Indiana Teachers' Retirement Fund
| Indiana Teachers' Retirement Fund | |
 | |
| Basic facts | |
| Location: | Indianapolis, Indiana |
| Top official: | Bret Swanson, chair |
| Year founded: | 1921 |
| Active members: | 60,057 |
| Website: | Official website |
| Total assets under management | |
| 2023: | $8,177,118,000 |
- See also: Public pensions in Indiana
The Indiana Teachers' Retirement Fund (TRF) is a Indiana state pension fund that provides retirement, disability, and survivor benefits to teachers in a public school corporation, certain Indiana Public Retirement System employees, and some employees in charter schools, innovation schools, turnaround schools, and public universities. TRF had $8,177,118,000 ($8.18 billion) in total assets under management as of June 30, 2023.[1]
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 TRF.
- Pension performance overview: Overview of the funding level and assets managed by TRF.
- Assets and asset management: Information about the asset management companies (AMCs) that contract with TRF, 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 TRF's oversight board, including members and selection.
Background
- See also: Public pensions
The Indiana Teachers' Retirement Fund (TRF), founded in 1921, invests the assets of and provides funding for the retirement of teachers in a public school corporation, certain Indiana Public Retirement System employees, and some employees in charter schools, innovation schools, turnaround schools, and public universities and their dependents. The fund operates two plans, a hybrid plan that comprises a defined contribution plan and a defined benefit plan, and a plan titled the My Choice plan, which is a defined contribution plan.[2]
TRF served over 60,057 active members and approximately 10,127 retirees and beneficiaries as of June 30, 2023.[2][1]
Pension performance overview
The following table features information about the funding level and assets managed by the Indiana Teachers' Retirement Fund as of June 30, 2023:[1]
| Indiana Teachers' Retirement Fund pension performance (June 30, 2023) | |||
|---|---|---|---|
| Fiscal year | Percent funded | Unfunded liabilities | Total assets |
| 2023 | 92.6% | $655,709,000 | $8,177,118,000 |
Assets and asset management
| Environmental, social, and corporate governance |
|---|
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| • What is ESG? • Enacted ESG legislation • Arguments for and against ESG • Opposition to ESG • Federal ESG rules • Economy and Society: Ballotpedia's weekly ESG newsletter |
Asset management companies (AMCs) contract with pension funds to manage asset investment. Some pension funds contract with multiple AMCs, some contract with a single AMC, and others make their own investment decisions without contracting with an AMC.
More than 300 AMCs as of December 2022 were members of the Net Zero Asset Managers Initiative (NZAM), and 362 asset managers as of June 2023 were investor participants in the Climate Action 100+ initiative. Both international asset manager initiatives aim to align signatory investment decisions with the goal of achieving net zero greenhouse gas emissions by 2050.[3][4]
List of AMCs contracting with the Indiana Teachers' Retirement Fund
The Indiana Teachers' Retirement Fund (TRF) is a sub-fund within the Indiana Public Retirement System (INPRS). INPRS administers TRF, among other retirement and benefit plans for the governmental workers of Illinois. TRF does not contract with its own AMCs; the AMCs for INPRS account for all the pension plans it administers.[5]
INPRS contracted with 228 asset management companies (AMCs) or specific funds as of June 30, 2021. Of those companies, 34 were investor participants in Climate Action 100+, and 28 were members of NZAM, as of 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with INPRS:[6]
- 352 Capital
- 400 Capital Management
- A.M. Pappas & Associates
- Abacus Capital Group, LLC
- ABRY Partners
- Accel-KKR
- Accent Equity Partners AB
- Actis Capital (NZAM)
- Advanced Technology Ventures
- Advent International
- Aeolus Capital Management
- AHL Partners (Man Group)
- Aisling Capital
- AlpInvest Partners
- Altrinsic Global Advisors
- Altrinsic Global Advisors, LLC
- Angelo Gordon LP
- Apax Partners
- Apollo Management
- AQR Capital Management
- ARCH Venture Partners
- Ardian
- Ares Management
- Arrowstreet Capital, LP
- Artisan Partners Limited Partnership
- Asana Partners, LP
- Ascribe Capital
- Austin Ventures
- Baillie Gifford & Company (NZAM, Climate Action 100+)
- Bain Capital Partners
- Bank of New York Mellon
- Baring Private Equity Asia (BPEA)
- Bay Partners
- Bertram Capital
- Black Diamond Capital Management
- Black Rock Institutional Trust 1
- BlackFin Capital Partners
- BlackRock (NZAM, Climate Action 100+)
- BlackRock Financial Management (NZAM, Climate Action 100+)
- BlackRock Inc (NZAM, Climate Action 100+)
- BlackRock Institutional Trust (NZAM, Climate Action 100+)
- Blackstone Group
- Bregal Sagemount (NZAM)
- Brentwood Associates
- Bridgewater Associates, Inc
- Butterfly Equity Partners
- Caltius Capital Management
- Cardinal Partners
- Carlyle Group
- Centerfield Capital Partners
- CenterSquare Investment Management (Climate Action 100+)
- Cerberus Capital Management
- Charterhouse Capital Partners
- CID Capital
- Cinven
- Coller Capital
- Columbia Capital
- CoreCommodity Management (Climate Action 100+)
- Crescent Capital Group (Climate Action 100+)
- Crestview Partners
- CVC Capital Partners
- D.E. Shaw & Co
- Davidson Kempner Capital Management
- Digital Bridge
- Disciplined Growth Investors
- Dodge & Cox (Fund Sub-Advisor)
- Doll Capital Management (DCM)
- Eisler Capital
- Elevation Partners
- EnCap Investments
- Energy Capital Partners
- Escalate Capital Partners
- Exeter Property Group, LLC
- Falcon Investment Advisors
- First Reserve Corporation
- Forbion Capital Partners
- Fortress Investment Group
- Francisco Partners
- Galliard Capital Management (Fund Advisor)
- Gamut Capital Management
- Garda Capital Partners
- Gilde Buyout Partners
- Globespan Capital Partners
- Goldman Sachs Asset Management, LP (Climate Action 100+)
- Goldman Sachs Merchant Bank (Climate Action 100+)
- Greenfield Partners, LLC
- Gresham Investment Management, LLC
- GSO Capital Partners
- GTCR Golder Rauner
- H/2 Capital Partners
- H2 Equity Partners
- Hackman
- Hamilton Lane
- Hammond Kennedy Whitney & Co
- Harrison Street Real Estate Capital, LLC
- Hellman & Friedman
- Herkules Capital
- High Road Capital Partners
- Horsley Bridge
- HPS Investments Partners
- Hudson Structured Capital Management
- ICG (NZAM)
- Income Research + Management (Fund Sub-Advisor)
- InfraVia
- Insight Partners (Climate Action 100+)
- Institutional Venture Partners (IVP)
- Intermediate Capital Group (ICG)
- JDM Partners
- Jennison Associates (Fund Sub-Advisor) (Climate Action 100+)
- JFM Management
- Jordan Company (TJC)
- Kailai Investments
- Kayne Anderson
- Kennedy Lewis Investment Management
- Khosla Ventures
- King Street Capital Management
- Kirkoswald Capital Partners LLP
- Kohlberg Kravis Roberts & Co (KKR)
- KPS Capital Partners
- Landmark Partners
- Leading Edge Investment Advisors
- Leonard Green & Partners
- Lexington Partners
- Lightyear Capital
- LimeTree Capital Advisors
- Lindsay Goldberg
- Lion Capital
- Lone Star Management Co.
- Loomis Sayles & Company, LP
- Mack Real Estate Group
- Mariner Investments Group LLC
- MBK Partners
- Merit Capital Partners
- Mesa West Capital
- Mill Road Capital
- Nephila Capital
- Neuberger Berman (NZAM, Climate Action 100+)
- New Enterprise Associates
- New Mountain Capital
- NGP Energy Capital Management
- Noble Investment Group
- Northern Trust Global Investments (Climate Action 100+)
- Northern Trust Global Investments 1 (Climate Action 100+)
- Oak Hill Advisors
- Oak Hill Advisors, LP
- Oak Hill Capital Management
- Oak Investment Partners
- Oak Tree Capital Management, LP
- Oaktree Capital Management
- Opus Capital Venture Partners
- PAAMCO
- Pacific Investment Management Company (PIMCO)
- PanAgora
- Panda Power Funds
- Parametric
- Parthenon Capital Partners
- Pathlight Capital
- Peninsula Capital Partners
- Perella Weinberg Partners
- Permira Advisers
- Pharo Management
- Platinum Equity
- Portfolio Advisors
- Prologis
- Related Fund Management LLC
- Rho Capital Partners
- RhumbLine Advisers
- RJD Partners
- Rockpoint Group LLC
- Rokos Global Macro
- SAIF Management
- Scale Venture Partners
- Schroders (Climate Action 100+)
- Silver Cup
- Silver Lake Partners
- Sixth Street Partners
- Sixth Street Partners (TSSP)
- SLR Investment Corp
- Solar Capital Partners
- State Street Global Advisors (NZAM)
- StepStone Group
- Stockbridge Capital Group
- Stone Harbor Investment Partners LP (NZAM)
- Stride Consumer Partners
- Sumeru Equity Partners
- Sun Capital Partners
- TA Associates
- TA Realty Associates
- TCG
- TCW (Fund Sub-Advisor)
- TCW Capital Partners
- Technology Crossover Ventures
- Technology Partners
- Tenaron Capital Management
- Terra Firma Capital Partners (NZAM)
- Tilden Park Associates
- Times Square Capital Management, LLC
- TimesSquare Capital Management, LLC
- TowerBrook Financial
- TPG Capital
- Trilantic Capital Partners
- Trinity Ventures
- Triton Partners
- True Ventures
- TSG Consumer Partners
- Two Sigma Advisers
- Veritas Capital Management
- Veronis Suhler Stevenson (VSS)
- Vestar Capital Partners
- Vintage Venture Partners
- Vision Capital
- Vista Equity Partners (NZAM)
- Voloridge
- Walden Group of Venture Capital Funds
- Walton Street Capital, LLC
- Warburg Pincus
- Warwick Energy Investment Group
- Waterfall Asset Management
- Wayzata Investment Partners
- Wellington Management Company, LLP (NZAM, Climate Action 100+)
- Weston Presidio Capital
- WestRiver Capital, LLC
- White Deer Management
- Whitebox
- Windjammer
- WL Ross & Co.
- Xenon Private Equity
- York Capital Management
Governance and accountability
This section features information about the nine-member board of trustees that oversees the Indiana Teachers' Retirement Fund (TRF), titled the Indiana Public Retirement System (INPRS). The board is not specific to oversight of TRF and exercises oversight duties for other state funds.[7]
Board selection method
The INPRS Board of Trustees that oversees TRF 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.[7]
Board of trustees membership
A nine-member board of trustees oversees the operation and administration of TRF. The following individuals served on the board as of July 2024:[7]
- 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)
- Areas of inquiry and disagreement related to 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
Footnotes
- ↑ 1.0 1.1 1.2 IN.gov, “2023 Annual Comprehensive Financial Report For the Fiscal Year Ended June 30, 2023,” July 17, 2024
- ↑ 2.0 2.1 IN.gov, "Teachers," July 15, 2024
- ↑ The Net Zero Asset Managers Initiative, "The Net Zero Asset Managers Initiative," accessed January 26, 2023
- ↑ Climate Action 100+, "The Three Goals," accessed June 20, 2023
- ↑ This information is sourced from research performed by Ballotpedia staff.
- ↑ Ballotpedia, "Ballotpedia: Asset management data for state-administered pension funds across the 50 states," March 2023
- ↑ 7.0 7.1 7.2 IN.gov, “INPRS Board of Trustees,” July 15, 2024
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