025
Publication status
Official public article preview; model return not disclosed in the public preview

Original reported categories

Equities
50%
Fixed income
25%
Private equity
15%
Private credit
5%
Hedge fund
5%
Reported total
100%

Modeled historical return

Hypothetical index-based model — not actual holdings, an investable portfolio, or product performance.

Not disclosed

This is iCapital's own hypothetical whole-portfolio model and stated analysis, not real client holdings, a neutral market fact, an investable portfolio, or a recommendation from AltTrack.

Source notes

  • The public preview publishes the complete allocation and the traditional 60/40 comparison return, but withholds the expanded model’s result behind the full-guide download. AltTrack does not substitute the baseline return or infer the missing model return.
  • AltTrack records the allocation figures in its own data format and links to iCapital’s original page; it does not reproduce the source chart or guide.

Primary source

Last verified September 11, 2026

Sponsor & Managers

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Apollo — 20% Private Markets

Publisher
Apollo
Type
Alternative-asset-manager research model
Classification
Hypothetical Apollo index-based whole-portfolio model, not actual holdings
Allocation as of
June 30, 2025 (modeled history begins December 31, 2006)
Publication date
January 28, 2026
Publication status
Official public research report; exact blended return not published as text

Original reported categories

Public equity
48%
Public fixed income
32%
Private equity and secondaries
10%
Private debt and direct lending
9%
Private infrastructure
1%
Private real estate
1%
Reported total
100%

Modeled historical return

Hypothetical index-based model — not actual holdings, an investable portfolio, or product performance.

Not disclosed

This is Apollo's own hypothetical whole-portfolio model and stated analysis, not real client holdings, a neutral market fact, an investable portfolio, or a recommendation from AltTrack.

Source notes

  • Apollo publishes a sequence of hypothetical portfolios that replace public stocks and bonds proportionally with private equity, private debt, infrastructure, and real estate.
  • Exact blended returns for the intermediate public/private models appear only graphically in the report. AltTrack records no return rather than transcribing an imprecise value.

Primary source

Last verified September 11, 2026

Sponsor & Managers

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Apollo — 40% Private Markets

Publisher
Apollo
Type
Alternative-asset-manager research model
Classification
Hypothetical Apollo index-based whole-portfolio model, not actual holdings
Allocation as of
June 30, 2025 (modeled history begins December 31, 2006)
Publication date
January 28, 2026
Publication status
Official public research report; exact blended return not published as text

Original reported categories

Public equity
36%
Public fixed income
24%
Private equity and secondaries
21%
Private debt and direct lending
16%
Private infrastructure
1%
Private real estate
1%
Reported total
100%

Modeled historical return

Hypothetical index-based model — not actual holdings, an investable portfolio, or product performance.

Not disclosed

This is Apollo's own hypothetical whole-portfolio model and stated analysis, not real client holdings, a neutral market fact, an investable portfolio, or a recommendation from AltTrack.

Source notes

  • Apollo publishes a sequence of hypothetical portfolios that replace public stocks and bonds proportionally with private equity, private debt, infrastructure, and real estate.
  • Exact blended returns for the intermediate public/private models appear only graphically in the report. AltTrack records no return rather than transcribing an imprecise value.

Primary source

Last verified September 11, 2026

Sponsor & Managers

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Apollo — 60% Private Markets

Publisher
Apollo
Type
Alternative-asset-manager research model
Classification
Hypothetical Apollo index-based whole-portfolio model, not actual holdings
Allocation as of
June 30, 2025 (modeled history begins December 31, 2006)
Publication date
January 28, 2026
Publication status
Official public research report; exact blended return not published as text

Original reported categories

Public equity
24%
Public fixed income
16%
Private equity and secondaries
32%
Private debt and direct lending
25%
Private infrastructure
2%
Private real estate
2%
Reported total
100%

Modeled historical return

Hypothetical index-based model — not actual holdings, an investable portfolio, or product performance.

Not disclosed

This is Apollo's own hypothetical whole-portfolio model and stated analysis, not real client holdings, a neutral market fact, an investable portfolio, or a recommendation from AltTrack.

Source notes

  • Apollo publishes a sequence of hypothetical portfolios that replace public stocks and bonds proportionally with private equity, private debt, infrastructure, and real estate.
  • Exact blended returns for the intermediate public/private models appear only graphically in the report. AltTrack records no return rather than transcribing an imprecise value.

Primary source

Last verified September 11, 2026

Sponsor & Managers

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Apollo — 80% Private Markets

Publisher
Apollo
Type
Alternative-asset-manager research model
Classification
Hypothetical Apollo index-based whole-portfolio model, not actual holdings
Allocation as of
June 30, 2025 (modeled history begins December 31, 2006)
Publication date
January 28, 2026
Publication status
Official public research report; exact blended return not published as text

Original reported categories

Public equity
12%
Public fixed income
8%
Private equity and secondaries
42%
Private debt and direct lending
32%
Private infrastructure
2%
Private real estate
2%
Reported total
100%

Modeled historical return

Hypothetical index-based model — not actual holdings, an investable portfolio, or product performance.

Not disclosed

This is Apollo's own hypothetical whole-portfolio model and stated analysis, not real client holdings, a neutral market fact, an investable portfolio, or a recommendation from AltTrack.

Source notes

  • Apollo publishes a sequence of hypothetical portfolios that replace public stocks and bonds proportionally with private equity, private debt, infrastructure, and real estate.
  • Exact blended returns for the intermediate public/private models appear only graphically in the report. AltTrack records no return rather than transcribing an imprecise value.

Primary source

Last verified September 11, 2026

Every published record retains its historical as-of date when refreshed, so a changed entry does not silently overwrite a prior snapshot.

Disclaimer

Allocation figures shown are based on each source's public disclosures, sourced and dated for each entry. Institutional and survey allocations may not reflect current allocations, which can change over time; sponsor and manager models are hypothetical analyses, not actual holdings. None are independently verified by AltTrack. Categories, return methods, and definitions vary by source and are not standardized across entries — figures from different entries should not be treated as measured on the same basis. AltTrack is not affiliated with, endorsed by, or connected to any institution, survey provider, sponsor, or manager referenced on this page. This content is provided for general informational and educational purposes only and does not constitute investment advice or a recommendation regarding your own portfolio.