Indiana Judges' Retirement System

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Indiana Judges' Retirement System
Basic facts
Location:	Indianapolis, Indiana
Top official:	Bret Swanson, chair
Active members:	480
Website:	Official website
Total assets under management
2023:	$674,766,000

See also: Public pensions in Indiana

The Indiana Judges' Retirement System (JRS) is a Indiana state pension fund that provides retirement, disability, and survivor benefits to the state's judges serving in eligible courts and receiving state salaries. JRS had $674,766,000 ($674.8 million) in total assets under management as of June 30, 2023.

The management of public pension funds can indicate support or opposition to environmental, social, and corporate governance (ESG) investment practices. ESG investing considers the extent to which corporations align with and promote certain non-financial standards, such as net carbon emission or corporate board diversity goals. States typically hire asset management companies (AMCs) to direct pension plan investments, some of which have ESG commitments that guide their strategies.

This article features the following sections:

• Background: Information about the structure and functions of JRS.
• Pension performance overview: Overview of the funding level and assets managed by JRS.
• Assets and asset management: Information about the asset management companies (AMCs) that contract with JRS, including a list of contracting AMCs that are participants in the Net Zero Asset Managers Initiative and the Climate Action 100+ initiative.
• Governance and accountability: Details about JRS's oversight board, including members and selection.

Background

See also: Public pensions

The Indiana Judges' Retirement System (JRS) invests the assets of and provides funding for the retirement of Indiana judges serving in eligible courts and receiving state salaries. JRS is a sub-fund within the Indiana Public Retirement System. It operates two plans, one for those who served before September 1, 1985, titled the 77JRS plan, and one for those who began serving after August 31, 1985, titled the 85JRS plan.

JRS served over 480 active members and approximately 426 retirees and beneficiaries as of June 30, 2023.

Pension performance overview

The following table features information about the funding level and assets managed by the Indiana Judges' Retirement System as of June 30, 2023:

Indiana Judges' Retirement System pension performance (June 30, 2023)
Fiscal year	Percent funded	Unfunded liabilities	Total assets
2023	92.7%	$53,371,000	$674,766,000

Assets and asset management

Asset management companies (AMCs) are hired to manage asset investment for state pension funds across all 50 states.

As of October 2024, 330 AMCs were members of the Net Zero Asset Managers Initiative (NZAM), and 391 AMCs were investor participants in the Climate Action 100+ initiative. Both international asset manager initiatives aimed to align the investment decisions of signatories with the goal of achieving net zero greenhouse gas emissions by 2050.

NZAM announced on January 13, 2025, that it was suspending operations and removing the commitment statement and list of signatories from its website. The group said in a statement it would reevaluate its plans and operations in light of “[r]ecent developments in the U.S. and different regulatory and client expectations in investors’ respective jurisdictions.”

List of AMCs contracting with the Indiana Judges' Retirement System

The Indiana Judges' Retirement System (JRS) is a sub-fund within the Indiana Public Retirement System (INPRS). INPRS administers JRS, among other retirement and benefit plans for the governmental workers of Indiana. JRS does not contract with its own AMCs; the AMCs for INPRS account for all the pension plans it administers.

INPRS contracted with 231 asset management companies (AMCs) or specific funds as of December 5, 2024. Of those companies, 17 were investor participants in Climate Action 100+, and 12 were members of NZAM, as of October 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with INPRS:

Indiana Judges' Retirement System (JRS) asset management companies Click on a column header below to sort the list of asset managers.
AMC name	Investment type	Assets under management	Percentage of total fund assets	NZAM Initiative signatory as of October 2024	Climate Action 100+ signatory as of October 2024
Acadian Asset Management	Public Equity Managers;			Yes	Yes
Parametric	Public Equity Managers;			No	Yes
RhumbLine Advisers	Public Equity Managers;			No	No
Leading Edge Investment Advisors	Public Equity Managers;			No	No
TimesSquare Capital Management, LLC	Public Equity Managers;			No	No
Altrinsic Global Advisors, LLC	Public Equity Managers;			No	No
Baillie Gifford & Company	Public Equity Managers;			Yes	Yes
BlackRock Inc.	Public Equity Managers;			No	No
Arrowstreet Capital, LP	Public Equity Managers;			No	No
352 Capital	Private Markets Managers;			No	No
400 Capital Management	Private Markets Managers;			No	No
A.M. Pappas & Associates	Private Markets Managers;			No	No
ABRY Partners	Private Markets Managers;			No	No
Accel-KKR	Private Markets Managers;			No	No
Actis Capital	Private Markets Managers;			Yes	No
Advanced Technology Ventures	Private Markets Managers;			No	No
Advent International	Private Markets Managers;			No	No
Aisling Capital	Private Markets Managers;			No	No
AlpInvest Partners	Private Markets Managers;			No	No
Apax Partners	Private Markets Managers;			No	No
Apollo Global Management	Private Markets Managers;			No	No
ARCH Venture Partners	Private Markets Managers;			No	No
Ares Management	Private Markets Managers;			No	No
Ascribe Capital	Private Markets Managers;			No	No
Atalaya Capital Management	Private Markets Managers;			No	No
Austin Ventures	Private Markets Managers;			No	No
Bain Capital Partners	Private Markets Managers;			No	No
Barings	Private Markets Managers;			No	Yes
Baring Private Equity Asia (BPEA)	Private Markets Managers;			No	No
Bertram Capital	Private Markets Managers;			No	No
Black Diamond Capital Management	Private Markets Managers;			No	No
BlackFin Capital Partners	Private Markets Managers;			No	No
Blackstone Group	Private Markets Managers;			No	No
Bregal Sagemount	Private Markets Managers;			Yes	No
Brentwood Associates	Private Markets Managers;			No	No
Butterfly Equity Partners	Private Markets Managers;			No	No
Caltius Capital Management	Private Markets Managers;			No	No
Cardinal Partners	Private Markets Managers;			No	No
Carlyle Group	Private Markets Managers;			No	No
Centerfield Capital Partners	Private Markets Managers;			No	No
Cerberus Capital Management	Private Markets Managers;			No	No
Charterhouse Capital Partners	Private Markets Managers;			No	No
CID Capital	Private Markets Managers;			No	No
Cinven	Private Markets Managers;			No	No
Coller Capital	Private Markets Managers;			No	No
Columbia Capital	Private Markets Managers;			No	No
Crescent Capital Group	Private Markets Managers;			No	Yes
Crestview Partners	Private Markets Managers;			No	No
CVC Capital Partners	Private Markets Managers;			No	No
Doll Capital Management (DCM)	Private Markets Managers;			No	No
Escalate Capital Partners	Private Markets Managers;			No	No
Falcon Investment Advisors	Private Markets Managers;			No	No
Forbion Capital Partners	Private Markets Managers;			No	No
Fortress Investment Group	Private Markets Managers;			No	No
Francisco Partners	Private Markets Managers;			No	No
Gamut Capital Management	Private Markets Managers;			No	No
Gilde Buyout Partners	Private Markets Managers;			No	No
Globespan Capital Partners	Private Markets Managers;			No	No
Goldman Sachs Asset Management	Private Markets Managers;			No	Yes
GSO Capital Partners	Private Markets Managers;			No	No
H2 Equity Partners	Private Markets Managers;			No	No
Hamilton Lane	Private Markets Managers;			No	No
HarbourVest	Private Markets Managers;			No	No
Hellman & Friedman	Private Markets Managers;			No	No
Herkules Capital	Private Markets Managers;			No	No
High Road Capital Partners	Private Markets Managers;			No	No
Horsley Bridge	Private Markets Managers;			No	No
HPS Investment Partners	Private Markets Managers;			No	No
Insight Partners	Private Markets Managers;			No	Yes
Intermediate Capital Group (ICG)	Private Markets Managers;			No	No
JFM Management	Private Markets Managers;			No	No
Kailai Investments	Private Markets Managers;			No	No
Kennedy Lewis Investment Management	Private Markets Managers;			No	No
Khosla Ventures	Private Markets Managers;			No	No
Kohlberg Kravis Roberts & Co (KKR)	Private Markets Managers;			No	No
Leonard Green & Partners	Private Markets Managers;			No	No
Lexington Partners	Private Markets Managers;			No	No
Lion Capital	Private Markets Managers;			No	No
MBK Partners	Private Markets Managers;			No	No
Merit Capital Partners	Private Markets Managers;			No	No
Mill Road Capital	Private Markets Managers;			No	No
Neuberger Berman	Private Markets Managers;			Yes	Yes
New Enterprise Associates	Private Markets Managers;			No	No
New Mountain Capital	Private Markets Managers;			No	No
Oak Hill Capital Management	Private Markets Managers;			No	No
Oak Investment Partners	Private Markets Managers;			No	No
Oaktree Capital Management	Private Markets Managers;			No	No
Opus Capital Venture Partners	Private Markets Managers;			No	No
Parthenon Capital Partners	Private Markets Managers;			No	No
Pathlight Capital	Private Markets Managers;			No	No
Peninsula Capital Partners	Private Markets Managers;			No	No
Platinum Equity	Private Markets Managers;			No	No
Portfolio Advisors	Private Markets Managers;			No	No
Rho Capital Partners	Private Markets Managers;			No	No
RJD Partners	Private Markets Managers;			No	No
SAIF Management	Private Markets Managers;			No	No
Scale Venture Partners	Private Markets Managers;			No	No
Silver Cup	Private Markets Managers;			No	No
Silver Lake Partners	Private Markets Managers;			No	No
Sixth Street Partners	Private Markets Managers;			No	No
SLR Capital Partners	Private Markets Managers;			No	No
Stellex Capital	Private Markets Managers;			No	No
StepStone Group	Private Markets Managers;			No	No
Stride Consumer Partners	Private Markets Managers;			No	No
SVB Capital	Private Markets Managers;			No	No
Sumeru Equity Partners	Private Markets Managers;			No	No
Sun Capital Partners	Private Markets Managers;			No	No
TA Associates	Private Markets Managers;			No	No
TCG	Private Markets Managers;			No	No
TCW Capital Partners	Private Markets Managers;			No	No
Technology Crossover Ventures	Private Markets Managers;			No	No
Technology Partners	Private Markets Managers;			No	No
Terra Firma Capital Partners	Private Markets Managers;			No	No
TowerBrook Financial	Private Markets Managers;			No	No
TPG Capital	Private Markets Managers;			No	No
Trilantic Capital Partners	Private Markets Managers;			No	No
Trinity Ventures	Private Markets Managers;			No	No
Triton Partners	Private Markets Managers;			No	No
True Ventures	Private Markets Managers;			No	No
TSG Consumer Partners	Private Markets Managers;			No	No
Veritas Capital Management	Private Markets Managers;			No	No
Veronis Suhler Stevenson (VSS)	Private Markets Managers;			No	No
Vestar Capital Partners	Private Markets Managers;			No	No
Vintage Venture Partners	Private Markets Managers;			No	No
Vision Capital	Private Markets Managers;			No	No
Vista Equity Partners	Private Markets Managers;			Yes	No
Walden Group of Venture Capital Funds	Private Markets Managers;			No	No
Warburg Pincus	Private Markets Managers;			No	No
Waterfall Asset Management	Private Markets Managers;			No	No
Weston Presidio Capital	Private Markets Managers;			No	No
WL Ross & Co.	Private Markets Managers;			No	No
Xenon Private Equity	Private Markets Managers;			No	No
York Capital Management	Private Markets Managers;			No	No
Goldman Sachs Asset Management, LP	Fixed Income - Ex Inflation-Linked Managers;			No	No
Oak Hill Advisors, LP	Fixed Income - Ex Inflation-Linked Managers;			No	No
Oak Tree Capital Management, LP	Fixed Income - Ex Inflation-Linked Managers;			No	No
Pacific Investment Management Company (PIMCO)	Fixed Income - Ex Inflation-Linked Managers;			No	No
Parametric	Fixed Income - Ex Inflation-Linked Managers;			No	Yes
State Street Global Advisors	Fixed Income - Ex Inflation-Linked Managers;			Yes	No
BlackRock Inc.	Fixed Income - Inflation-Linked Managers;			No	No
Bridgewater Associates, Inc.	Fixed Income - Inflation-Linked Managers;			No	No
Northern Trust Global Investments	Fixed Income - Inflation-Linked Managers;			No	No
CoreCommodity Management	Commodities Managers;			No	Yes
Gresham Investment Management, LLC	Commodities Managers;			No	No
Wellington Management Company, LLP	Commodities Managers;			No	No
Abacus Capital Group, LLC	Real Asset Managers;			No	No
Ambrose Property Group	Real Asset Managers;			No	No
Angelo Gordon LP	Real Asset Managers;			No	No
Ardian	Real Asset Managers;			No	No
Asana Partners, LP	Real Asset Managers;			No	No
Bain Capital Partners	Real Asset Managers;			No	No
Barings	Real Asset Managers;			No	Yes
Basalt Infrastructure Partners LLP	Real Asset Managers;			No	No
Blackstone Group	Real Asset Managers;			No	No
Carlyle Group	Real Asset Managers;			No	No
CenterSquare Investment Management	Real Asset Managers;			No	Yes
DigitalBridge	Real Asset Managers;			No	No
EnCap Investments	Real Asset Managers;			No	No
Energy Capital Partners	Real Asset Managers;			No	No
Exeter Property Group, LLC	Real Asset Managers;			No	No
First Reserve Corporation	Real Asset Managers;			No	No
GSO Capital Partners	Real Asset Managers;			No	No
H/2 Capital Partners	Real Asset Managers;			No	No
H.I.G. Capital	Real Asset Managers;			No	No
Hackman	Real Asset Managers;			No	No
Harrison Street Real Estate Capital, LLC	Real Asset Managers;			No	No
ICG	Real Asset Managers;			Yes	No
iCON Infrastructure	Real Asset Managers;			No	No
InfraVia	Real Asset Managers;			No	No
JDM Partners	Real Asset Managers;			No	No
Kayne Anderson	Real Asset Managers;			No	No
Kohlberg Kravis Roberts & Co (KKR)	Real Asset Managers;			No	No
LimeTree Capital Advisors	Real Asset Managers;			No	No
Longpoint Realty Partners	Real Asset Managers;			No	No
Macquarie Asset Management	Real Asset Managers;			Yes	Yes
Mack Real Estate Group	Real Asset Managers;			No	No
Mesa West Capital	Real Asset Managers;			No	No
NGP Energy Capital Management	Real Asset Managers;			No	No
Noble Investment Group	Real Asset Managers;			No	No
Panda Power Funds	Real Asset Managers;			No	No
Prologis	Real Asset Managers;			No	No
Related Fund Management LLC	Real Asset Managers;			No	No
Rockpoint Group LLC	Real Asset Managers;			No	No
Stockbridge Capital Group	Real Asset Managers;			No	No
TA Realty Associates	Real Asset Managers;			No	No
Walton Street Capital, LLC	Real Asset Managers;			No	No
Warwick Energy Investment Group	Real Asset Managers;			No	No
White Deer Management	Real Asset Managers;			No	No
AHL Partners (Man Group)	Absolute Return Managers;			No	No
Aeolus Capital Management	Absolute Return Managers;			No	No
Blackstone Group	Absolute Return Managers;			No	No
Bridgewater Associates, Inc.	Absolute Return Managers;			No	No
D.E. Shaw & Co	Absolute Return Managers;			No	No
Garda Capital Partners	Absolute Return Managers;			No	No
Hudson Structured Capital Management	Absolute Return Managers;			No	No
King Street Capital Management	Absolute Return Managers;			No	No
Kirkoswald Capital Partners LLP	Absolute Return Managers;			No	No
Mariner Investments Group LLC	Absolute Return Managers;			No	No
Perella Weinberg Partners	Absolute Return Managers;			No	No
Rokos Global Macro	Absolute Return Managers;			No	No
Two Sigma Advisers	Absolute Return Managers;			No	No
Voloridge Management	Absolute Return Managers;			No	No
Whitebox Advisors	Absolute Return Managers;			No	No
AQR Capital Management	Risk Parity Managers;			No	No
Bridgewater Associates, Inc	Risk Parity Managers;			No	No
PanAgora	Risk Parity Managers;			No	No
Parametric	Risk Parity Managers;			No	Yes
RhumbLine Advisers	Small/Mid Cap Equity Fund Managers;			No	No
TimesSquare Capital Management, LLC	Small/Mid Cap Equity Fund Managers;			No	No
Acadian Asset Management	International Equity Fund Managers;			Yes	Yes
Altrinsic Global Advisors, LLC	International Equity Fund Managers;			No	No
Arrowstreet Capital, LP	International Equity Fund Managers;			No	No
Baillie Gifford & Company	International Equity Fund Managers;			Yes	Yes
BlackRock Inc.	International Equity Fund Managers;			No	No
Galliard Capital Management (Fund Advisor)	Stable Value Fund Managers;			No	No
Income Research + Management (Fund Sub-Advisor)	Stable Value Fund Managers;			No	No
Jennison Associates (Fund Sub-Advisor)	Stable Value Fund Managers;			No	No
Dodge & Cox (Fund Sub-Advisor)	Stable Value Fund Managers;			No	No
TCW (Fund Sub-Advisor)	Stable Value Fund Managers;			No	No
BlackRock Inc.	Large Cap Equity Index Fund Managers;			No	No
Loomis Sayles & Company, LP	Fixed Income Fund Managers;			No	No
Northern Trust Global Investments	Fixed Income Fund Managers;			No	No
Pacific Investment Management Company (PIMCO)	Fixed Income Fund Managers;			No	No
Wellington Management Company, LLP	Fixed Income Fund Managers;			No	No
Parametric	Cash Overlay Managers;			No	Yes
Bank of New York Mellon	Money Market Fund Manager;			No	No
Northern Trust Global Investments	Inflation-Linked Fixed Income Fund Managers;			No	No
Bank of New York Mellon	Local Public Safety Pension Relief Fund;			No	No
Northern Trust Global Investments	Special Death Benefit Fund;			No	No
State Street Global Advisors	Retirement Medical Benefit Account;			Yes	No
Capital Cities, LLC (General: Defined Contribution)	Consultant;			No	No

Governance and accountability

This section features information about the nine-member board of trustees that oversees the Indiana Judges’ Retirement System (JRS), titled the Indiana Public Retirement System (INPRS). The board is not specific to oversight of JRSand exercises oversight duties for other state funds.

Board selection method

The INPRS Board of Trustees that oversees JRS comprises nine members. The trustees not appointed by the governor serve on the board ex-officio, or by nature of holding their office in the state government.

Board of trustees membership

A nine-member board of trustees oversees the operation and administration of JRS. The following individuals served on the board as of July 2024:

• Bret Swanson, chair
• Brian Abbott, vice chair
• Daniel Elliot
• David Frick
• Barry Gardner
• Cristopher Johnston
• Elise Nieshalla
• Michael Pinkham
• Vivienne Ross

See also

• Public pensions in Indiana
• Environmental, social, and corporate governance (ESG)
• Arguments about environmental, social, and corporate governance (ESG)
• Opposition to environmental, social, and corporate governance (ESG) investing
• Reform proposals related to environmental, social, and corporate governance (ESG)
• State legislative approaches opposing ESG investing
• State legislative approaches supporting ESG investing

External links

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