All assets in the Combined Funds are managed externally by professional investment management firms either in a separate account (primarily in public markets) or commingled with other limited partners (primarily in private markets).
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 |