18-Attachment A - Defined Benefit Portfolio 20250331.pdf
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- Attached to
- Pension Fund Consulting Services
- Solicitation number
- PA1858
- Issued by
- Dallas County, Texas
About this file
This document is a Quarterly Investment Performance Review for the DFW International Airport's Defined Benefits Portfolio, prepared by Mariner Institutional for the quarter ending March 31, 2025. The comprehensive report provides a detailed analysis of the airport's investment portfolio, which totals $949,215,434 and is diversified across multiple asset classes including domestic and international equity, fixed income, real estate, infrastructure, and private equity. The portfolio demonstrates a modest quarterly return of 0.19% and an annual return of 5.40%, with varying performance across different investment segments.
The investment portfolio is strategically allocated with 38.9% in equity (20.4% domestic, 18.5% international/global), 27.9% in fixed income (10.3% core, 17.7% non-core), 8.4% in real estate, 9.4% in infrastructure, 13.7% in private equity, and 1.6% in cash accounts. Notable performers include the Total Infrastructure Composite with an 11.81% one-year return and First Trust Liquid Listed Infrastructure returning 31.40% in the same period. The portfolio's investment strategy focuses on diversification and includes managers with varying fee structures, ranging from low-cost index funds to more actively managed strategies with fees up to 2.00%. The report also includes comparative performance metrics against relevant benchmarks and provides insights into the portfolio's risk-adjusted returns and historical performance.
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<CBDoc TenantId="2" EntityTypeId="3100" EntityId="1479" DocumentTypeId="1" EffectiveDate="03/31/2025" Interval="3" Description="Quarterly Report" />
Investment Performance Review
Period Ending March 31, 2025
DFW International Airport
Attachment A - Defined Benefits Portfolio
Allocation
Market Value
Performance(%)
QTR YTD 1 YR 3 YR 5 YR 10 YR Inception Inception
Date
Pension Fund (Net) 949,215,434 100.0 0.19 0.19 5.40 4.35 9.90 6.73 6.49 06/01/2005
Total Fund Policy 0.98 0.98 5.68 3.61 9.61 6.46 6.08
Pension Fund (Net) from Mariner inception 949,215,434 100.0 0.19 0.19 5.40 4.35 9.90 6.73 8.15 07/01/2010
Total Fund Policy 0.98 0.98 5.68 3.61 9.61 6.46 7.82
Total Equity Composite 369,257,619 38.9 -0.95 -0.95 5.65 6.78 14.70 8.76 9.94 12/01/2009
Total Equity Policy -0.08 -0.08 7.14 6.86 15.12 9.07 10.31
Total Domestic Equity Composite 193,384,839 20.4 -5.62 -5.62 4.18 6.44 16.11 10.41 11.89 12/01/2009
Total Domestic Equity Policy -4.72 -4.72 7.22 8.22 18.18 11.80 13.34
Total International/Global Equity Composite 175,872,780 18.5 4.75 4.75 7.34 7.22 12.97 6.70 6.68 01/01/2010
Total International Policy 5.36 5.36 6.65 5.03 11.46 5.48 5.28
Total Fixed Income Composite 265,260,570 27.9 1.06 1.06 5.80 3.89 4.73 4.50 4.71 01/01/2010
Total Fixed Policy 2.57 2.57 5.08 1.09 0.22 1.65 2.47
Total Core Fixed Income Composite 97,351,065 10.3 2.97 2.97 5.18 0.69 0.17 1.28 2.30 01/01/2010
Total Domestic Fixed Policy 2.78 2.78 4.88 0.52 -0.40 1.48 2.35
Total Non-Core Fixed Income Composite 167,909,505 17.7 -0.02 -0.02 6.20 6.57 9.37 7.93 7.77 09/01/2011
Blmbg. U.S. Universal Index 2.66 2.66 5.24 1.01 0.32 1.83 2.31
Total Real Estate Composite 79,729,795 8.4 0.13 0.13 -4.46 -6.84 0.83 4.35 6.52 04/01/2011
NCREIF ODCE (VW) (Net) 0.84 0.84 1.16 -5.08 2.01 4.71 6.77
Total Infrastructure Composite 88,856,621 9.4 2.86 2.86 11.81 7.87 13.70 3.36 4.39 03/01/2011
Infrastructure Custom Benchmark 1.83 1.83 8.44 6.69 15.58 3.11 4.17
Total Private Equity Composite 130,501,756 13.7 -0.06 -0.06 5.49 3.18 11.33 8.76 15.21 07/01/2010
Cambridge Associates Private Equity Index 0.00 0.00 4.23 4.03 17.10 13.17 14.07
Cash Accounts Composite* 15,609,073 1.6 1.00 1.00 4.31 4.02 2.42 N/A 2.16 08/01/2017
R&D Account only 15,361,057 1.6
Asset Allocation & Performance
Trailing Returns - Net of Fees
As of March 31, 2025
Returns are expressed as % and annualized for periods greater than 1 year. Fees and expenses paid from capital balance are not reported.
Market Values are baed on the most recent available data, including capital statements where avaialble, +/- any capital calls and/or distributions.
Green marks indicate overperformance of 1% relative to the benchmark. Yellow marks indicate underperformance of 1% relateive to the benchmark.
*Cash composite includes R&D and cash from private investments.
Performance(%)
QTR YTD 1 YR 3 YR 5 YR 10 YR Inception Inception
Date
Domestic Equity Managers 193,384,839 20.4 -5.62 -5.62 4.18 6.44 16.11 10.41 11.89 12/01/2009
Total Domestic Equity Policy -4.72 -4.72 7.22 8.22 18.18 11.80 13.34
Barrow Hanley Large Cap Value Equity 34,399,800 3.6 -1.00 -1.00 7.05 8.92 18.55 10.03 8.17 05/01/2006
Russell 1000 Value Index 2.14 2.14 7.18 6.64 16.15 8.79 7.62
Luther King Large Cap Core Equity 30,530,678 3.2 -3.84 -3.84 4.21 4.09 14.46 10.73 9.64 05/01/2006
S&P 500 Index -4.27 -4.27 8.25 9.06 18.59 12.50 10.13
Rhumbline Composite 113,960,089 12.0 -6.76 -6.76 6.30 8.85 18.74 11.93 12.50 04/01/2011
Westfield Small Cap Growth 14,494,272 1.5 -10.34 -10.34 N/A N/A N/A N/A -1.39 05/01/2024
Russell 2000 Growth Index -11.12 -11.12 -4.86 0.78 10.78 6.14 3.08
Asset Allocation & Performance
Trailing Returns - Net of Fees
As of March 31, 2025
Returns are expressed as % and annualized for periods greater than 1 year. Fees and expenses paid from capital balance are not reported.
Market Values are based on the most recent available data, including capital statements where avaialble, +/- any capital calls and/or distributions.
Green marks indicate overperformance of 1% relative to the benchmark. Yellow marks indicate underperformance of 1% relateive to the benchmark.
Manager names in orange indicate watchlist. Manager names in bold indicate majority ownership by women and/or minorities.
Asset Allocation & Performance
Trailing Returns - Net of Fees
As of March 31, 2025
Allocation
Market Value
Performance(%)
QTR YTD 1 YR 3 YR 5 YR 10 YR Inception Inception
Date
International/Global Equity Managers 175,872,780 18.5 4.75 4.75 7.34 7.22 12.97 6.70 6.68 01/01/2010
Total International Policy 5.36 5.36 6.65 5.03 11.46 5.48 5.28
Hardman Johnston Global Equity 44,272,512 4.7 0.41 0.41 10.67 8.18 14.77 12.68 11.46 06/01/2011
MSCI AC World Index (Net) -1.32 -1.32 7.15 6.91 15.18 8.84 8.49
Segall Bryant & Hamill Int'l 36,707,874 3.9 7.11 7.11 10.86 7.01 14.20 N/A 3.35 07/01/2017
MSCI EAFE Small Cap (net) Index 3.69 3.69 3.10 0.88 9.89 5.34 4.03
WCM Focused Int'l Growth 33,922,008 3.6 4.70 4.70 0.82 4.03 N/A N/A 2.32 01/01/2021
MSCI AC World ex USA (Net) 5.23 5.23 6.09 4.48 10.92 4.98 3.61
GQG Emerging Markets 19,736,853 2.1 -0.30 -0.30 -4.11 5.44 N/A N/A 0.82 03/01/2021
MSCI Emerging Markets (Net) Index 2.93 2.93 8.09 1.44 7.94 3.71 -2.25
Causeway International Value CIT 41,233,534 4.3 10.44 10.44 12.35 N/A N/A N/A 17.82 12/01/2022
MSCI AC World ex USA (Net) 5.23 5.23 6.09 4.48 10.92 4.98 10.95
Returns are expressed as % and annualized for periods greater than 1 year. Fees and expenses paid from capital balance are not reported.
Market Values are based on the most recent available data, including capital statements where avaialble, +/- any capital calls and/or distributions.
Green marks indicate overperformance of 1% relative to the benchmark. Yellow marks indicate underperformance of 1% relateive to the benchmark.
Manager names in orange indicate watchlist. Manager names in bold indicate majority ownership by women and/or minorities.
As of March 31, 2025
Allocation
Market Value
Performance(%)
QTR YTD 1 YR 3 YR 5 YR 10 YR Inception Inception
Date
Core Fixed Income Managers 97,351,065 10.3 2.97 2.97 5.18 0.69 0.17 1.28 2.30 01/01/2010
Total Domestic Fixed Policy 2.78 2.78 4.88 0.52 -0.40 1.48 2.35
Barrow Hanley Fixed Income Core 48,145,057 5.1 2.35 2.35 5.32 1.01 N/A N/A -1.02 02/01/2021
Blmbg. U.S. Aggregate Index 2.78 2.78 4.88 0.52 -0.40 1.46 -1.29
Garcia Hamilton Core Fixed Income 49,206,008 5.2 3.57 3.57 5.04 0.38 0.01 N/A 1.45 11/01/2017
Blmbg. U.S. Aggregate Index 2.78 2.78 4.88 0.52 -0.40 1.46 1.33
Total Non-Core Fixed Income Composite 167,909,505 17.7 -0.02 -0.02 6.20 6.57 9.37 7.93 7.77 09/01/2011
Blmbg. U.S. Universal Index 2.66 2.66 5.24 1.01 0.32 1.83 2.31
Pimco Tac Ops 16,056,481 1.7 -0.27 -0.27 5.65 5.61 10.38 7.23 7.33 10/01/2013
Blmbg. U.S. Universal Index 2.66 2.66 5.24 1.01 0.32 1.83 2.24
Ares GMAC Fund 8,881,986 0.9 0.42 0.42 8.11 N/A N/A N/A 10.15 07/01/2023
Bloomberg Global Multiverse Index (Hedged) 1.17 1.17 4.75 1.72 0.70 2.10 5.20
Returns are expressed as % and annualized for periods greater than 1 year. Fees and expenses paid from capital balance are not reported.
Market Values are based on the most recent available data, including capital statements where avaialble, +/- any capital calls and/or distributions.
Green marks indicate overperformance of 1% relative to the benchmark. Yellow marks indicate underperformance of 1% relateive to the benchmark.
Manager names in orange indicate watchlist. Manager names in bold indicate majority ownership by women and/or minorities.
As of March 31, 2025
Allocation
Market Value
Performance(%)
QTR YTD 1 YR 3 YR 5 YR 10 YR Inception Inception
Date
Total Real Estate Composite 79,729,795 8.4 0.13 0.13 -4.46 -6.84 0.83 4.35 6.52 04/01/2011
NCREIF ODCE (VW) (Net) 0.84 0.84 1.16 -5.08 2.01 4.71 6.77
ING Core Real Estate 12,633,092 1.3 0.70 0.70 0.28 -6.17 1.45 4.89 6.84 04/01/2011
NCREIF Fund Index-ODCE (VW) (Net) 0.84 0.84 1.16 -5.08 2.01 4.71 6.77
INVESCO Core Real Estate 8,348,912 0.9 0.16 0.16 -2.66 -6.47 0.01 3.97 5.64 10/01/2011
NCREIF Fund Index-ODCE (VW) (Net) 0.84 0.84 1.16 -5.08 2.01 4.71 6.43
Total Private Equity Composite 130,501,756 13.7 -0.06 -0.06 5.49 3.18 11.33 8.76 15.21 07/01/2010
Cambridge Associates Private Equity Index 0.00 0.00 4.23 4.03 17.10 13.17 14.07
Total Infrastructure Composite 88,856,621 9.4 2.86 2.86 11.81 7.87 13.70 3.36 4.39 03/01/2011
Infrastructure Custom Benchmark 1.83 1.83 8.44 6.69 15.58 3.11 4.17
First Trust Liquid Listed Infrastructure (EMLP) 16,317,523 1.7 6.00 6.00 31.40 14.73 20.50 N/A 9.94 05/01/2016
50% Blmbg. Agg/ 50% Alerian MLP 7.66 7.66 13.97 12.62 19.40 4.80 6.78
IFM Global Infrastructure (US), L.P. Class A 22,612,529 2.4 3.19 3.19 10.85 8.29 10.08 N/A 9.43 10/01/2019
Infrastructure Custom Benchmark 1.83 1.83 8.44 6.69 15.58 3.11 6.59
Brookfield SuperCore Infrastructure 21,001,972 2.2 2.11 2.11 8.64 8.76 8.51 N/A 8.15 12/01/2019
Infrastructure Custom Benchmark 1.83 1.83 8.44 6.69 15.58 3.11 8.00
JP Morgan IIF 18,735,277 2.0 2.32 2.32 10.17 N/A N/A N/A 10.81 02/01/2023
Infrastructure Custom Benchmark 1.83 1.83 8.44 6.69 15.58 3.11 8.16
Pension Fund (Net) 949,215,434 100.0 0.19 0.19 5.40 4.35 9.90 6.73 6.49 06/01/2005
Returns are expressed as % and annualized for periods greater than 1 year. Fees and expenses paid from capital balance are not reported.
Market Values are based on the most recent available data, including capital statements where avaialble, +/- any capital calls and/or distributions.
Green marks indicate overperformance of 1% relative to the benchmark. Yellow marks indicate underperformance of 1% relateive to the benchmark.
Manager names in orange indicate watchlist. Manager names in bold indicate majority ownership by women and/or minorities.
Plan Sponsor Peer Group Analysis vs. All Public Plans-Total Fund
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
R e tu rn
QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Investment 0.25 (47) 0.25 (47) 5.86 (41) 8.67 (62) 5.00 (28) 6.51 (7) 10.65 (35)��
Index 0.98 (16) 0.98 (16) 5.68 (47) 7.29 (87) 3.61 (74) 4.69 (52) 9.61 (68)��
Median 0.17 0.17 5.55 9.13 4.34 4.72 10.23
Plan Sponsor Peer Group Analysis vs. All Public Plans-Total Fund
-24.0
-20.0
-16.0
-12.0
-8.0
-4.0
0.0
4.0
8.0
12.0
16.0
20.0
24.0
28.0
32.0
R e tu rn
2024 2023 2022 2021 2020 2019
Investment 9.34 (62) 11.37 (70) -7.10 (12) 17.53 (13) 10.10 (82) 15.35 (88)��
Index 7.55 (87) 9.75 (86) -8.93 (17) 14.42 (46) 12.25 (53) 15.71 (85)��
Median 10.09 12.69 -12.64 14.16 12.49 18.67
Comparative Performance
1 Qtr Ending
Dec-2024
1 Qtr Ending
Sep-2024
1 Qtr Ending
Jun-2024
1 Qtr Ending
Mar-2024
1 Qtr Ending
Dec-2023
1 Qtr Ending
Sep-2023
Investment -0.06 (15) 3.94 (88) 1.65 (15) 3.55 (81) 5.64 (87) -0.72 (8)
Index -1.19 (61) 4.57 (74) 1.27 (43) 2.77 (91) 5.86 (84) -1.93 (29)
Median -0.94 5.31 1.16 4.48 7.74 -2.53
Strategy Review
Pension Fund (gross) | Total Fund Policy
As of March 31, 2025
Comparative Performance - IRR
% QTR YTD 1 YR 3 YR 5 YR 10 YR Inception Inception
Date
Total Private Equity 130,501,756 13.3 -0.13 -0.13 4.70 2.43 11.54 8.89 9.44 06/30/2010
Lone Star CRA Fund 13,074,560 1.3 0.00 0.00 17.15 10.86 10.45 9.61 12.47 01/26/2010
Glouston PE Opportunities IV 246,695 0.0 0.00 0.00 -0.34 -5.77 16.86 4.18 12.72 12/10/2010
Capital International Private Equity Fund VI 171,556 0.0 0.00 0.00 -1.97 -5.22 -2.42 2.02 -0.92 01/03/2012
Bay Hills Capital Partners II LP 5,026,647 0.5 0.00 0.00 0.26 -5.57 11.37 21.39 16.24 04/23/2012
Altius Private Equity Fund II 3,762,045 0.4 0.00 0.00 2.66 1.53 7.86 8.89 7.59 08/21/2014
Ironsides Partnership Fund III 41,565 0.0 0.00 0.00 -13.66 -1.04 29.76 25.05 24.17 10/28/2014
Ironsides Co-Investment Fund III 3,124,329 0.3 0.00 0.00 1.19 16.59 44.95 22.85 20.44 10/28/2014
Glouston PE Opportunities V 2,218,022 0.2 0.00 0.00 2.26 -3.25 25.61 N/A 17.49 07/23/2015
Bay Hills Capital Partners III LP 17,259,149 1.8 0.00 0.00 1.77 5.85 25.01 N/A 22.19 01/28/2016
Ironsides Partnership Fund IV 6,740,176 0.7 0.00 0.00 1.14 2.40 24.01 N/A 24.97 05/04/2016
Ironsides Direct Investment Fund IV, L.P. 1,378,545 0.1 0.00 0.00 -22.74 -15.19 17.40 N/A 13.45 06/01/2016
Capital Dynamics Global Secondaries IV, L.P. 9,560,070 1.0 0.00 0.00 -0.18 -4.51 7.03 N/A 10.19 07/28/2016
Vista Equity Partners Fund VII, L.P. 5,288,754 0.5 -0.80 -0.80 -0.79 -4.47 5.34 N/A 4.55 02/12/2019
Veritas Capital Fund VII, L.P. 6,612,475 0.7 0.00 0.00 0.09 -2.07 9.06 N/A 9.06 04/14/2020
New Mountain Partners VI, L.P. 6,440,484 0.7 -0.06 -0.06 17.95 15.88 N/A N/A 14.88 03/10/2021
Tenex Capital Partners III, L.P. 8,287,392 0.8 -0.29 -0.29 14.38 12.09 N/A N/A 55.40 05/05/2021
BC Partners Fund XI 6,885,919 0.7 0.00 0.00 3.33 7.82 N/A N/A 7.37 07/30/2021
CVC Capital Partners VIII (EUR 5MM) 5,148,134 0.5 0.00 0.00 1.74 4.39 N/A N/A 4.74 12/14/2021
Veritas Capital Fund VIII, L.P. 9,973,643 1.0 -0.23 -0.23 12.82 N/A N/A N/A 11.73 07/01/2022
Comparative Performance - IRR
Total Fund
Total Fund
As of March 31, 2025
Market Value
% QTR YTD 1 YR 3 YR 5 YR 10 YR Inception Inception
Date
OpenGate Capital Partners III-A, L.P. 2,481,798 0.3 0.00 0.00 -44.68 N/A N/A N/A -49.12 09/26/2022
Riverside Micro-Cap Fund VI, L.P. 4,097,827 0.4 0.00 0.00 6.48 N/A N/A N/A 0.71 09/30/2022
L Catterton Growth V, L.P. 5,076,105 0.5 0.00 0.00 12.78 N/A N/A N/A 7.06 02/19/2023
Nordic Capital XI Beta L.P. 6,649,043 0.7 -1.34 -1.34 14.77 N/A N/A N/A 5.11 09/15/2023
New Mountain Partners VII, L.P. 956,824 0.1 0.00 0.00 N/A N/A N/A N/A -20.20 08/29/2024
% QTR YTD 1 YR 3 YR 5 YR 10 YR Inception Inception
Date
Limited Partner Funds - Real Estate
AEW Partners Fund VII 796,072 0.1 0.00 0.00 17.29 3.49 -1.49 10.40 10.04 10/25/2013
Dune Real Estate Fund III 1,815,427 0.2 0.00 0.00 -13.54 -13.56 -8.04 1.74 2.63 11/10/2014
Starwood Global Opportunity Fund X 2,582,914 0.3 0.00 0.00 -11.30 -13.26 3.56 N/A 12.93 10/27/2015
Crow Holdings Realty Partners VII, L.P. 24,170 0.0 0.00 0.00 -31.27 -29.19 6.73 N/A 10.60 12/10/2015
Crow Holdings Realty Partners VIII, L.P. 63,828 0.0 0.00 0.00 -55.20 -11.20 30.10 N/A 22.22 09/21/2018
Dune Real Estate Fund IV 4,450,575 0.5 0.00 0.00 -13.19 -2.46 -0.92 N/A -1.84 08/22/2019
Davis Investment Ventures Fund IV-B, L.P. 5,564,455 0.6 0.00 0.00 -12.20 -5.91 2.43 N/A 2.39 01/20/2020
AG Europe Realty Fund III, L.P. 6,803,358 0.7 0.00 0.00 5.20 7.16 7.60 N/A 7.60 04/13/2020
Patron Capital GP VI (EUR 6MM) 4,032,476 0.4 -1.09 -1.09 -5.76 0.94 N/A N/A -1.23 01/20/2021
TerraCap Partners V (Institutional), LP 5,546,892 0.6 0.00 0.00 -22.83 -17.37 N/A N/A -13.32 11/09/2021
Machine Real Estate Fund I, LP 7,858,450 0.8 0.00 0.00 -0.08 4.53 N/A N/A 4.53 04/20/2022
Artemis Real Estate Partners Fund IV, L.P. 4,181,979 0.4 -0.92 -0.92 4.95 N/A N/A N/A -2.90 06/24/2022
Centerbridge Partners Real Estate Fund II, L.P. 3,150,551 0.3 0.00 0.00 0.08 N/A N/A N/A -0.21 07/01/2022
Pennybacker VI, LP 1,677,882 0.2 0.00 0.00 -0.48 N/A N/A N/A -11.73 03/13/2023
AG Realty Value Fund XI 3,058,015 0.3 0.00 0.00 0.53 N/A N/A N/A -3.66 03/22/2023
Virtus Real Estate Fund IV 7,140,747 0.7 0.67 0.67 2.34 N/A N/A N/A -3.47 12/21/2023
Limited Partner Funds - Real Assets
Altius Real Asset Fund 4,194,374 0.4 0.00 0.00 5.81 5.24 7.90 5.02 4.03 09/24/2013
Tortoise Direct Opportunities Fund II L.P. 270,883 0.0 0.00 0.00 -2.98 -3.56 32.30 N/A 1.03 09/24/2018
InfraBridge Global Infrastructure Fund II 3,316,788 0.3 0.04 0.04 -10.13 -17.71 -11.03 N/A -9.95 01/22/2020
Global Infrastructure Partners V-B Feeder Fund 2,407,276 0.2 -15.69 -15.69 N/A N/A N/A N/A -21.32 07/08/2024
Comparative Performance - IRR
Other Funds
Other Funds
As of March 31, 2025
Market Value
% QTR YTD 1 YR 3 YR 5 YR 10 YR Inception Inception
Date
Limited Partner Funds - Non-Core Fixed
LBC Credit Partners III L.P. 1,088,354 0.1 0.00 0.00 18.61 7.43 12.66 7.11 8.17 06/19/2014
Morgan Stanley Div Credit Opp Fund I L.P. 2,530,967 0.3 0.00 0.00 7.10 -1.82 4.14 4.60 4.42 02/18/2015
Marathon European Credit Opp Fund III 4,619,730 0.5 0.02 0.02 -0.27 -7.93 0.88 N/A 5.18 03/18/2016
RCP SBIC Opportunities Fund, L.P. 8,337,534 0.8 0.00 0.00 6.83 19.31 19.66 N/A 14.60 06/28/2016
LBC Credit Partners IV, L.P. 765,569 0.1 0.00 0.00 4.40 11.77 8.60 N/A 8.37 09/19/2016
Blackstone Real Estate Debt Strategies III 1,803,847 0.2 0.00 0.00 -4.45 -2.97 8.20 N/A 6.60 11/14/2016
PIMCO Corporate Opportunities Fund II 4,960,441 0.5 0.00 0.00 14.06 30.27 24.13 N/A 9.51 12/22/2016
Golub Capital Partners Int'l XI, L.P. 8,750,000 0.9 0.00 0.00 6.87 9.03 11.33 N/A 9.41 10/02/2017
Contrarian Distressed RE Debt Fund IV 10,565,853 1.1 0.00 0.00 -4.97 -9.07 -2.45 N/A -4.13 07/30/2019
H.I.G. Bayside Loan Opportunity Fund VI, L.P. 3,841,201 0.4 0.00 0.00 7.49 8.97 N/A N/A 10.20 05/22/2020
Cerberus Corporate Credit Fund, L.P. 2,868,728 0.3 0.00 0.00 27.25 0.70 N/A N/A 5.54 06/12/2020
Deerpath Capital Advantage V (US) 6,538,472 0.7 0.00 0.00 6.85 10.11 N/A N/A 11.13 07/03/2020
BlackRock Direct Lending Feeder IX-L, L.P. 6,091,164 0.6 -0.33 -0.33 1.27 6.82 N/A N/A 6.86 01/31/2021
Marathon Distressed Credit (Europe) Fund 4,103,788 0.4 0.00 0.00 10.18 5.49 N/A N/A 10.24 01/31/2021
Torchlight Debt Fund VII, LP 7,515,161 0.8 0.00 0.00 2.05 3.04 N/A N/A 2.67 04/22/2021
Strategic Value Special Situations Fund V 11,036,734 1.1 0.00 0.00 9.05 14.52 N/A N/A 15.43 07/22/2021
Monroe Private Credit IV 8,144,310 0.8 -1.20 -1.20 6.43 8.54 N/A N/A 8.65 09/28/2021
Deerpath Capital Advantage VI (US) 10,224,153 1.0 0.00 0.00 6.84 N/A N/A N/A 10.05 07/14/2022
TCW Direct Lending VIII 4,599,444 0.5 0.00 0.00 9.42 N/A N/A N/A 11.45 07/21/2022
Oaktree European Capital Solutions Fund III 9,052,065 0.9 0.00 0.00 -0.47 N/A N/A N/A 0.73 09/26/2022
Monroe Private Credit V 5,035,074 0.5 0.00 0.00 7.52 N/A N/A N/A 7.45 03/21/2024
Strategic Value Capital Solutions Fund II 5,203,622 0.5 0.00 0.00 14.90 N/A N/A N/A 14.90 04/18/2024
Deerpath Capital Advantage VII 2,217,272 0.2 0.00 0.00 N/A N/A N/A N/A 3.11 08/09/2024
Sabal Strategic Opportunities Fund II 10,964,718 1.1 0.71 0.71 N/A N/A N/A N/A 7.41 11/13/2024
Market Value
Performance(%)
QTR YTD 1 YR 3 YR 5 YR 10 YR Inception Inception
Date
Pension Fund (Gross) 949,215,434 100.0 0.25 (47) 0.25 (47) 5.86 (41) 5.00 (28) 10.65 (35) 7.53 (18) 7.19 (25) 06/01/2005
Total Fund Policy 0.98 (16) 0.98 (16) 5.68 (47) 3.61 (74) 9.61 (68) 6.46 (68) 6.08 (85)
Pension Fund (Gross) from Mariner inception 949,215,434 100.0 0.25 (47) 0.25 (47) 5.86 (41) 5.00 (28) 10.65 (35) 7.53 (18) 8.91 (14) 07/01/2010
Total Fund Policy 0.98 (16) 0.98 (16) 5.68 (47) 3.61 (74) 9.61 (68) 6.46 (68) 7.82 (73)
Total Equity Composite 369,257,619 38.9 -0.91 -0.91 5.81 7.07 15.07 9.16 10.41 12/01/2009
Total Equity Policy -0.08 -0.08 7.14 6.86 15.12 9.07 10.31
Total Domestic Equity Composite 193,384,839 20.4 -5.62 (73) -5.62 (73) 4.20 (62) 6.71 (58) 16.48 (64) 10.84 (45) 12.38 (53) 12/01/2009
Total Domestic Equity Policy -4.72 (68) -4.72 (68) 7.22 (37) 8.22 (41) 18.18 (43) 11.80 (28) 13.34 (31)
Total International/Global Equity Composite 175,872,780 18.5 4.83 (76) 4.83 (76) 7.68 (44) 7.55 (33) 13.33 (39) 7.06 (24) 7.12 (37) 01/01/2010
Total International Policy 5.36 (69) 5.36 (69) 6.65 (54) 5.03 (74) 11.46 (76) 5.48 (81) 5.28 (96)
Total Fixed Income Composite 265,260,570 27.9 1.12 (100) 1.12 (100) 6.15 (10) 4.55 (1) 5.52 (1) 5.30 (1) 5.39 (1) 01/01/2010
Total Fixed Policy 2.57 (90) 2.57 (90) 5.08 (74) 1.09 (36) 0.22 (66) 1.65 (80) 2.47 (98)
Total Core Fixed Income Composite 97,351,065 10.3 2.97 (21) 2.97 (21) 5.18 (63) 0.85 (61) 0.38 (55) 1.56 (85) 2.60 (87) 01/01/2010
Total Domestic Fixed Policy 2.78 (60) 2.78 (60) 4.88 (94) 0.52 (91) -0.40 (96) 1.48 (96) 2.35 (100)
Total Non-Core Fixed Income Composite 167,909,505 17.7 0.07 0.07 6.76 7.63 10.72 9.27 8.95 09/01/2011
Blmbg. U.S. Universal Index 2.66 2.66 5.24 1.01 0.32 1.83 2.31
Total Real Estate Composite 79,729,795 8.4 0.22 (87) 0.22 (87) -3.54 (100) -5.54 (69) 2.41 (58) 5.90 (50) 7.98 (53) 04/01/2011
NCREIF ODCE (VW) (Net) 0.84 (70) 0.84 (70) 1.16 (65) -5.08 (60) 2.01 (63) 4.71 (77) 6.77 (86)
Total Infrastructure Composite 88,856,621 9.4 3.04 3.04 12.96 8.62 14.45 3.93 4.79 03/01/2011
Infrastructure Custom Benchmark 1.83 1.83 8.44 6.69 15.58 3.11 4.17
Total Private Equity Composite 130,501,756 13.7 0.00 0.00 6.39 4.34 12.62 10.60 17.96 07/01/2010
Cambridge Associates Private Equity Index 0.00 0.00 4.23 4.03 17.10 13.17 14.07
Cash Accounts Composite* 15,609,073 1.6 1.00 1.00 4.31 4.02 2.42 N/A 2.16 08/01/2017
R&D Account only 15,361,057 1.6
Asset Allocation & Performance
Trailing Returns - Gross of Fees
As of March 31, 2025
Returns are expressed as % and annualized for periods greater than 1 year. Fees and expenses paid from capital balance are not reported.
Market Values are baed on the most recent available data, including capital statements where avaialble, +/- any capital calls and/or distributions.
Green marks indicate overperformance of 1% relative to the benchmark. Yellow marks indicate underperformance of 1% relateive to the benchmark.
*Cash composite includes R&D and cash from private investments.
Market Value
Performance(%)
QTR YTD 1 YR 3 YR 5 YR 10 YR Inception Inception
Date
Domestic Equity Managers 193,384,839 20.4 -5.62 -5.62 4.20 6.71 16.48 10.84 12.38 12/01/2009
Total Domestic Equity Policy -4.72 -4.72 7.22 8.22 18.18 11.80 13.34
Barrow Hanley Large Cap Value Equity 34,399,800 3.6 -1.00 (80) -1.00 (80) 7.05 (47) 9.14 (30) 18.87 (44) 10.43 (38) 8.59 (62) 05/01/2006
Russell 1000 Value Index 2.14 (39) 2.14 (39) 7.18 (45) 6.64 (73) 16.15 (79) 8.79 (84) 7.62 (94)
Luther King Large Cap Core Equity 30,530,678 3.2 -3.84 (45) -3.84 (45) 4.35 (78) 4.50 (96) 14.93 (88) 11.25 (75) 10.17 (53) 05/01/2006
S&P 500 Index -4.27 (51) -4.27 (51) 8.25 (28) 9.06 (49) 18.59 (45) 12.50 (35) 10.13 (61)
Rhumbline Composite 113,960,089 12.0 -6.76 (63) -6.76 (63) 6.30 (30) 8.87 (17) 18.78 (17) 11.99 (19) 13.87 (10) 03/01/2010
Westfield Small Cap Growth 14,494,272 1.5 -10.34 (47) -10.34 (47) N/A N/A N/A N/A -1.39 (78) 05/01/2024
Russell 2000 Growth Index -11.12 (57) -11.12 (57) -4.86 (52) 0.78 (52) 10.78 (80) 6.14 (97) 3.08 (45)
Asset Allocation & Performance
Trailing Returns - Gross of Fees
As of March 31, 2025
Returns are expressed as % and annualized for periods greater than 1 year. Fees and expenses paid from capital balance are not reported.
Market Values are based on the most recent available data, including capital statements where avaialble, +/- any capital calls and/or distributions.
Green marks indicate overperformance of 1% relative to the benchmark. Yellow marks indicate underperformance of 1% relateive to the benchmark.
Manager names in orange indicate watchlist. Manager names in bold indicate majority ownership by women and/or minorities.
Trailing Returns - Gross of Fees
As of March 31, 2025
Allocation
Market Value
Performance(%)
QTR YTD 1 YR 3 YR 5 YR 10 YR Inception Inception
Date
International/Global Equity Managers 175,872,780 18.5 4.83 4.83 7.68 7.55 13.33 7.06 7.12 01/01/2010
Total International Policy 5.36 5.36 6.65 5.03 11.46 5.48 5.28
Hardman Johnston Global Equity 44,272,512 4.7 0.56 (42) 0.56 (42) 11.34 (15) 8.85 (23) 15.47 (44) 13.39 (4) 12.15 (9) 06/01/2011
MSCI AC World Index (Net) -1.32 (59) -1.32 (59) 7.15 (36) 6.91 (46) 15.18 (48) 8.84 (58) 8.49 (71)
Segall Bryant & Hamill Int'l 36,707,874 3.9 7.11 (34) 7.11 (34) 10.86 (27) 7.01 (61) 14.30 (71) N/A 3.56 (77) 07/01/2017
MSCI EAFE Small Cap (net) Index 3.69 (75) 3.69 (75) 3.10 (80) 0.88 (88) 9.89 (89) 5.34 (69) 4.03 (76)
WCM Focused Int'l Growth 33,922,008 3.6 4.91 (55) 4.91 (55) 1.68 (78) 4.91 (59) N/A N/A 3.19 (67) 01/01/2021
MSCI AC World ex USA (Net) 5.23 (52) 5.23 (52) 6.09 (52) 4.48 (64) 10.92 (71) 4.98 (87) 3.61 (64)
GQG Emerging Markets 19,736,853 2.1 -0.30 (81) -0.30 (81) -4.11 (95) 5.44 (10) N/A N/A 0.82 (25) 03/01/2021
MSCI Emerging Markets (Net) Index 2.93 (43) 2.93 (43) 8.09 (29) 1.44 (56) 7.94 (61) 3.71 (50) -2.25 (53)
Causeway International Value CIT 41,233,534 4.3 10.44 (9) 10.44 (9) 12.35 (15) N/A N/A N/A 17.82 (8) 12/01/2022
MSCI AC World ex USA (Net) 5.23 (52) 5.23 (52) 6.09 (52) 4.48 (64) 10.92 (71) 4.98 (87) 10.95 (61)
Returns are expressed as % and annualized for periods greater than 1 year. Fees and expenses paid from capital balance are not reported.
Market Values are based on the most recent available data, including capital statements where avaialble, +/- any capital calls and/or distributions.
Green marks indicate overperformance of 1% relative to the benchmark. Yellow marks indicate underperformance of 1% relateive to the benchmark.
Manager names in orange indicate watchlist. Manager names in bold indicate majority ownership by women and/or minorities.
As of March 31, 2025
Allocation
Market Value
Performance(%)
QTR YTD 1 YR 3 YR 5 YR 10 YR Inception Inception
Date
Core Fixed Income Managers 97,351,065 10.3 2.97 2.97 5.18 0.85 0.38 1.56 2.60 01/01/2010
Total Domestic Fixed Policy 2.78 2.78 4.88 0.52 -0.40 1.48 2.35
Barrow Hanley Fixed Income Core 48,145,057 5.1 2.35 (95) 2.35 (95) 5.32 (51) 1.22 (23) N/A N/A -0.79 (44) 02/01/2021
Blmbg. U.S. Aggregate Index 2.78 (60) 2.78 (60) 4.88 (94) 0.52 (91) -0.40 (96) 1.46 (98) -1.29 (92)
Garcia Hamilton Core Fixed Income 49,206,008 5.2 3.57 (1) 3.57 (1) 5.04 (81) 0.51 (91) 0.18 (81) N/A 1.64 (84) 11/01/2017
Blmbg. U.S. Aggregate Index 2.78 (52) 2.78 (52) 4.88 (93) 0.52 (91) -0.40 (98) 1.46 (99) 1.33 (100)
Total Non-Core Fixed Income Composite 167,909,505 17.7 0.07 0.07 6.76 7.63 10.72 9.27 8.95 09/01/2011
Blmbg. U.S. Universal Index 2.66 2.66 5.24 1.01 0.32 1.83 2.31
Pimco Tac Ops 16,056,481 1.7 0.05 0.05 6.99 6.98 11.73 8.70 8.83 10/01/2013
Blmbg. U.S. Universal Index 2.66 2.66 5.24 1.01 0.32 1.83 2.24
Ares GMAC Fund 8,881,986 0.9 0.42 0.42 8.11 N/A N/A N/A 10.15 07/01/2023
Bloomberg Global Multiverse Index (Hedged) 1.17 1.17 4.75 1.72 0.70 2.10 5.20
Returns are expressed as % and annualized for periods greater than 1 year. Fees and expenses paid from capital balance are not reported.
Market Values are based on the most recent available data, including capital statements where avaialble, +/- any capital calls and/or distributions.
Green marks indicate overperformance of 1% relative to the benchmark. Yellow marks indicate underperformance of 1% relateive to the benchmark.
Manager names in orange indicate watchlist. Manager names in bold indicate majority ownership by women and/or minorities.
As of March 31, 2025
Allocation
Market Value
Performance(%)
QTR YTD 1 YR 3 YR 5 YR 10 YR Inception Inception
Date
Total Real Estate Composite 79,729,795 8.4 0.22 (87) 0.22 (87) -3.54 (100) -5.54 (69) 2.41 (58) 5.90 (50) 7.98 (53) 04/01/2011
NCREIF ODCE (VW) (Net) 0.84 (70) 0.84 (70) 1.16 (65) -5.08 (60) 2.01 (63) 4.71 (77) 6.77 (86)
ING Core Real Estate 12,633,092 1.3 0.97 (66) 0.97 (66) 1.37 (63) -5.13 (61) 2.61 (57) 6.07 (40) 8.03 (51) 04/01/2011
NCREIF Fund Index-ODCE (VW) (Net) 0.84 (70) 0.84 (70) 1.16 (65) -5.08 (60) 2.01 (63) 4.71 (77) 6.77 (86)
INVESCO Core Real Estate 8,348,912 0.9 0.16 (89) 0.16 (89) -1.92 (98) -5.61 (70) 1.02 (73) 5.06 (70) 6.73 (78) 10/01/2011
NCREIF Fund Index-ODCE (VW) (Net) 0.84 (70) 0.84 (70) 1.16 (65) -5.08 (60) 2.01 (63) 4.71 (77) 6.43 (88)
Total Private Equity Composite 130,501,756 13.7 0.00 0.00 6.39 4.34 12.62 10.60 17.96 07/01/2010
Cambridge Associates Private Equity Index 0.00 0.00 4.23 4.03 17.10 13.17 14.07
Total Infrastructure Composite 88,856,621 9.4 3.04 3.04 12.96 8.62 14.45 3.93 4.79 03/01/2011
Infrastructure Custom Benchmark 1.83 1.83 8.44 6.69 15.58 3.11 4.17
First Trust Liquid Listed Infrastructure (EMLP) 16,317,523 1.7 6.00 6.00 31.40 14.73 20.50 N/A 9.94 05/01/2016
50% Blmbg. Agg/ 50% Alerian MLP 7.66 7.66 13.97 12.62 19.40 4.80 6.78
IFM Global Infrastructure (US), L.P. Class A 22,612,529 2.4 3.38 3.38 11.69 9.11 10.96 N/A 10.29 10/01/2019
Infrastructure Custom Benchmark 1.83 1.83 8.44 6.69 15.58 3.11 6.59
Brookfield SuperCore Infrastructure 21,001,972 2.2 2.37 2.37 9.72 9.82 9.59 N/A 9.21 12/01/2019
Infrastructure Custom Benchmark 1.83 1.83 8.44 6.69 15.58 3.11 8.00
JP Morgan IIF 18,735,277 2.0 2.32 2.32 10.80 N/A N/A N/A 11.54 02/01/2023
Infrastructure Custom Benchmark 1.83 1.83 8.44 6.69 15.58 3.11 8.16
Pension Fund (Net) 949,215,434 100.0 0.25 0.25 5.86 5.00 10.65 7.53 7.19 06/01/2005
Returns are expressed as % and annualized for periods greater than 1 year. Fees and expenses paid from capital balance are not reported.
Market Values are based on the most recent available data, including capital statements where avaialble, +/- any capital calls and/or distributions.
Green marks indicate overperformance of 1% relative to the benchmark. Yellow marks indicate underperformance of 1% relateive to the benchmark.
Manager names in orange indicate watchlist. Manager names in bold indicate majority ownership by women and/or minorities.
Dec-2024 : $962,500,265 Mar-2025 : $949,215,434
Market Value Allocation
Domestic Equity 204,893,773 21.3¢£
International/Global Equity 167,826,967 17.4¢£
Core Fixed Income 94,545,888 9.8¢£
Non-Core Fixed Income 167,924,217 17.4¢£
Real Estate 76,825,473 8.0¢£
Infrastructure 85,423,524 8.9¢£
Private Equity 128,756,796 13.4¢£
Cash Accounts 36,303,627 3.8¢£
Allocation
Market Value Allocation
Domestic Equity 193,384,839 20.4¢£
International/Global Equity 175,872,780 18.5¢£
Core Fixed Income 97,351,065 10.3¢£
Non-Core Fixed Income 167,909,505 17.7¢£
Real Estate 79,729,795 8.4¢£
Infrastructure 88,856,621 9.4¢£
Private Equity 130,501,756 13.7¢£
Cash Accounts 15,609,073 1.6¢£
Asset Allocation By Asset Class
Total Fund
Asset Allocation Attributes
Mar-2025 Dec-2024 Sep-2024 Jun-2024 Mar-2024
Total Equity Composite 369,257,619 38.90 372,720,740 38.72 384,679,415 40.93 381,234,249 41.46 380,889,726 41.40
Total Domestic Equity Composite 193,384,839 20.37 204,893,773 21.29 201,791,265 21.47 204,707,902 22.26 200,735,158 21.82
Alger Capital Appreciation- residual cash - 0.00 - 0.00 60,848 0.01 3,529 0.00 3,529 0.00
Barrow Hanley Large Cap Value Equity 34,399,800 3.62 34,748,198 3.61 34,880,372 3.71 36,823,032 4.00 37,203,075 4.04
Westwood All Cap Value - 0.00 28 0.00 648,702 0.07 28,438,407 3.09 28,929,849 3.14
Luther King Large Cap Core Equity 30,530,678 3.22 31,750,424 3.30 31,524,502 3.35 35,027,150 3.81 34,069,792 3.70
Rhumbline S&P 500 Pooled Index Fund 58,933,954 6.21 61,561,492 6.40 60,115,959 6.40 45,188,160 4.91 43,333,852 4.71
Rhumbline S&P MC 400 Pooled Index Fund 6,721,690 0.71 7,157,801 0.74 7,132,894 0.76 6,670,327 0.73 6,907,634 0.75
Rhumbline S&P SC 600 Pooled Index Fund - 0.00 - 0.00 - 0.00 - 0.00 5,963,512 0.65
Rhumbline S&P SC 600 Pooled Index Fund 11,095,065 1.17 12,182,491 1.27 12,252,755 1.30 - 0.00 - 0.00
Westfield Small Cap Growth 14,494,272 1.53 16,166,412 1.68 16,576,060 1.76 15,147,805 1.65 - 0.00
Total International/Global Equity Composite 175,872,780 18.53 167,826,967 17.44 182,888,149 19.46 176,526,347 19.20 180,154,568 19.58
Hardman Johnston Global Equity 44,272,512 4.66 44,025,266 4.57 44,023,391 4.68 46,058,935 5.01 43,613,767 4.74
Segall Bryant & Hamill Int'l 36,707,874 3.87 34,272,280 3.56 36,838,352 3.92 33,576,396 3.65 37,019,198 4.02
WCM Focused Int'l Growth 33,922,008 3.57 32,398,341 3.37 34,845,491 3.71 33,209,799 3.61 33,645,093 3.66
GQG Emerging Markets 19,736,853 2.08 19,796,698 2.06 21,312,929 2.27 21,642,450 2.35 20,583,276 2.24
Causeway International Value CIT 41,233,534 4.34 37,334,381 3.88 45,867,986 4.88 42,038,767 4.57 45,293,233 4.92
Total Fixed Income Composite 265,260,570 27.95 262,470,104 27.27 254,475,404 27.08 245,368,345 26.68 236,999,514 25.76
Total Core Fixed Income Composite 97,351,065 10.26 94,545,888 9.82 98,118,171 10.44 92,692,880 10.08 92,555,794 10.06
Barrow Hanley Fixed Income Core 48,145,057 5.07 47,037,753 4.89 48,322,514 5.14 45,840,154 4.99 45,712,473 4.97
Garcia Hamilton Core Fixed Income 49,206,008 5.18 47,508,135 4.94 49,795,657 5.30 46,852,726 5.10 46,843,322 5.09
Total Non-Core Fixed Income Composite 167,909,505 17.69 167,924,217 17.45 156,357,232 16.64 152,675,465 16.60 144,443,719 15.70
Pimco Tac Ops 16,056,481 1.69 16,100,235 1.67 16,037,870 1.71 15,628,924 1.70 15,197,678 1.65
Crescent Direct Lending Fund - 0.00 - 0.00 - 0.00 23,741 0.00 92,656 0.01
LBC Credit Partners III L.P. 1,088,354 0.11 1,317,190 0.14 1,292,787 0.14 1,145,585 0.12 1,131,528 0.12
Morgan Stanley Div Credit Opp Fund I L.P. 2,530,967 0.27 2,530,967 0.26 2,383,932 0.25 2,823,340 0.31 3,095,951 0.34
Marathon European Credit Opp 4,619,730 0.49 4,618,655 0.48 4,670,645 0.50 4,638,022 0.50 4,632,445 0.50
RCP SBIC Opportunities Fund, L.P. 8,337,534 0.88 8,666,343 0.90 9,784,369 1.04 10,429,401 1.13 10,623,035 1.15
LBC Credit Partners IV, L.P. 765,569 0.08 911,904 0.09 2,204,535 0.23 3,687,236 0.40 3,860,074 0.42
Blackstone Real Estate Debt Strategies III 1,803,847 0.19 1,850,550 0.19 1,850,550 0.20 1,997,503 0.22 2,315,894 0.25
PIMCO Corporate Opportunities Fund II 4,960,441 0.52 4,960,441 0.52 4,830,334 0.51 4,807,827 0.52 4,349,022 0.47
Golub Capital Partners Int'l XI, L.P. 8,750,000 0.92 9,001,111 0.94 8,931,444 0.95 8,904,611 0.97 9,031,232 0.98
Contrarian Distressed RE Debt Fund IV 10,565,853 1.11 10,565,853 1.10 10,631,861 1.13 10,405,905 1.13 10,577,951 1.15
H.I.G. Bayside Loan Opportunity Fund VI, L.P. 3,841,201 0.40 4,056,909 0.42 4,146,517 0.44 4,966,425 0.54 4,977,431 0.54
Cerberus Corporate Credit Fund, L.P. 2,868,728 0.30 3,135,080 0.33 3,320,195 0.35 3,562,967 0.39 3,465,189 0.38
Deerpath Capital Advantage V (US) 6,538,472 0.69 6,705,508 0.70 6,753,446 0.72 6,795,519 0.74 7,287,272 0.79
Asset Allocation
Total Fund
Asset Allocation
As of March 31, 2025
Mar-2025 Dec-2024 Sep-2024 Jun-2024 Mar-2024
BlackRock Direct Lending Feeder IX-L, L.P. 6,091,164 0.64 6,336,142 0.66 6,317,380 0.67 6,812,494 0.74 6,656,943 0.72
Marathon Distressed Credit (Europe) Fund 4,103,788 0.43 4,585,133 0.48 5,218,261 0.56 6,023,217 0.66 6,255,546 0.68
Torchlight Debt Fund VII, LP 7,515,161 0.79 7,515,161 0.78 7,447,573 0.79 5,147,121 0.56 4,373,628 0.48
Strategic Value Special Situations Fund V 11,036,734 1.16 10,286,734 1.07 9,427,675 1.00 8,190,574 0.89 8,216,478 0.89
Monroe Private Credit IV 8,144,310 0.86 8,432,628 0.88 8,462,552 0.90 8,497,675 0.92 8,538,032 0.93
Deerpath Capital Advantage VI (US) 10,224,153 1.08 9,707,715 1.01 9,498,717 1.01 7,198,461 0.78 7,027,561 0.76
TCW Direct Lending VIII 4,599,444 0.48 4,795,589 0.50 4,147,648 0.44 4,257,380 0.46 4,354,615 0.47
Oaktree European Capital Solutions Fund III 9,052,065 0.95 9,090,564 0.94 9,124,540 0.97 8,134,877 0.88 6,664,083 0.72
Ares GMAC Fund 8,881,986 0.94 8,845,015 0.92 8,697,023 0.93 8,378,812 0.91 8,215,813 0.89
Monroe Private Credit V 5,035,074 0.53 4,130,788 0.43 4,190,602 0.45 4,131,650 0.45 2,024,568 0.22
Strategic Value Capital Solutions Fund II 5,203,622 0.55 5,203,622 0.54 3,487,044 0.37 3,110,718 0.34 - 0.00
Deerpath Capital Advantage VII 2,217,272 0.23 1,227,439 0.13 1,204,986 0.13 - 0.00 - 0.00
Sabal Strategic Opportunities Fund II 10,964,718 1.16 10,964,718 1.14 - 0.00 - 0.00 - 0.00
Total Infrastructure Composite 88,856,621 9.36 85,423,524 8.88 83,301,319 8.86 78,779,265 8.57 77,543,295 8.43
Altius Real Asset Fund 4,194,374 0.44 4,194,374 0.44 4,206,872 0.45 4,008,386 0.44 3,963,932 0.43
First Trust Liquid Listed Infrastructure (EMLP) 16,317,523 1.72 15,516,663 1.61 14,624,400 1.56 13,257,715 1.44 12,852,933 1.40
Tortoise Direct Opportunities Fund II L.P. 270,883 0.03 270,883 0.03 271,826 0.03 275,424 0.03 279,214 0.03
IFM Global Infrastructure (US), L.P. Class A 22,612,529 2.38 21,913,059 2.28 21,380,965 2.28 20,599,554 2.24 20,398,918 2.22
Brookfield SuperCore Infrastructure 21,001,972 2.21 20,571,529 2.14 20,129,050 2.14 19,733,366 2.15 19,344,414 2.10
InfraBridge Global Infrastructure Fund II 3,316,788 0.35 3,316,788 0.34 3,433,948 0.37 3,508,954 0.38 3,697,402 0.40
JP Morgan IIF 18,735,277 1.97 18,309,727 1.90 17,809,808 1.90 17,395,866 1.89 17,006,483 1.85
Global Infrastructure Partners V-B Feeder Fund 2,407,276 0.25 1,330,501 0.14 1,444,451 0.15 - 0.00 - 0.00
Total Real Estate Composite 79,729,795 8.40 76,825,473 7.98 76,050,524 8.09 72,259,150 7.86 71,004,446 7.72
ING Core Real Estate 12,633,092 1.33 12,545,785 1.30 12,344,100 1.31 12,347,778 1.34 12,598,315 1.37
INVESCO Core Real Estate 8,348,912 0.88 9,038,500 0.94 9,398,244 1.00 9,822,245 1.07 10,235,324 1.11
AEW Partners Fund VII 796,072 0.08 796,072 0.08 707,355 0.08 702,378 0.08 678,723 0.07
Pennybacker Real Estate III - 0.00 - 0.00 29,858 0.00 31,784 0.00 33,200 0.00
Dune Real Estate Fund III 1,815,427 0.19 1,815,427 0.19 2,027,774 0.22 2,122,286 0.23 2,258,951 0.25
Starwood Global Opportunity Fund X 2,582,914 0.27 2,582,914 0.27 2,735,817 0.29 2,854,502 0.31 3,435,309 0.37
Crow Holdings Realty Partners VII, L.P. 24,170 0.00 24,170 0.00 192,354 0.02 257,743 0.03 438,653 0.05
Crow Holdings Realty Partners VIII, L.P. 63,828 0.01 63,828 0.01 69,734 0.01 152,717 0.02 325,081 0.04
Dune Real Estate Fund IV 4,450,575 0.47 4,317,057 0.45 4,610,773 0.49 4,666,592 0.51 4,578,766 0.50
Davis Investment Ventures Fund IV-B, L.P. 5,564,455 0.59 5,564,455 0.58 5,838,597 0.62 6,285,285 0.68 6,147,311 0.67
AG Europe Realty Fund III, L.P. 6,803,358 0.72 6,803,358 0.71 6,761,156 0.72 6,599,827 0.72 5,838,590 0.63
Patron Capital GP VI (EUR 6MM) 4,032,476 0.42 4,032,476 0.42 4,368,354 0.46 4,079,257 0.44 3,453,178 0.38
TerraCap Partners V (Institutional), LP 5,546,892 0.58 5,546,892 0.58 6,307,442 0.67 6,758,800 0.74 7,187,562 0.78
Machine Real Estate Fund I, LP 7,858,450 0.83 7,333,450 0.76 6,700,587 0.71 6,333,735 0.69 6,101,783 0.66
Artemis Real Estate Partners Fund IV, L.P. 4,181,979 0.44 3,942,706 0.41 2,849,255 0.30 2,200,808 0.24 1,278,249 0.14
Centerbridge Partners Real Estate Fund II, L.P. 3,150,551 0.33 3,150,551 0.33 3,308,298 0.35 2,841,795 0.31 2,791,852 0.30
Pennybacker VI, LP 1,677,882 0.18 1,677,882 0.17 538,477 0.06 566,927 0.06 410,106 0.04
Asset Allocation
As of March 31, 2025
Mar-2025 Dec-2024 Sep-2024 Jun-2024 Mar-2024
AG Realty Value Fund XI 3,058,015 0.32 2,683,015 0.28 2,303,274 0.25 2,019,871 0.22 1,545,471 0.17
Virtus Real Estate Fund IV 7,140,747 0.75 4,906,935 0.51 4,959,075 0.53 1,614,821 0.18 1,668,022 0.18
Total Private Equity Composite 130,501,756 13.75 128,756,796 13.38 124,719,542 13.27 130,214,910 14.16 133,808,046 14.54
Lone Star CRA Fund 13,074,560 1.38 13,074,560 1.36 10,924,538 1.16 19,488,438 2.12 19,545,611 2.12
Glouston PE Opportunities IV 246,695 0.03 246,695 0.03 246,695 0.03 253,292 0.03 247,526 0.03
Capital International Private Equity Fund VI 171,556 0.02 171,556 0.02 173,407 0.02 243,395 0.03 412,943 0.04
Bay Hills Capital Partners II LP 5,026,647 0.53 5,071,992 0.53 5,120,146 0.54 5,124,399 0.56 5,106,850 0.56
Altius Private Equity Fund II 3,762,045 0.40 3,762,045 0.39 4,343,174 0.46 4,236,883 0.46 4,864,411 0.53
Ironsides Partnership Fund III 41,565 0.00 41,565 0.00 45,962 0.00 51,064 0.01 6,069,954 0.66
Ironsides Co-Investment Fund III 3,124,329 0.33 3,124,329 0.32 2,907,637 0.31 3,019,815 0.33 3,087,737 0.34
Glouston PE Opportunities V 2,218,022 0.23 2,352,435 0.24 2,558,218 0.27 2,539,536 0.28 2,503,694 0.27
Bay Hills Capital Partners III LP 17,259,149 1.82 18,566,925 1.93 21,275,785 2.26 21,237,991 2.31 21,486,080 2.34
Ironsides Partnership Fund IV 6,740,176 0.71 6,740,176 0.70 7,338,981 0.78 7,339,914 0.80 7,369,475 0.80
Ironsides Direct Investment Fund IV, L.P. 1,378,545 0.15 1,378,545 0.14 2,111,878 0.22 2,309,814 0.25 2,876,547 0.31
Capital Dynamics Global Secondaries IV, L.P. 9,560,070 1.01 9,560,070 0.99 9,596,560 1.02 10,033,945 1.09 10,437,519 1.13
Vista Equity Partners Fund VII, L.P. 5,288,754 0.56 5,288,754 0.55 5,307,259 0.56 5,195,193 0.56 5,215,912 0.57
Veritas Capital Fund VII, L.P. 6,612,475 0.70 6,612,475 0.69 6,787,107 0.72 6,621,551 0.72 6,592,274 0.72
Patron Capital GP VI (EUR 6MM) 4,032,476 0.42 4,032,476 0.42 4,368,354 0.46 4,079,257 0.44 3,453,178 0.38
New Mountain Partners VI, L.P. 6,440,484 0.68 6,696,490 0.70 6,458,120 0.69 5,514,677 0.60 5,096,476 0.55
Tenex Capital Partners III, L.P. 8,287,392 0.87 7,969,301 0.83 7,224,920 0.77 7,064,810 0.77 7,699,655 0.84
BC Partners Fund XI 6,885,919 0.73 6,885,919 0.72 6,929,428 0.74 6,074,048 0.66 5,898,334 0.64
CVC Capital Partners VIII (EUR 5MM) 5,148,134 0.54 5,148,134 0.53 4,701,896 0.50 4,475,080 0.49 4,009,200 0.44
Veritas Capital Fund VIII, L.P. 9,973,643 1.05 9,973,643 1.04 8,154,930 0.87 7,674,369 0.83 6,224,661 0.68
OpenGate Capital Partners III-A, L.P. 2,481,798 0.26 1,039,429 0.11 1,122,209 0.12 1,514,146 0.16 2,143,443 0.23
Riverside Micro-Cap Fund VI, L.P. 4,097,827 0.43 4,097,827 0.43 3,184,967 0.34 2,974,621 0.32 2,095,816 0.23
L Catterton Growth V, L.P. 5,076,105 0.53 5,076,105 0.53 4,485,958 0.48 3,798,148 0.41 3,030,411 0.33
Nordic Capital XI Beta L.P. 6,649,043 0.70 5,159,914 0.54 3,708,443 0.39 3,429,783 0.37 1,793,518 0.19
New Mountain Partners VII, L.P. 956,824 0.10 717,913 0.07 11,323 0.00 - 0.00 - 0.00
Cash Accounts
Cash from Private Funds 248,016 0.03 958,771 0.10 1,784,753 0.19 136,075 0.01 1,076,923 0.12
R&D Account 15,361,057 1.62 35,344,856 3.67 14,756,372 1.57 11,544,969 1.26 18,735,013 2.04
Self Managed Cash - 0.00 - 0.00 206 0.00 203 0.00 200 0.00
Pension Fund 949,215,434 100.00 962,500,265 100.00 939,767,533 100.00 919,537,168 100.00 920,057,162 100.00
01/01/2025
Net Transfers
Contributions Distributions Management
Fees Other
Expenses Income
Apprec./ Deprec.
Market Value 03/31/2025
Total Equity Composite 372,720,740 67,120 - - -135,995 -4,103 674,150 -4,064,293 369,257,619
Total Domestic Equity Composite 204,893,773 -28 - - - -4,103 674,150 -12,178,953 193,384,839
Barrow Hanley Large Cap Value Equity 34,748,198 - - - - - 215,674 -564,072 34,399,800
Westwood All Cap Value 28 -28 - - - - - - -
Luther King Large Cap Core Equity 31,750,424 - - - - - 92,937 -1,312,683 30,530,678
Rhumbline Cash from Pooled Products 57 - - - - - 1 - 58
Rhumbline S&P 500 Pooled Index Fund 61,561,492 - - - - -2,064 205,431 -2,830,905 58,933,954
Rhumbline S&P MC 400 Pooled Index Fund 7,157,801 - - - - -239 28,204 -464,076 6,721,690
Rhumbline S&P SC 600 Pooled Index Fund 12,182,491 - - - - -416 51,490 -1,138,500 11,095,065
Westfield Small Cap Growth 16,166,412 - - - - - 15,427 -1,687,567 14,494,272
Total International/Global Equity Composite 167,826,967 67,148 - - -135,995 - - 8,114,660 175,872,780
Hardman Johnston Global Equity 44,025,266 67,148 - - -67,148 - - 247,246 44,272,512
Segall Bryant & Hamill Int'l 34,272,280 - - - - - - 2,435,594 36,707,874
WCM Focused Int'l Growth 32,398,341 - - - -68,846 - - 1,592,513 33,922,008
GQG Emerging Markets 19,796,698 - - - - - - -59,845 19,736,853
Causeway International Value CIT 37,334,381 - - - - - - 3,899,152 41,233,534
Total Fixed Income Composite 262,470,104 34,588 - - -154,664 -20,033 896,791 2,033,783 265,260,570
Total Core Fixed Income Composite 94,545,888 - - - - - 896,791 1,908,386 97,351,065
Barrow Hanley Fixed Income Core 47,037,753 - - - - - 512,271 595,033 48,145,057
Garcia Hamilton Core Fixed Income 47,508,135 - - - - - 384,520 1,313,353 49,206,008
Total Non-Core Fixed Income Composite 167,924,217 34,588 - - -154,664 -20,033 - 125,397 167,909,505
Pimco Tac Ops 16,100,235 - - - -53,646 - - 9,892 16,056,481
LBC Credit Partners III L.P. 1,317,190 -228,836 - - - - - - 1,088,354
Morgan Stanley Div Credit Opp Fund I L.P. 2,530,967 - - - - - - - 2,530,967
Marathon European Credit Opp 4,618,655 - - - - - - 1,075 4,619,730
RCP SBIC Opportunities Fund, L.P. 8,666,343 -328,809 - - - - - - 8,337,534
LBC Credit Partners IV, L.P. 911,904 -146,335 - - - - - - 765,569
Blackstone Real Estate Debt Strategies III 1,850,550 -46,703 - - - - - - 1,803,847
PIMCO Corporate Opportunities Fund II 4,960,441 - - - - - - - 4,960,441
Golub Capital Partners Int'l XI, L.P. 9,001,111 -251,111 - - - - - - 8,750,000
Contrarian Distressed RE Debt Fund IV 10,565,853 - - - - - - - 10,565,853
H.I.G. Bayside Loan Opportunity Fund VI, L.P. 4,056,909 -215,708 - - - - - - 3,841,201
Cerberus Corporate Credit Fund, L.P. 3,135,080 -266,352 - - - - - - 2,868,728
Deerpath Capital Advantage V (US) 6,705,508 -167,036 - - - - - - 6,538,472
Deerpath Capital Advantage VI (US) 9,707,715 516,438 - - - - - - 10,224,153
BlackRock Direct Lending Feeder IX-L, L.P. 6,336,142 -224,487 - - -20,491 - - - 6,091,164
Marathon Distressed Credit (Europe) Fund 4,585,133 -481,344 - - - - - - 4,103,788
Financial Reconciliation
Year to Date Year To Date Ending March 31, 2025
Financial Reconciliation
Year to Date Year To Date Ending March 31, 2025
Market Value 01/01/2025
Net Transfers
Contributions Distributions Management
Fees Other
Expenses Income
Apprec./ Deprec.
Market Value 03/31/2025
Torchlight Debt Fund VII, LP 7,515,161 - - - - - - - 7,515,161
Strategic Value Special Situations Fund V 10,286,734 750,000 - - - - - - 11,036,734
Monroe Private Credit IV 8,432,628 -187,758 - - -80,527 -20,033 - - 8,144,310
TCW Direct Lending VIII 4,795,589 -196,145 - - - - - - 4,599,444
Oaktree European Capital Solutions Fund III 9,090,564 -38,499 - - - - - - 9,052,065
Ares GMAC Fund 8,845,015 - - - - - - 36,971 8,881,986
Monroe Private Credit V 4,130,788 904,286 - - - - - - 5,035,074
Strategic Value Capital Solutions Fund II 5,203,622 - - - - - - - 5,203,622
Deerpath Capital Advantage VII 1,227,439 989,833 - - - - - - 2,217,272
Sabal Strategic Opportunities Fund II 10,964,718 -77,459 - - - - - 77,459 10,964,718
Total Infrastructure Composite 85,423,524 1,153,853 - - -154,276 -164,909 495,896 2,102,533 88,856,621
Altius Real Asset Fund 4,194,374 - - - - - - - 4,194,374
First Trust Liquid Listed Infrastructure (EMLP) 15,516,663 -130,444 - - - - 130,444 800,860 16,317,523
Tortoise Direct Opportunities Fund II L.P. 270,883 - - - - - - - 270,883
IFM Global Infrastructure (US), L.P. Class A 21,913,059 - - - -42,189 - - 741,659 22,612,529
Brookfield SuperCore Infrastructure 20,571,529 - - - -52,391 -3,086 365,451 120,468 21,001,972
InfraBridge Global Infrastructure Fund II 3,316,788 -1,232 - - 1,232 - - - 3,316,788
JP Morgan IIF 18,309,727 - - - - - - 425,549 18,735,277
Global Infrastructure Partners V-B Feeder Fund 1,330,501 1,285,529 - - -60,928 -161,823 - 13,997 2,407,276
Total Real Estate Composite 76,825,473 2,851,070 - - -71,192 -44,362 184,629 -15,823 79,729,795
ING Core Real Estate 12,545,785 - - - -34,206 - 115,827 5,686 12,633,092
INVESCO Core Real Estate 9,038,500 -702,895 - - - - 68,802 -55,495 8,348,912
AEW Partners Fund VII 796,072 - - - - - - - 796,072
Dune Real Estate Fund III 1,815,427 - - - - - - - 1,815,427
Starwood Global Opportunity Fund X 2,582,914 - - - - - - - 2,582,914
Crow Holdings Realty Partners VII, L.P. 24,170 - - - - - - - 24,170
Crow Holdings Realty Partners VIII, L.P. 63,828 - - - - - - - 63,828
Dune Real Estate Fund IV 4,317,057 133,518 - - - - - - 4,450,575
Davis Investment Ventures Fund IV-B, L.P. 5,564,455 - - - - - - - 5,564,455
AG Europe Realty Fund III, L.P. 6,803,358 - - - - - - - 6,803,358
Patron Capital GP VI (EUR 6MM) 4,032,476 44,362 - - - -44,362 - - 4,032,476
TerraCap Partners V (Institutional), LP 5,546,892 - - - - - - - 5,546,892
Machine Real Estate Fund I, LP 7,333,450 525,000 - - - - - - 7,858,450
Artemis Real Estate Partners Fund IV, L.P. 3,942,706 276,259 - - -36,986 - - - 4,181,979
Centerbridge Partners Real Estate Fund II, L.P. 3,150,551 - - - - - - - 3,150,551
Pennybacker VI, LP 1,677,882 - - - - - - - 1,677,882
AG Realty Value Fund XI 2,683,015 375,000 - - - - - - 3,058,015
Virtus Real Estate Fund IV 4,906,935 2,199,826 - - - - - 33,986 7,140,747
Total Private Equity Composite 128,756,796 1,909,057 - - -83,150 -80,948 - - 130,501,756
Financial Reconciliation
Year to Date Year To Date Ending March 31, 2025
Market Value 01/01/2025
Net Transfers
Contributions Distributions Management
Fees Other
Expenses Income
Apprec./ Deprec.
Market Value 03/31/2025
Lone Star CRA Fund 13,074,560 - - - - - - - 13,074,560
Glouston PE Opportunities IV 246,695 - - - - - - - 246,695
Capital International Private Equity Fund VI 171,556 - - - - - - - 171,556
Bay Hills Capital Partners II LP 5,071,992 -45,345 - - - - - - 5,026,647
Altius Private Equity Fund II 3,762,045 - - - - - - - 3,762,045
Ironsides Partnership Fund III 41,565 - - - - - - - 41,565
Ironsides Co-Investment Fund III 3,124,329 - - - - - - - 3,124,329
Glouston PE Opportunities V 2,352,435 -134,413 - - - - - - 2,218,022
Bay Hills Capital Partners III LP 18,566,925 -1,307,776 - - - - - - 17,259,149
Ironsides Partnership Fund IV 6,740,176 - - - - - - - 6,740,176
Ironsides Direct Investment Fund IV, L.P. 1,378,545 - - - - - - - 1,378,545
Capital Dynamics Global Secondaries IV, L.P. 9,560,070 - - - - - - - 9,560,070
Vista Equity Partners Fund VII, L.P. 5,288,754 42,468 - - -37,500 -4,968 - - 5,288,754
Veritas Capital Fund VII, L.P. 6,612,475 - - - - - - - 6,612,475
New Mountain Partners VI, L.P. 6,696,490 -252,101 - - - -3,905 - - 6,440,484
Tenex Capital Partners III, L.P. 7,969,301 341,137 - - -23,046 - - - 8,287,392
BC Partners Fund XI 6,885,919 - - - - - - - 6,885,919
CVC Capital Partners VIII (EUR 5MM) 5,148,134 - - - - - - - 5,148,134
Veritas Capital Fund VIII, L.P. 9,973,643 22,604 - - -22,604 - - - 9,973,643
OpenGate Capital Partners III-A, L.P. 1,039,429 1,442,369 - - - - - - 2,481,798
Riverside Micro-Cap Fund VI, L.P. 4,097,827 - - - - - - - 4,097,827
L Catterton Growth V, L.P. 5,076,105 - - - - - - - 5,076,105
Nordic Capital XI Beta L.P. 5,159,914 1,561,203 - - - -72,075 - - 6,649,043
New Mountain Partners VII, L.P. 717,913 238,911 - - - - - - 956,824
Cash Accounts
Cash from Private Funds 958,771 -713,164 - - - - 436 1,973 248,016
R&D Account 35,344,856 -5,302,523 988,096 -14,885,111 - -1,040,888 256,627 - 15,361,057
Self Managed Cash - - - - - - - - -
Pension Fund 962,500,265 - 988,096 -14,885,111 -599,276 -1,355,243 2,508,530 58,172 949,215,434
Executive Summary
Policy Target In Policy Outside Policy
0.0% 4.0% 8.0% 12.0% 16.0% 20.0% 24.0% 28.0% 30.0%
Cash Accounts Composite $15,609,073.4 (1.6%)
Total Infrastructure Composite $88,856,620.7 (9.4%)
Total Private Equity Composite $130,501,756.0 (13.7%)
Total Real Estate Composite $79,729,795.2 (8.4%)
Total Non-Core Fixed Income Composite $167,909,504.7 (17.7%)
Total Core Fixed Income Composite $97,351,064.8 (10.3%)
Total International/Global Equity Composite $175,872,780.2 (18.5%)
Total Domestic Equity Composite $193,384,838.8 (20.4%)
Asset Allocation Compliance
Asset Allocation
Current Allocation (%)
Target Allocation (%)
Minimum Allocation (%)
Maximum Allocation (%)
Pension Fund 949,215,434 100.0 100.0 N/A N/A
Total Domestic Equity Composite 193,384,839 20.4 20.0 15.0 25.0
Total International/Global Equity Composite 175,872,780 18.5 17.5 12.5 27.5
Total Core Fixed Income Composite 97,351,065 10.3 10.0 5.0 15.0
Total Non-Core Fixed Income Composite 167,909,505 17.7 15.0 10.0 20.0
Total Real Estate Composite 79,729,795 8.4…
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