lots of them allocate a percentage to alternatives, and with a low-return environment, there was a push to keep doing it. However, there's also been a counter movement of pensions moving cash out of alternatives due to mediocre performance after fees are accounted for.

It's a mixed bag really, a lot of it has to do with pensions sometimes being run by untrained elected officials, or them buying whatever bs a pe or hedge fund shop is selling them.