All assets in the Combined Funds are managed externally by institutional investment managers either in a separate account (primarily in public markets) or commingled with other limited partners (primarily in private markets).
To gain greater operating efficiency, external managers are grouped into several "investment pools" which are segregated by asset class. Ownership interest in the Combined Funds is represented by a participation interest in each pooled vehicle. This structure also supports the Supplemental Investment Fund (SIF) platform. Although the Combined Funds and the Supplemental Investment Fund share many of the same asset class pools, some pools are exclusive to the Combined Funds.
Public Equity
| Manager | Strategy | Benchmark |
|---|---|---|
| ArrowMark Partners | Small Cap Growth | Russell 2000 Growth |
| Hood River Capital Management | Small Cap Growth | Russell 2000 Growth |
| Rice Hall James & Associates | Small Cap Growth | Russell 2000 Growth |
| Wellington Management Company | Small Cap Growth | Russell 2000 Growth |
| Goldman Sachs Asset Management | Small Cap Value | Russell 2000 Value |
| Hotchkis and Wiley Capital Management | Small Cap Value | Russell 2000 Value |
| Martingale Asset Management | Small Cap Value | Russell 1000 Value |
| Peregrine Capital Management | Small Cap Value | Russell 1000 Value |
| BlackRock Institutional Trust Company | Passive Small Cap | Russell 2000 |
| Sands Capital Management | Large Cap Growth | Russell 1000 Growth |
| Winslow Capital Management | Large Cap Growth | Russell 1000 Growth |
| Barrow Hanley Global Investors | Large Cap Value | Russell 1000 Value |
| LSV Asset Management | Large Cap Value | Russell 1000 Value |
| BlackRock Institutional Trust Company | Passive Large Cap | Russell 1000 |
| Zevenbergen Capital Investments | All Cap | Russell 3000 |
| BlackRock Institutional Trust Company | Passive All Cap | Russell 3000 |
| BlackRock Institutional Trust Company | Semi-Passive | Russell 1000 |
| J.P. Morgan Investment Management | Semi-Passive | Russell 1000 |
| Manager | Strategy | Benchmark |
|---|---|---|
| Acadian Asset Management | Developed Markets | MSCI World ex US (net) |
| Columbia Threadneedle | Developed Markets | MSCI World ex US (net) |
| Fidelity Institutional Asset Management | Developed Markets | MSCI World ex US (net) |
| J.P. Morgan Investment Management | Developed Markets | MSCI World ex US (net) |
| Marathon Asset Management | Developed Markets | MSCI World ex US (net) |
| State Street Investment Management | Passive Developed Markets | MSCI World ex US (net) |
| Fidelity Institutional Asset Management | Emerging Markets | MSCI Emerging Mkts Free (net) |
| Macquarie Investment Management Advisers | Emerging Markets | MSCI Emerging Mkts Free (net) |
| Martin Currie | Emerging Markets | MSCI Emerging Mkts Free (net) |
| Morgan Stanley Investment Management | Emerging Markets | MSCI Emerging Mkts Free (net) |
| Pzena Investment Management | Emerging Markets | MSCI Emerging Mkts Free (net) |
| State Street Investment Management | Passive Emerging Markets | MSCI Emerging Mkts Free (net) |
| Earnest Partners | China A Shares | MSCI China A Index |
| Earnest Partners | ACWI Ex US | MSCI ACWI ex US (net) |
| Record Currency Management | Currency Management | NA |
| Manager | Strategy | Benchmark |
|---|---|---|
| Ariel Investments | Global | MSCI ACWI Net USD |
| Baillie Gifford | Global | MSCI ACWI Net USD |
| Martin Currie | Global | MSCI ACWI Net USD |
Fixed Income
| Manager | Strategy | Benchmark |
|---|---|---|
| BlackRock Financial Management | Core Bonds | Bloomberg US Aggregate |
| Dodge & Cox | Core Bonds | Bloomberg US Aggregate |
| Goldman Sachs Asset Management | Core Plus Bonds | Bloomberg US Aggregate |
| Neuberger Berman Investment Advisers | Core Plus Bonds | Bloomberg US Aggregate |
| Manager | Strategy | Benchmark |
|---|---|---|
| Ashmore Investment Management | Emerging Market Debt | Emerging Market Debt Bmk* |
| BlackRock Financial Management | Opportunistic Fixed Income | ICE BofA 3-Month T-Bill |
| Columbia Threadneedle | Credit Plus | Credit Plus Blended Bmk** |
| KKR Credit Advisors | High Yield | ICE BofA US HY Cash Pay Constr |
| Oaktree Capital Management | High Yield | ICE BofA US HY Cash Pay Constr |
| Pacific Investment Mgmt. Co. (PIMCO) | Credit Plus | Credit Plus Blended Bmk** |
| Payden & Rygel | Multi-Asset Credit | Multi-Asset Credit Blended Bmk*** |
| Prudential Global Investment Mgmt (PGIM) | Multi-Asset Credit | Multi-Asset Credit Blended Bmk*** |
| TCW | Securitized Credit | ICE BofA 3-Month T-Bill |
| *Emerging Market Debt Benchmark 50% EMBI GD Hard Currency 50% EMBI GD Local Currency | **Credit Plus Blended Benchmark 40% Bloomberg US Corporate Bond Index 30% Bloomberg US Mortgage Backed Index 20% BofA ML High Yield BB-B Cash Pay Constrained Index 10% JPM EMBI Global Diversified Index | *** Multi-Asset Credit Blended Benchmark 33.33% ICE BofA High Yield 33.33% S&P LSTA Leveraged Loan 33.33% JPM EMBI Global |
| Manager | Strategy | Benchmark |
|---|---|---|
| BlackRock Financial Management | Treasury Protection | Bloomberg 5Yr US Tsy Index |
| Goldman Sachs Asset Management | Treasury Protection | Bloomberg 5Yr US Tsy Index |
| Neuberger Berman Investment Advisers | Treasury Protection | Bloomberg 5Yr US Tsy Index |
| Manager | Strategy | Benchmark |
|---|---|---|
| Neuberger Berman Investment Advisers | Laddered Bond | ICE BofA US 3 Month T-Bill |
| Goldman Sachs Asset Management | Laddered Bond | ICE BofA US 3 Month T-Bill |
| State Street Investment Management | Cash | ICE BofA US 3 Month T-Bill |
Private Markets
| Manager | Manager | Manager |
|---|---|---|
| Adams Street Partners | Goldman, Sachs & Co. | Silver Lake Partners |
| Advent International Group | Goldner Hawn Johnson & Morrison | Siris Capital Group |
| Apax Partners | Green Equity Investors | Split Rock |
| Arsenal Capital Partners | GTCR | Stellax Capital Management |
| Asia Alternatives | HarbourVest | Stone Point Capital |
| Banc Fund | Hellman & Friedman | Summit Partners |
| BlackRock | IK Partners | TA Associates |
| Blackstone Group | KKR | Thoma Bravo |
| Blackstone Strategic Partners | Lexington Partners | Thomas H. Lee Partners |
| Blue Owl Capital | Madison Dearborn Capital Partners | TPG Capital |
| Bridgepoint | Marathon | Vance Street Capital Partners |
| Brookfield Asset Management | Merced Capital | Varde Fund |
| Canyon Partners | MHR Institutional Partners | Vestar Capital Partners |
| Cardinal Partners | Nordic Capital | Vista Equity Partners |
| Carlyle Group | Oak Hill Capital Management | Warburg Pincus |
| CarVal Investors | Oaktree Capital Management | Wayzata Investment Partners |
| Clearlake Capital | Paine & Partners | Wellspring Capital Partners |
| Court Square | Permal PE | Welsh, Carson, Anderson & Stowe |
| CVC Capital Partners | Permira | Wind Point Partners |
| Dawson Partners | Public Pension Capital Management | Windjammer Capital Investors |
| Manager | Manager | Manager |
|---|---|---|
| Audax Group | KKR | Prudential Global Investment Management |
| Avenue Capital Partners | LBC Credit Partners | Summit Partners |
| BlackRock | Marathon | TCW |
| Brookfield Asset Management | Merit Capital Partners | Torchlight Investors |
| Castlelake | Oaktree Capital Management | TSSP |
| Energy Capital Partners | Permira | |
| HPS Investment Partners | PIMCO BRAVO |
| Manager | Manager | Manager |
|---|---|---|
| BlackRock | Energy Capital Partners | KKR |
| EIG Global Energy Partners | EnerVest Management Partners | Merit Energy Partners |
| Encap Energy | EQT | NGP |
| Energy & Minerals Group | First Reserve | Sheridan |
| Manager | Manager | Manager |
|---|---|---|
| Angelo, Gordon & Co. | Landmark Partners | Silverpeak Real Estate Partners |
| Blackstone | Lubert-Adler | TA Associates Realty |
| Brookfield Asset Management | Oaktree Capital Management | |
| Carlyle Group | Rockpoint | |
| KKR | Rockwood |
| Manager | Strategy | Benchmark |
|---|---|---|
| NISA | Cash Overlay | S&P 500 |
| BlackRock | S&P 500 Index Fund | S&P 500 |