Global pension funds were slightly above their target allocation to private equity as of Sept. 22, according to S&P Global Market Intelligence data.

Across 352 global pension funds, the median target allocation was $265.5 million and the median actual allocation was $270.5 million, suggesting that, in aggregate, pension funds had a $5 million net overallocation to private equity as of Sept. 22.

Comparatively, pension funds had a $6.4 million net underallocation to private equity as of June 19.

– Download a spreadsheet with data featured in this story. – Read about global private equity activity in August. – Explore more private equity coverage.

California Public Employees' Retirement System (CalPERS) continued to have the largest underallocation and is $6.83 billion short of its $60.03 billion target.

Swedish fund Sjunde AP-fonden had the next-biggest underallocation at $4.62 billion, against its $7.69 billion target.

New York State Common Retirement Fund again recorded the largest overallocation among pension funds, at $11.69 billion. California State Teachers' Retirement System (CalSTRS) came next with an $8.07 billion overallocation.

Private equity funds worldwide slid 20.5% to $444.65 billion in the first half from $559.02 billion in the same period a year ago. The slump in fundraising was attributed to short cash supply among limited partners.

"Buyout funds alone are sitting on a record $2.8 trillion in unexited assets — over four times the level held during the global financial crisis. That has precipitated a liquidity crunch for limited partners that has contributed to the industry's abrupt skid in fundraising over the past 12 months," Bain & Co. said in its latest midyear private equity report.

Top allocators

CalPERS and CalSTRS had the largest private equity allocation at $53.19 billion and $49.83 billion, respectively, as of Sept. 22.

Burlington Employees' Retirement System, Maynard Contributory Retirement System and City of Franklin Employees' Pension Plan and Trust recorded the lowest allocation to private equity, at $1 million each.