Almost all of them. They manage their portfolios like most other large fund managers albeit with a slight preference towards lower risk assets to ensure their short/medium term pension obligations are met, but they will almost always have an alternative investment bucket which VC will be a part of. They're also not interested in doing direct investments, so they'll diversify their early stage risk by investing in a couple of the more successful, established VC funds who spread the bets for them.

Quite a few. Due to underfunding they are under a lot of pressure to produce higher returns so they invest into VC and private equity.

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.