The share of pension fund assets exposed to "valuation risk" has tripled since
the Global Financial Crisis
Share of "Valuation Priced" Assets Compared to "Market Priced" Assets, 2001-2025
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$ Trillions
0%
5%
10%
15%
20%
25%
30%
Share of Assets in Alternatives
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Market Priced Assets
Valuation (Smoothed) Priced Assets
Valuation Risk (% of Market Assets)
Source: Equable Institute analysis of public plan valuation reports and ACFRs. “Valuation Priced” investments include assets defined by public plans as private equity, private debt, real estate, or hedge fund.
Download the data here.