The NAIC Institutional Investor Forum is a members-only event that brings together high ranking investment managers with limited partners and government officials to share insights and market intelligence as well as network.
NAIC Institutional Investor Roadshows
NAIC’s Institutional Investor Roadshows give institutional investors an opportunity to connect with NAIC and its members, discuss investment priorities and asset allocation strategies, learn about diverse managers’ documented outperformance, and meet new managers. NAIC and it is members have engaged with over 100 capital allocators, who manage over $3 trillion in assets collectively, via the Institutional Investor Roadshows.
In response to the COVID-19 pandemic and public health response, NAIC’s Institutional Investor Roadshows have transitioned to a 100% virtual experience. Meetings will be held via videoconference and when applicable, members will have the opportunity to meet with institutional investors in 1-on-1 virtual meetings.
On January 27, 2022, the National Association of Investment Companies (NAIC) held its first Institutional Investor Roadshow of the year, which was hosted by the National Conference on Public Employee Retirement Systems (NCPERS), the largest trade association for public sector pension funds, representing approximately 500 funds throughout the United States and Canada. NCPERS is a network of public trustees, administrators, public officials, and investment professionals, who collectively oversee nearly $4 trillion in retirement funds managed on behalf of seven million retirees and nearly 15 million active public servants.
On December 1, 2021, NAIC held its eleventh and final NAIC Institutional Investor Roadshow of the year, which was hosted by the Institutional Limited Partners Association (ILPA), a global organization dedicated exclusively to advancing the interests of limited partners and their beneficiaries through best-in-class education, research, advocacy, and events. ILPA represents over 500 limited partner member institutions representing more than $2 trillion of private equity assets under management (AUM).
On November 9, 2021, NAIC held its tenth NAIC Institutional Investor Roadshow of the year hosted by Ohio Public Employees Retirement System. The event was NAIC’s first roadshow and formal engagement with the state pension plan, which is the largest public plan in Ohio and one of the largest in the country with $108 billion in AUM. Eight members of the OPERS senior leadership and investment teams participated in the event to meet with twenty-one NAIC member firms.
On September 9, 2021, NAIC held its ninth Institutional Investor Roadshow of the year. The event was the third roadshow with Mercer which hosted roadshows with NAIC members in September 2020 and March 2021. Mercer invited 16 clients and active alternatives investors to join its team for the event, surpassing its prior record levels of allocators and combined assets under management and advisement.
On August 6, 2021, NAIC held its eighth NAIC Institutional Investor Roadshow of the year hosted by the BlackRock, which has established a partnership with NAIC.
Twenty-seven (27) members of the Blackrock investment team from across BlackRock Private Equity Partners, BlackRock Private Credit, and BlackRock Alternative Advisors joined the event to meet with twenty-five (25) NAIC member firms.
On July 15, 2021, NAIC held its sixth NAIC Institutional Investor Roadshow of the year hosted by the Massachusetts Pension Reserves Investment Management Board (“Mass PRIM” or “PRIM”), which has over $93 billion in assets under management (AUM).
Twenty-three NAIC member firms were invited to attend and participate in an interactive discussion and private virtual meetings with senior members of the plan’s investment staff.
The event was NAIC’s second roadshow with Mass PRIM, as NAIC and its members met with PRIM in Boston in July 2016.
On June 3, 2021, NAIC held its fifth NAIC Institutional Investor Roadshow of the year hosted by the Employees’ Retirement System of the State of Hawaii (“Hawaii ERS” or “HIERS”). Twenty-nine NAIC member firms were invited to attend and participate in an interactive discussion and private meetings with senior members of the plan’s investment staff. The roadshow was NAIC’s initial engagement with Hawaii ERS.
On May 11th, the State Universities Retirement System of Illinois (SURS) hosted our fourth Institutional Investor Roadshow of 2021! The Roadshow also featured Fairview Capital Partners and Aksia, who assist SURS as LP Consultants.
The Roadshow connected 21 NAIC member firms with leadership at SURS, Aksia and Fairview in private one-on-one virtual meetings. Member firms shared investment strategies, fund performance and capabilities and networked with the capital allocators’ leadership, learning portfolio needs and investment objectives.
On April 21, 2021, NAIC held its third Institutional Investor roadshow of the year, which was hosted by Georgetown University and included two other Washington D.C. area-based allocators, Howard Hughes Medical Institute and the Smithsonian Institution.
Thirty NAIC member firms attended and participated in a general session and private meetings with senior members of each allocator’s investment staff.
On March 31st, NAIC held the second Institutional Investor Roadshow of the month hosted by Wellesley College. Twelve NAIC member firms were invited to attend and participate in an interactive discussion and private meetings with senior members of the endowment’s investment staff.
NAIC held the first Institutional Investor Roadshow of the year on March 9, 2021. The virtual event was the second in a series of roadshows with Mercer, who in September 2020 hosted, NAIC’s largest roadshow to date, in terms of both the represented assets under management and advisement by Mercer and its invited guests and the number of NAIC participants. Mercer, once again, did not disappoint, drawing another large audience for the March 9th event.
On Thursday, December 10, 2020, NAIC held its sixth and final Institutional Investor Roadshow of the year hosted by the University of Pennsylvania (Penn). Nineteen NAIC member firms were invited to join the leadership and investment team of the University of Pennsylvania endowment for the general roadshow session and private, one-on-one meetings, according to the allocator’s investment criteria.
On Wednesday, November 11, 2020, NAIC held its fifth Institutional Investor Roadshow of the year hosted by Global Endowment Management (GEM). GEM is a full-service outsourced investment office with $11 billion in assets under management, which provides access to investment managers worldwide within portfolios designed to enable its clients to fulfill their missions. GEM’s client investors include national and international charitable foundations, universities and secondary schools, research institutions and nonpartisan policy organizations. Eighteen NAIC members were invited to join GEM for the roadshow session and private, one-on-one meetings, according to GEM’s investment criteria.
On September 24th, NAIC held its fourth Institutional Investor Roadshow of the year. The virtual event was one of NAIC’s largest roadshows to date. Mercer hosted the roadshow, and eight clients and active alternatives investors participated, including: Bon Secours Mercy Health, New York State Common Retirement Fund, Pittsburgh Foundation, Providence, Salvation Army, Southern Company, Trinity Health and Yale New Haven Health. Mercer’s capital allocator guests represented over $270 billion in assets under management.
On August 11th, NAIC held its third Institutional Investor Roadshow of the year. The virtual event was one of NAIC’s largest roadshows to date. Hall Capital hosted the event and invited eight active alternatives investors to participate: Cambridge Associates, CommonSpirit Health, David and Lucile Packard Foundation, Illumen Capital, James Irvine Foundation, Smithsonian Institution, University of Rochester, and William and Flora Hewlett Foundation. Together, the nine capital allocators represent over $115 billion in assets under management, and another $400+ billion in assets under advisement by Cambridge Associates.
On July 15th, NAIC held its first NAIC Institutional Virtual Roadshow of the year, with three institutional
investors based in Tulsa, OK. The host for the event was friend to NAIC, Jay Calhoun, Managing Partner
of Apis Holdings, a strategic advisory and private investment firm. Calhoun invited the investment teams
and leadership of three local institutional investors, which included the George Kaiser Family
Foundation, the Charles and Lynn Schusterman Family Foundation, and AMTRA Capital Partners, to
participate in the session.
On February 5th, NAIC made its first stop of the year in Boston, MA to visit the Harvard Management Company (HMC). HCM manages Harvard University’s $40.9 billion endowment and related financial assets. The mission is to produce long-term investment results to support the educational and research goals of the university. It operates as a subsidiary of Harvard University Endowment. The assets are managed by the executive management team.
On December 5th, NAIC made its final stop of the year in Hartford, CT to visit the Connecticut Retirement Plans and Trust Funds (CRPTF). The CRPTF $35.8 billion plan provides retirement pension and related benefits to the eligible members and public employees. It consists of six State Pension Funds and nine State Trust Funds. The assets are managed by the executive management team.
On September 25, NAIC made its fourth stop of the year in Trenton, NJ to visit the New Jersey Division of Investment. The $75.10 billion pension fund supports the retirement plans of active and retired employees in seven public pension systems, namely the Consolidated Police & Firemen’s Pension Fund, the Judicial Retirement System, the Police & Firemen’s Retirement System, the Prison Officers Pension Fund, the Public Employees’ Retirement System, the State Police Retirement System and the Teachers’ Pension & Annuity Fund.
On May 23, NAIC made its third stop of the year in New York, NY for the New York Roadshow. Participating plans included:
- New York State Common Retirement Fund – With $216.20 billion in assets under management, NYSCRF provides retirement and pension benefits to the policemen, firefighter personnel and other eligible participants. The pension fund is managed and administrated by the executive management team and investment Advisory Committee, who reviews the strategic plan of each Common Retirement Fund asset class and monitors the Common Retirement Fund’s risk profile, investment activity and performance on a periodic basis.
- New York State Teachers’ Retirement System – With $120.21 billion in assets under management, NYSTRS is a public pension fund that provides retirement, disability, and death benefits to eligible New York State public school teachers and administrators. The assets of the pension fund are managed by a ten-member retirement board and an investment committee that sets policy and oversees system operations.
On April 17th, NAIC made its second stop of the year to Tallahassee, FL to visit the Florida State Board of Administration (FSBA). FSBA invests and safeguards assets of the Florida Retirement System Trust Fund and other funds for the state of Florida and local governments. The $205.5 billion fund is also responsible for managing the FRS Investment Plan (a defined contribution plan), the Lawton Chiles Endowment Fund, the Local Government Surplus Funds Trust Fund (currently known as Florida PRIME), the Florida Hurricane Catastrophe Fund and smaller funds.
On March 28, NAIC made its first stop of the year to Olympia, WA to visit the Washington State Investment Board. The $141.79 billion plan manages investments for 17 retirement plans for public employees, teachers, school employees, law enforcement officers, firefighters, and judges. This also includes the Deferred Compensation Program to supplement other retirement benefits. In addition, the firm also manages investments for public and private funds that benefit industrial insurance, colleges, and universities, developmental disabilities, and wildlife protection.
On November 16, NAIC made its final stop of the year to Austin, TX for the Texas Roadshow. Participating plans included:
- Teacher Retirement System of Texas – The $157.63 billion fund provides retirement and related benefits to the teachers employed by the public schools, colleges, and universities supported by the State of Texas. It also provides health insurance programs for public school retirees. The pension fund makes its investments in global equities, stable value and real return. The assets of the pension fund are managed by the board of trustees, assisted by an investment management committee.
- Texas Municipal Retirement System, Employees’ Retirement System of Texas – The $31.45 billion fund is a statewide public retirement system that provides retirement, disability and death benefits for employees of participating Texas municipalities. The assets of the pension fund are managed by the board of trustees.
- University of Texas Investment Management (UTIMCO) – UTIMCO is an external investment corporation formed by a public university system. It oversees $45 billion in investments in the Permanent University Fund, the permanent health fund, the long term fund, and the Intermediate-Term Fund and other assets for the University of Texas and Texas A&M University. The assets of the endowment fund are managed by the executive management team.
On October 4, NAIC hosted a Roadshow in Tigard, OR to visit the Oregon State Treasury. The Oregon Public Employees Retirement System is an $85.14 billion pension fund that provides retirement and pension benefits to the eligible members. The Oregon PERS Fund (OPERF) is managed by the Oregon State Treasury under the direction of the Oregon Investment Council The assets of the pension fund are managed by a Board of Trustees.
On May 21st, NAIC made its second Institutional Investor Roadshow stop of the year in Washington D.C. Six institutional investors and one non-NAIC member consulting firm participated in the event, along with 23 NAIC members.
The capital allocator and consultant representatives included:
- District of Columbia Retirement: With $8.2 billion in AUM, the plan has a 10% target to private equity with just 4% of the portfolio in private equity commitments. The plan has a separate allocation for real assets and it is not looking to add new hedge funds to the portfolio. Public assets comprise the largest part of the plans’ portfolio with 50% of the portfolio in public equities and 15% in public fixed income.
- Georgetown University Investment Office: The plan currently has $1.8 billion in AUM with a 10% allocation to private markets/private equity, a total that is expected to increase. Hedge fund commitments represent 17% of the portfolio, which is drifting up to 20% and that together, hedge funds and private equity could represent 30-35% of the endowment over the next five years.
- Howard University: The $1.3 billion Howard University endowment and retirement plan has $750 million in AUM across most asset classes, while the retirement plan accounts for $550 million in AUM. In 2016, the asset allocation strategy for the university changed from an outsourced CIO model when a CIO was hired for the university. The manager selection process now begins with the investment team, which works with trustees. Several NAIC member firms currently manage assets for the university and that some of the NAIC members in the room are currently under consideration. The plan makes $5-25 million commitments and does not have a requirement related to the size of the managers but is focused on “bucket busters”. The portfolio currently has an allocation of 6% to hedge funds, 10% to private equity, and an increasing allocation to private debt with three current managers and two more under consideration.
- Montgomery County Public Schools: The $1.7 billion Montgomery County Public School pension plan has a 10% allocation to private equity with just half of that committed. There is a plan to build out the private equity portfolio with direct manager commitments over the next few years and a focus on building out allocations to hedge funds. Since 2014, the plan has made six commitments to private equity managers and four of them have been to diverse or female-led firms. The plan’s investment office is comprised of just two professionals, which they are looking to grow to a team of three. Therefore, she relies heavily on the plan’s consultant, NEPC, as the primary source for new managers.
- National Railroad Retirement Investment Trust: The $26 billion National Railroad Retirement Investment Trust (NRRIT) pension plan has a 10% target to private equity, which is currently at 8%; a 10% allocation to real assets; 7% allocation to absolute returns/ hedge funds (down from 10%); 50% allocation to public equities; 10% allocation to global fixed income; and a new 2% target allocation to private debt. NRRIT does work with smaller managers and has invested with some with $150-250 million in AUM. The agency has 120 manager relationships and 60 of them are under $10 billion in AUM.
- Smithsonian Institution: The Smithsonian Institution’s $1.6 billion investment portfolio has been allocated as follows: 22% to private equity/venture capital (of which 30% in private equity; 70% in venture capital); 20% to hedge funds; and 15% to real assets. Some 18% of the portfolio is managed by women and people of color. The agency does not have a specific target for emerging managers. The Smithsonian’s average commitments range from $5-10 million in private equity and $20-25 million in hedge funds.
The NAIC Institutional Investor Roadshow made its first stop of the year in Detroit where 16 NAIC members met with six institutional investors and one consulting firm. The afternoon meeting was hosted by the UAW Retiree Medical Benefits Trust and was attended by:
- UAW Retiree Medical Benefits Trust: The $60 billion trust encompasses UAW retirees of GM, Ford, and Chrysler. Thomas Henley, Senior Managing Director, Strategic Opportunities for the trust described UAW as having a great governance structure with a diverse team who are big proponents of allocating to diverse managers. Henley added that its alternatives allocation is north of 35% of the portfolio and continues to grow.
- City of Detroit General Retirement System: Detroit General has over $2 billion in AUM and provides retirement, disability, and pension services for the employees of the City of Detroit. The system has approximately 13,000 active members and 11,000 retirees and beneficiaries. Detroit General has a policy of allocating 25% to MWBE firms across all asset classes.
- City of Detroit Police and Fire Retirement System: With over $3 billion in AUM, this is a public pension fund that provides retirement, disability, and death benefits. The retirement system is comprised of a defined benefit plan and a defined contribution plan. Detroit Police and Fire has an Emerging Manager program for public assets, across equities and fixed income.
- Kresge Investments: The 94-year-old foundation has a $3.5 billion investment portfolio and a mission to expand opportunities in America’s cities through grantmaking and social investing in arts and culture, education, environment, health, human services and community development in Detroit. John Barker, Managing Director, said diversity has been a focus of the investment team over the last three years, and that 10% of its portfolio is managed by MWBE firms. Historically, 75% of the foundation’s private equity managers have been international.
- DTE Energy: The fund for Detroit’s local gas and electric company manages $11 billion in assets via several pools of capital, including a savings plan pension, healthcare, nuclear decommissioning trust, and other pension plans. The investment team is comprised of five professionals. DTE Energy allocates to three to five new private equity and private credit managers each year (typical bite sizes are at or above $50 million). Currently, 28% of DTE Energy’s portfolio is allocated to private equity and hedge funds.
- Michigan Department of Treasury: Ann Marie Storberg, Senior Advisor to Treasurer, shared the details of the $90 billion state pension plan ($70 billion of which is in a DB plan). The Treasury oversees the DB plan, the DC plan, and various trusts and agencies and has a significant allocation to private equity and hedge funds. Storberg mentioned that Treasury continues to allocate significant dollars to private equity and hedge funds and that their team works with GCM Grosvenor to access Emerging Managers in private equity. She said that Treasury has no specific diversity mandates, but that they are “open to the conversation.”
- Rocaton Investment Advisors: Rocaton is a consultant to UAW and has more than 60 clients and approximately $430 billion in assets under advisement.
NAIC made its third Road Show stop this year to connect with Pittsburgh’s institutional investors – mainly endowments, foundations and family offices. The lunch meeting took place at The Duquesne Club and was co-hosted by the Carnegie Mellon University (CMU) endowment. The meeting was initiated by Carnegie Mellon Investment Committee member and alumnus Larry Jennings.
There were 13 participating representatives from nine capital allocators, including:
- BNY Mellon: With a $1 billion portfolio, BNY Mellon raises money every 18-24 months. The average BNY Mellon check size is $5-10 million.
- Carnegie Mellon University: The $2 billion endowment has a 50% allocation to private equity and a 10% allocation to hedge funds. Over time, the average check size has moved to $20 million per fund (from $5-10 million historically). CMU makes allocations with an eye towards tripling the commitment to work with managers across multiple funds. CMU does not have an emerging manager program, but prefers smaller (less than $1 billion) funds.
- Heinz Endowments: Among the largest independent philanthropic organizations in the country, Heinz Endowments approves $60 million in grants on average, to non-profit organizations each year. Heinz Endowments has $1.5 billion in assets with a 25% allocation to hedge funds and an over 30% allocation to private equity with an overall 8% target return.
- Heinz Family Office: Heinz has a 20% allocation to private equity. Of its private equity, 30-50% of its allocations are to emerging managers and selected by its internal team. The core private equity portfolio is managed externally by Cambridge Associates.
- Hillman: One of the country’s largest single-family offices has been managing foundation assets, consolidating private foundations and the long-term pool of taxable assets. In private equity, Hillman employs “a bottoms-up, opportunistic” strategy. Their team likes four defensive industries and tends to avoid capital intensive strategies. They have an open-door policy but does not add many new relationships per year.
- Pittsburgh Foundation: The foundation represents 3,100 charitable funds with $1 billion in invested assets, which is driven by donors. In 2009, Pittsburgh Foundation created a discretionary portfolio with $280 million of assets. Their 16% allocation to private equity is on the lower end for Pittsburgh allocators (check sizes are approximately $2 million).
- University of Pittsburgh: This is a $4 billion endowment with an 18% allocation to “non-marketables,” 16% allocation to real assets (includes real estate and energy), and a 20% allocation to hedge. The endowment has a $15-25 million bite size for fund commitments. They are consulted by Cambridge Associates, which they use mainly for research.
- University of Pittsburgh Medical Center: This is the largest private employer in Pennsylvania with over 65,000 employees. Their general objective to grow the various UPMC pools and mandates. UPMC has an open-door policy for meeting new managers and has $1.6 billion in assets and a 25% allocation to alternatives.
- Wilshire Private Market: Their team is comprised of 40 people across venture capital, buyouts, distressed, and real assets and offices in Santa Monica, Amsterdam, Hong Kong, and Pittsburgh. From Wilshire’s discretionary capital, the firm makes 15-20 commitments annually. All of Wilshire’s commitments are to funds below $1 billion. Wilshire invested with NAIC members Sycamore and Valor, but that they do not continue to back managers once they move up in size. Wilshire’s advisory team makes 40-50 commitments per year and a is supportive of emerging managers, though there is not a designated emerging manager mandate.
The final National Association of Investment Companies Road Show for 2016 visited Sacramento where 11 members participated in two meetings hosted by CalPERS and CalSTRS, the two largest public pension plans in the U.S.
As NAIC has had a meaningful level of interaction with both CalPERS and CalSTRS over the years. We prioritized using the time with each plan to provide an update and allow each member the opportunity to share more information about their firm and fundraising activities. The meetings were very well attended by the senior investment staff of each hosting public plan. During the sessions, NAIC members received an update on the plans that CalSTRS and CalPERS have for their Emerging manager programs and described their firm, strategy, and current offering.
- The California State Teachers’ Retirement System (CalSTRS) is an approximate $189 billion plan with roughly 800,000 members. CalSTRS is currently making 30 private equity commitments per year between $50 million to $500 million on average. Three feeder fund of funds — Muller & Monroe, Harbourvest Horizon, and Invesco — allocate on CalSTRS’ behalf to newer funds with commitments in the $10 million to $20 million range.
- Representatives from Pavilion, a private equity and real assets consultant to public funds, sovereign wealth funds and family offices, then provided an overview of the firm. Pavilion was formed through the combination of Altius and LP Capital Advisors.
- Ted Eliopoulos, CIO of the California Public Employees’ Retirement System (CalPERS) said the board is very comfortable discussing the plan’s strengths, especially in private equity, which he shared has outperformed the public benchmarks by 300 to 500 bp in every measured period, apart from quarterly. CalPERS’ Investment Management Engagement Programs (IMEP), formerly the Targeted Investments Program, is currently evaluating the external managers who allocate $90 billion of CalPERS’ $290 billion in assets (as of December 31, 2015). IMEP’s primary focus is reducing complexity and costs. This is to be accomplished through manager reductions and surveying peers to identify other potential measures before releasing a new business plan.
- Maryland State Retirement and Pension System, which manages approximately $46 billion
- Pavilion Alternatives Group, which has 46 clients, including several large public pension plans
- Brown Advisory, which was spun out of Alex Brown and has $57 billion in assets under management
- American Trading and Production Corporation, a $1 billion family office;
- District of Columbia Retirement Board, which has a $6.5 billion investment portfolio
- Annie E. Casey Foundation, which has $2.5 billion in assets under management
The NAIC Road Show stopped in Boston July 12-13th where the NAIC and 13 members participated in a series of meetings with local institutional investors and advisors. NEPC, The Meketa Group, Cambridge Associates, and the Massachusetts Pension Reserves Investment Management Board (PRIM) were represented and each institutional investor shared information about their program while getting to know NAIC and its participating members better. The meetings marked the first time NAIC has devoted a substantial portion of a roadshow with several influential investment consultants.
- NEPC is one of the industry’s largest independent, full-service investment consulting firms, serving over 300 retainer clients with total assets over $900 billion.
- Meketa Investment Group is a full-service investment consulting and advisory firm whose bite sizes for clients range from $3 to 5 million up to $50 million (for allocations across multiple clients).
- Cambridge Associates is an advisor whose clients have assets exceeding $1.5 trillion, with Cambridge overseeing over $150 billion worth of assets – $39 billion in hedge funds and $27 billion in private equity.
- Massachusetts Pension Reserves Investment Management Board (PRIM) manages over $60 billion in assets ($6.8 billion in private equity).
- Los Angeles County Employees Retirement System (LACERS): A $14.1 billion diversified plan with 12% in Alternative Investments that allocates $325 to $350M per year.
- Los Angeles Fire and Police Pensions (LAFPP): $18.36 billion in assets with a 10% allocation target for private equity.
- Los Angeles County Employees Retirement Association (LACERA): A $46.8 billion plan with a 9% ($4.378B) private equity allocation.
- Chicago Teachers Pension Fund (CTPF), a $10.5 billion pension fund
- Muller & Monroe, which manages almost $700 million of capital, with more that 60% of that allocated to minority funds.
- Exelon’s $34 billion pension plan
- Illinois Municipal Retirement Fund (IMRF), which serves almost 3,000 employers and has approximately $33 billion in assets
- Illinois State Board of Investment (ISBI), which has $19 billion in AUM ($15 billion in the DB plan)
- Illinois State Universities Retirement System (SURS), a $16 billion retirement plan
On February 19, NAIC traveled to Richmond, VA for a Roadshow with Altius Associates and the Maryland State Retirement and Pension System. Altius Associates is a global investment advisory firm and separate accounts manager. The Maryland State Retirement and Pension System is a 54.13 billion cost-sharing multi-employer defined benefit public pension fund that is focused to administer the survivor, death, disability and retirement benefits of the system’s participants.