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The Combined Funds represent the assets of both active and retired public employees who participate in the defined benefit plans of three statewide retirement systems: Minnesota State Retirement System (MSRS), Public Employees Retirement Association (PERA), and Teachers Retirement Association (TRA).
The Combined Funds assets are invested across public equity, fixed income, and private markets. Each asset class may be further differentiated by geography, management style and/or strategy. This diversification is designed to limit large year-to-year swings in returns and to improve the fund's ability to meet or exceed its actuarial return target over the long term.
Combined Funds Asset Mix as of 3/31/2026
Private Markets allocation includes invested and uninvested amounts
| Asset Class | Percentage (%) |
|---|---|
| Public Equity | 52.0% |
| Fixed Income | 26.0% |
| Private Markets | 21.9% |
| Private Markets - Invested | 21.0% |
| Private Markets - Uninvested | 1.0% |
| Total | 100% |
Combined Funds Asset Allocation Policy Target
| Asset Class | Percentage (%) |
|---|---|
| Public Equity | 50% |
| Fixed Income | 25% |
| Private Markets | 25% |
Public Equity Allocation
As of 3/31/2026
Fixed Income Allocation
As of 3/31/2026
Private Markets Invested Allocation
As of 3/31/2026
All assets in the Combined Funds are managed externally by professional investment management firms retained by contract.