Indiana Teachers’ Retirement Fund (TRF) Pre-'96

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Indiana Teachers’ Retirement Fund Pre-'96
INPRS-logo.png
Basic facts
Location:Indianapolis, Indiana
Top official:Bret Swanson, chair
Year founded:1921
Active members:6,287
Website:Official website
Total assets under management
2023:$8,716,860,098
See also: Public pensions in Indiana

The Indiana Teachers’ Retirement Fund Pre- '96 (TRF Pre- '96) is a Indiana state pension fund that provides retirement, disability, and survivor benefits to the state's teachers who began their service before 1996. TRF Pre- '96 had $8,716,860,098 ($8.7 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

See also: Public pensions

The Indiana Teachers’ Retirement Fund Pre- '96 (TRF Pre- '96), founded in 1921, invests the assets of and provides funding for the retirement of the state’s teachers who began their service before 1996. It is a subfund of the Indiana Teachers' Retirement Fund, and operates as a pay-as-you-go plan, according to the Indiana Public Retirement System.[2]

TRF Pre- '96 served over 6,287 active members and approximately 53,282 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 Pre- '96 as of June 30, 2023:[1]

Indiana Teachers’ Retirement Fund Pre- '96 pension performance (June 30, 2023)
Fiscal year Percent funded Unfunded liabilities Total assets[3]
2023 63.61% $4,986,435,319 $8,716,860,098

Assets and asset management

Environmental, social, and corporate governance
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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.[4][5]

List of AMCs contracting with the Indiana Teachers’ Retirement Fund Pre- '96

The Indiana Teachers’ Retirement Fund Pre- '96 (TRF Pre- '96) is a sub-fund within the Indiana Public Retirement System (INPRS). INPRS administers TRF Pre- '96, among other retirement and benefit plans for the governmental workers of Illinois. TRF Pre- '96 does not contract with its own AMCs; the AMCs for INPRS account for all the pension plans it administers.[6]

INPRS contracted with 246 asset management companies (AMCs) or specific funds as of June 30, 2021. Of those companies, 36 were investor participants in Climate Action 100+, and 30 were members of NZAM, as of 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with TRF Pre- '96:[7]

  • 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
  • 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
  • Ascribe Capital (Climate Action 100+)
  • Austin Ventures (Climate Action 100+)
  • Baillie Gifford & Company (NZAM, Climate Action 100+)
  • Baillie Gifford & Company (NZAM)
  • 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 (Climate Action 100+)
  • BlackFin Capital Partners (Climate Action 100+)
  • BlackRock (NZAM, Climate Action 100+)
  • BlackRock Financial Management (NZAM, Climate Action 100+)
  • BlackRock Inc (NZAM, Climate Action 100+)
  • BlackRock Inc. (NZAM, Climate Action 100+)
  • BlackRock Inc. (NZAM)
  • BlackRock Institutional Trust (NZAM)
  • Blackstone Group
  • Bregal Sagemount (NZAM)
  • Brentwood Associates
  • Bridgewater Associates, Inc
  • Bridgewater Associates, Inc.
  • Brigade Capital Management
  • Butterfly Equity Partners
  • Caltius Capital Management
  • Cardinal Partners
  • Cardinal Partners (Climate Action 100+)
  • Carlyle Group
  • Centerfield Capital Partners
  • CenterSquare Investment Management
  • Cerberus Capital Management
  • Charterhouse Capital Partners
  • CID Capital
  • CID Capital (Climate Action 100+)
  • Cinven (Climate Action 100+)
  • Coller Capital (Climate Action 100+)
  • Coller Capital
  • Colony Capital, LLC
  • Columbia Capital
  • CoreCommodity Management
  • Crescent Capital Group
  • 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
  • Francisco Partners (Climate Action 100+)
  • Galliard Capital Management (Fund Advisor) (Climate Action 100+)
  • Gamut Capital Management (Climate Action 100+)
  • Garda Capital Partners
  • Gilde Buyout Partners
  • Globespan Capital Partners
  • Goldman Sachs Asset Management, LP
  • Goldman Sachs Merchant Bank
  • 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 (Climate Action 100+)
  • High Road Capital Partners
  • Horsley Bridge
  • HPS Investments Partners
  • HPS Investments Partners (Climate Action 100+)
  • Hudson Structured Capital Management
  • ICG (NZAM)
  • Income Research + Management (Fund Sub-Advisor)
  • InfraVia
  • Insight Partners
  • Institutional Venture Partners (IVP)
  • Intermediate Capital Group (ICG)
  • JDM Partners
  • Jennison Associates (Fund Sub-Advisor)
  • 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 (Climate Action 100+)
  • Lion Capital
  • Lone Star Management Co.
  • Loomis Sayles & Company, LP
  • Mack Real Estate Group
  • Mariner Investments Group LLC (Climate Action 100+)
  • MBK Partners (Climate Action 100+)
  • Merit Capital Partners (Climate Action 100+)
  • Mesa West Capital (Climate Action 100+)
  • Mesa West Capital
  • Mill Road Capital
  • Nephila Capital
  • Neuberger Berman (NZAM)
  • New Enterprise Associates
  • New Mountain Capital
  • NGP Energy Capital Management
  • Noble Investment Group
  • Northern Trust Global Investments (NZAM)
  • Northern Trust Global Investments
  • Northern Trust Global Investments 1 (NZAM)
  • Oak Hill Advisors (Climate Action 100+)
  • Oak Hill Advisors, LP (Climate Action 100+)
  • 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 (Climate Action 100+)
  • 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
  • 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
  • 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)
  • Terra Firma Capital Partners
  • 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
  • Veritas Capital Management (Climate Action 100+)
  • 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)
  • 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 Pre- '96 (TRF Pre- '96), titled the Indiana Public Retirement System (INPRS). The board is not specific to oversight of TRF Pre- '96 and exercises oversight duties for other state funds.[8]

Board selection method

The INPRS Board of Trustees that oversees TRF Pre- '96 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.[8]

Board of trustees membership

A nine-member board of trustees oversees the operation and administration of TRF Pre- '96. The following individuals served on the board as of June 2024:[8]

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

See also

External links

Footnotes