States Sorted by Total Assets Under Management and Share of Investments in Alternatives Where are the highest concentration of assets in alternatives, 2025 CaliforniaNew YorkTexasOhioIllinoisFloridaWashingtonWisconsinGeorgiaPennsylvaniaNorth CarolinaVirginiaMichiganNew JerseyMinnesotaMassachusettsMissouriOregon33 Other States & D.C. >50%41 - 50%31 - 40%21 - 30%Under 20%Grouped (smaller states) 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.