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). The investment manager listing is updated at the fiscal year-end, June 30.

Investment Managers By Asset Class (As of June 30, 2026)

Public Equity

ManagerStrategyBenchmark
Zevenbergen Capital InvestmentsAll-Cap GrowthRussell 3000 Growth
Sands Capital Management  Large-Cap GrowthRussell 1000 Growth
Winslow Capital ManagementLarge-Cap GrowthRussell 1000 Growth
Barrow Hanley Global InvestorsLarge-Cap ValueRussell 1000 Value
LSV Asset ManagementLarge-Cap ValueRussell 1000 Value
Hood River Capital ManagementSmall-Cap GrowthRussell 2000 Growth  
Rice Hall James & AssociatesSmall-Cap GrowthRussell 2000 Growth  
Wellington Management Company  Small-Cap GrowthRussell 2000 Growth  
Goldman Sachs Asset ManagementSmall-Cap ValueRussell 2000 Value
Hotchkis and Wiley Capital ManagementSmall-Cap ValueRussell 2000 Value
Martingale Asset Management Small-Cap ValueRussell 2000 Value
Peregrine Capital Management Small-Cap ValueRussell 2000 Value
BlackRock Institutional Trust CompanySemi-PassiveRussell 1000 Index
J.P. Morgan Investment Management Semi-PassiveRussell 1000 Index
BlackRock Institutional Trust CompanyPassiveRussell 3000 Index
BlackRock Institutional Trust CompanyPassiveRussell 1000 Index
BlackRock Institutional Trust CompanyPassiveRussell 2000 Index

 

ManagerStrategyBenchmark
Acadian Asset Management Active Developed MarketsMSCI World ex USA Index
Columbia Threadneedle InvestmentsActive Developed MarketsMSCI World ex USA Index
Fidelity Institutional Asset Management  Active Developed MarketsMSCI World ex USA Index
J.P. Morgan Investment Management  Active Developed MarketsMSCI World ex USA Index
Marathon Asset Management Active Developed MarketsMSCI World ex USA Index
State Street Investment ManagementPassive Developed MarketsMSCI World ex USA Index
ClearbridgeActive Emerging MarketsMSCI Emerging Markets Index
Fidelity Institutional Asset Management  Active Emerging MarketsMSCI Emerging Markets (Net MA) Index
NomuraActive Emerging MarketsMSCI Emerging Markets Index
Morgan Stanley Investment Management  Active Emerging MarketsMSCI Emerging Markets Index
Pzena Investment Management Active Emerging MarketsMSCI Emerging Markets Index
State Street Investment ManagementPassive Emerging Markets MSCI Emerging Markets Index
Earnest Partners  ACWI Ex USMSCI ACWI ex US Index
Record Currency Management  Currency OverlayNA

 

ManagerStrategyBenchmark
Ariel InvestmentsGlobal EquityMSCI ACWI Index (net)
Baillie Gifford  Global EquityMSCI ACWI Index (net)

Fixed Income

ManagerStrategyBenchmark
BlackRock Financial Management Core BondsBloomberg US Aggregate
Dodge & Cox  Core BondsBloomberg US Aggregate
Goldman Sachs Asset ManagementCore Plus BondsBloomberg US Aggregate
Neuberger Berman Investment Advisers  Core Plus BondsBloomberg US Aggregate

 

ManagerStrategyBenchmark
Columbia Threadneedle Credit PlusCredit Plus Blended Bmk*
Pacific Investment Mgmt. Co. (PIMCO)  Credit PlusCredit Plus Blended Bmk*
Payden & RygelMulti-Asset Credit Custom Multi-Asset Credit Bmk**
PGIM Fixed IncomeMulti-Asset Credit Custom Multi-Asset Credit Bmk**
KKRHigh YieldICE BofA Cash Pay HY Constrained Index
OaktreeHigh YieldICE BofA Cash Pay HY Constrained Index
Ashmore Investment ManagementEmerging Markets Debt  Emerging Market Debt Bmk***
BlackRock Financial Management Opportunistic Fixed IncomeICE BofA 3-Month US T-Bill Index
TCWSecuritized CreditICE BofA 3-Month US T-Bill Index
   
*Credit Plus Blended Benchmark
   40% Bloomberg US Corporate Bond Index
   30% Bloomberg US MBS Index 
   20% ICE BofA BB/B High Yield BB-B Index
   10% JPM EMBI Global Diversified Index		**Custom Multi-Asset Credit Benchmark  
      33.33% ICE BofA High Yield Index
      33.33% S&P UBS Leveraged Loan Index
      33.33% JPM EMBI Global Diversified Index		***Emerging Market Debt Benchmark 
       50% EMBI GD Hard Currency
       50% EMBI GD Local Currency

 

ManagerStrategyBenchmark
BlackRock Financial Management Treasury ProtectionBloomberg Tsy 5+Yr Index
Goldman Sachs Asset ManagementTreasury ProtectionBloomberg Tsy 5+Yr Index
Neuberger Berman Investment AdvisersTreasury ProtectionBloomberg Tsy 5+Yr Index

 

ManagerStrategyBenchmark
Goldman Sachs Asset ManagementLaddered Bond ICE BofA 3-Month US T-Bill Index
Neuberger Berman Investment AdvisersLaddered Bond ICE BofA 3-Month US T-Bill Index
State Street Investment ManagementCashiMoneyNet All Taxable Money Fund Average

 

Private Markets

ManagerManagerManager
Adams Street PartnersGoldman Capital PartnersSilver Lake Partners
Advent International GroupGoldner HawnSiris Capital Group
Apax PartnersGTCRSplit Rock
Arsenal Capital PartnersHarbourVestStellax Capital Management
Asia AlternativesHellman & FriedmanStone Point Capital
BlackRock  IK PartnersSummit Partners
Blackstone GroupKKRTA Associates
Blackstone Strategic PartnersLexington Capital PartnersThoma Bravo
Blue Owl CapitalMadison Dearborn Capital PartnersThomas H. Lee Partners
BridgepointMarathonTPG Capital
Brookfield Asset ManagementMerced CapitalVance Street Capital Partners
Canyon PartnersMHR Institutional PartnersVarde Fund
Cardinal PartnersNordic CapitalVestar Capital Partners
Carlyle GroupOak Hill Capital ManagementVista Equity Partners
CarVal InvestorsOaktree Capital ManagementWarburg Pincus
Clearlake CapitalPaine & PartnersWayzata Investment Partners
Court SquarePermal PEWelsh, Carson, Anderson & Stowe
CVC Capital PartnersPermiraWind Point Partners
DawsonPublic Pension Capital ManagementWindjammer Capital Investors
Dune Point CapitalReveler Capital 

 

ManagerManagerManager
Audax GroupHPS Investment PartnersPIMCO
Avenue Capital PartnersKKRPGIM
BlackRockLBC Credit PartnersSummit Partners
Brookfield Asset ManagementMarathon Asset ManagementTCW Asset Management
CastlelakeMerit Capital PartnersTorchlight Investors
CrestlineOaktree Capital ManagementTSSP
Energy Capital PartnersPermira 

 

ManagerManagerManager
BlackRockEnergy Capital PartnersKKR
EIG Global Energy PartnersEnerVest EnergyMerit Energy
Encap InvestmentsEQT Capital PartnersNatural Gas Partners
Energy & Minerals GroupFirst ReserveSheridan Production Partners

 

ManagerManagerManager
Angelo, Cordon & Co.Harrison Street Asset ManagementOaktree Capital Management
Blackstone Real Estate PartnersKKRRockpoint
Brookfield Asset ManagementLandmark PartnersSilverpeak Real Estate Partners
Carlyle GroupLubert-AdlerTA Realty

 

ManagerStrategyBenchmark
NISACash Overlay S&P 500