BRIEF | State and Local Pension Funds Have at Least $578 Billion Invested in AI Companies

Equable Institute released a new brief highlighting the level of exposure public pension funds have to artificial intelligence and related companies through the second quarter of 2026.

Per Equable’s review of public pensions’ 13F filings, quarterly reports disclosing portfolio holdings, it’s estimated that state and local pensions have at least $578.1 billion invested in AI companies, representing at least 9% of all pension assets. However, this analysis takes into account only reported public equity investments and is limited to a basket of 52 AI-related holdings, so these exposure numbers should be treated as a lower-bound estimate.

Equable estimates the level of exposure is likely significantly higher when private equity and credit investments and ancillary holdings related to artificial intelligence are included.

For all the details, download the brief below.