|Limited Partner Portfolios|
Limited partners report their fund holdings in their Comprehensive Annual Financial Reports. AUM 13F tracks their portfolios over multiple CAFRs. In the timeline column, a grey dot means a fund did not appear in the CAFR and a blue dot means a fund did appear in the CAFR.
Limited partners invest in funds raised by general partners. Limited partners include pension funds, sovereign wealth funds, university endowments, and insurance companies.
When a general partner raises a fund, limited partners commit capital to the fund. When the general partner has a use for the capital, they issue a capital call and receive the capital from the limited partners.
Limited partners typically hire investment consultants and diversify over 50 to 200 funds. Some also encourage new funds such as Teacher Retirement System of Texas's Emerging Manager Program.