Global pension funds were slightly below their aggregate median target allocation to private equity in the second quarter.

The median target allocation across 338 pension funds worldwide was $279.9 million, and the median actual allocation was $269.7 million, S&P Global Market Intelligence data shows. This suggests that, in total, pension funds had a $10.2 million net underallocation to private equity as of July 1.

The underallocation as of the end of the second quarter grew from the $3.6 million net underallocation to private equity as of April 2.

Over and under

New York State Common Retirement Fund continued to have the largest overallocation among pension funds, at $12.31 billion.

Canadian pension fund Public Sector Pension Investment Board came in second with a $6.3 billion overallocation.

– Download a spreadsheet with data in this story. – Read about healthcare sector risks in the second quarter. – Read about private equity investments in the real estate sector.

Mexican fund Afore XXI SA de CV recorded the largest underallocation, which was $9.27 billion short of its $12.36 billion target.

Sjunde AP-fonden had the second biggest underallocation. The Swedish pension fund had an $8.56 billion target and an actual allocation of $3.42 billion.

Top allocators

California Public Employees' Retirement System recorded the largest private equity allocation at $78.26 billion. California State Teachers' Retirement System followed with $51.94 billion.

Brazilian fund Instituto de Previdência Dos Servidores Públicos do Município de Assis recorded the lowest allocation to private equity at $180,000, against its $550,000 target.