The nation's largest public pension system is reshuffling its private equity playbook. They're pumping more capital into fast-growing startups and early-stage companies—a significant pivot that signals where big institutional money is heading next. This kind of portfolio reallocation from a mega-fund carrying billions in assets sends a strong signal to the market. When the heavy hitters start rotating capital toward growth-stage plays, it typically reflects broader confidence in the emerging company landscape and evolving return expectations. The timing here matters too—as alternative assets and venture plays continue reshaping institutional portfolios, moves like this often precede noticeable shifts in deal flow and valuations across the startup ecosystem.