State Street Corp. said assets under administration serviced by its private-equity fund team increased 60% last year.

The Boston company said Wednesday it provided full-service fund administration services to more than 400 funds and more than $138 billion of assets as of Dec. 31.

According to a survey that State Street conducted in the fourth quarter of institutional investors with more than $1 trillion of total assets, 20% had allocated more than 10% of their portfolios to private equity, and 33% had allocated more than 5%.

Over the next 12 months, 49% of institutional investors plan to increase their allocations to private-equity funds, according to the survey.

State Street's private-equity services arm is part of its alternative investment solutions group, which has more than 2,400 employees.

State Street had $12 trillion of assets under custody, including $1.4 trillion under management, as of Dec. 31.

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