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.
Public Equity
| Manager | Strategy | Benchmark |
|---|---|---|
| Zevenbergen Capital Investments | All-Cap Growth | Russell 3000 Growth |
| 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 |
| 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 2000 Value |
| Peregrine Capital Management | Small-Cap Value | Russell 2000 Value |
| BlackRock Institutional Trust Company | Semi-Passive | Russell 1000 Index |
| J.P. Morgan Investment Management | Semi-Passive | Russell 1000 Index |
| BlackRock Institutional Trust Company | Passive | Russell 3000 Index |
| BlackRock Institutional Trust Company | Passive | Russell 1000 Index |
| BlackRock Institutional Trust Company | Passive | Russell 2000 Index |
| Manager | Strategy | Benchmark |
|---|---|---|
| Acadian Asset Management | Active Developed Markets | MSCI World ex USA Index |
| Columbia Threadneedle Investments | Active Developed Markets | MSCI World ex USA Index |
| Fidelity Institutional Asset Management | Active Developed Markets | MSCI World ex USA Index |
| J.P. Morgan Investment Management | Active Developed Markets | MSCI World ex USA Index |
| Marathon Asset Management | Active Developed Markets | MSCI World ex USA Index |
| State Street Investment Management | Passive Developed Markets | MSCI World ex USA Index |
| Fidelity Institutional Asset Management | Active Emerging Markets | MSCI Emerging Markets (Net MA) Index |
| Macquarie Investment Management Advisers | Active Emerging Markets | MSCI Emerging Markets Index |
| Martin Currie | Active Emerging Markets | MSCI Emerging Markets Index |
| Morgan Stanley Investment Management | Active Emerging Markets | MSCI Emerging Markets Index |
| Pzena Investment Management | Active Emerging Markets | MSCI Emerging Markets Index |
| State Street Investment Management | Passive Emerging Markets | MSCI Emerging Markets Index |
| Earnest Partners | China A Shares | MSCI China A Index |
| Earnest Partners | ACWI Ex US | MSCI ACWI ex US Index |
| Record Currency Management | Currency Overlay | NA |
| Manager | Strategy | Benchmark |
|---|---|---|
| Ariel Investments | Global Equity | MSCI ACWI Index (net) |
| Baillie Gifford | Global Equity | MSCI ACWI Index (net) |
| Martin Currie | Global Equity | MSCI ACWI Index (net) |
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 |
|---|---|---|
| Columbia Threadneedle | Credit Plus | Credit Plus Blended Bmk* |
| Pacific Investment Mgmt. Co. (PIMCO) | Credit Plus | Credit Plus Blended Bmk* |
| Payden & Rygel | Multi-Asset Credit | Custom Multi-Asset Credit Bmk** |
| PGIM Fixed Income | Multi-Asset Credit | Custom Multi-Asset Credit Bmk** |
| KKR | High Yield | ICE BofA Cash Pay HY Constrained Index |
| Oaktree | High Yield | ICE BofA Cash Pay HY Constrained Index |
| Ashmore Investment Management | Emerging Markets Debt | Emerging Market Debt Bmk*** |
| BlackRock Financial Management | Opportunistic Fixed Income | ICE BofA 3-Month US T-Bill Index |
| TCW | Securitized Credit | ICE 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 |
| Manager | Strategy | Benchmark |
|---|---|---|
| BlackRock Financial Management | Treasury Protection | Bloomberg Tsy 5+Yr Index |
| Goldman Sachs Asset Management | Treasury Protection | Bloomberg Tsy 5+Yr Index |
| Neuberger Berman Investment Advisers | Treasury Protection | Bloomberg Tsy 5+Yr Index |
| Manager | Strategy | Benchmark |
|---|---|---|
| Goldman Sachs Asset Management | Laddered Bond | ICE BofA 3-Month US T-Bill Index |
| Neuberger Berman Investment Advisers | Laddered Bond | ICE BofA 3-Month US T-Bill Index |
| State Street Investment Management | Cash | iMoneyNet All Taxable Money Fund Average |
Private Markets
| Manager | Manager | Manager |
|---|---|---|
| 1st & Main Growth Partners | Goldman Capital Partners | Split Rock |
| AB CarVal | Goldner Hawn | Stellax Capital Management |
| Adams Street Partners | GTCR | Stone Point Capital |
| Advent International Group | HarbourVest | Summit Partners |
| Apax Partners | Hellman & Friedman | TA Associates |
| Arsenal Capital Partners | IK Investment Partners | Thoma Bravo |
| Asia Alternatives | KKR | Thomas H. Lee Partners |
| BlackRock | Leonard Green & Partners | TPG Inc. |
| Blackstone Capital Partners | Lexington Capital Partners | Vance Street Capital Partners |
| Blackstone Strategic Partners | Madison Dearborn Capital Partners | Varde Fund |
| Blue Owl Capital | Marathon | Vestar Capital Partners |
| Bridgepoint Group | Merced Capital | Vista Equity Partners |
| Brookfield Asset Management | MHR Institutional Partners | Warburg Pincus |
| Canyon Partners | Nordic Capital | Wayzata Investment Partners |
| Cardinal Partners | Oak Hill Capital Management | Wellspring Capital Partners |
| Carlyle Group | Oaktree Capital Management | Welsh, Carson, Anderson & Stowe |
| Clearlake Capital | Paine Schwartz | Wind Point Partners |
| Court Square Capital Partners | Permira | Windjammer Capital Investors |
| CVC Capital Partners | Public Pension Capital Management | |
| Dawson | Silver Lake Partners | |
| Glouston Capital Partners | Siris Capital Group |
| Manager | Manager | Manager |
|---|---|---|
| Audax Group | KKR | PIMCO |
| Avenue Capital Partners | CIFC Asset Management | Summit Partners |
| BlackRock | Marathon Asset Management | TCW Asset Management |
| Brookfield Asset Management | Merit Capital Partners | Torchlight Investors |
| Castlelake | Oaktree Capital Management | |
| Energy Capital Partners | Permira | |
| HPS Investment Partners | PGIM |
| Manager | Manager | Manager |
|---|---|---|
| BlackRock | Energy Capital Partners | KKR |
| EIG Global Energy Partners | EnerVest Energy | Merit Energy |
| Encap Investments | EQT Capital Partners | Natural Gas Partners |
| Energy & Minerals Group | First Reserve | Sheridan Production Partners |
| Manager | Manager | Manager |
|---|---|---|
| Blackstone Real Estate Partners | Lubert-Adler | TA Realty |
| Brookfield Asset Management | Oaktree Capital Management | TPG Inc. |
| Carlyle Group | Rockpoint | |
| KKR | Rockwood | |
| Landmark Partners | Silverpeak Real Estate Partners |
| Manager | Strategy | Benchmark |
|---|---|---|
| NISA | Cash Overlay | S&P 500 |
| BlackRock | S&P 500 Index Fund | S&P 500 |