There is a wide variance in how much local and state pension fundshave invested in alternatives Share of Total Assets Invested in Alternatives Based on 2025 Asset Allocations and Asset Values CANYTXOHILFLWAWIGAPANCVAMIMNMOORAZCOTNNVLAUTALINSCIAKYOKARNMMSKSHIIDNEMEWVAKSDMTWYNDNortheast states shown separatelyVTNHMARICTNJDEMDDC >50%41 - 50%31 - 40%21 - 30%Under 20% Source: Equable Institute analysis of public plan valuation reports and ACFRs. “Alternative” investments include private capital, hedge funds, real estate, commodities, and tactical asset allocations. Download the data here.