All assets in the Combined Funds are managed externally by institutional investment managers either in a separate account (primarily in public markets) or commingled with other limited partners (primarily in private markets).
To gain greater operating efficiency, external managers are grouped into several "Investment Pools" which are segregated by asset class. Retirement plans participate in the asset class pools by purchasing units which function much like shares of a mutual fund. This structure allows the SBI to offer one or more of the investment pools to other investment programs. Although the Combined Funds and the Supplemental Investment Fund share many of the same asset class pools, some pools are exclusive to the Combined Funds.
Public Equity
Manager | Strategy | Benchmark |
---|---|---|
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 1000 Value |
Peregrine Capital Management | Small Cap Value | Russell 1000 Value |
BlackRock Institutional Trust Company | Passive Small Cap | Russell 2000 |
Sands Capital Management | Large Cap Growth | Russell 1000 Growth |
Winslow Capital Management | Large Cap Growth | Russell 1000 Growth |
Barrow, Hanley, Mewhinney & Strauss | Large Cap Value | Russell 1000 Value |
LSV Asset Management | Large Cap Value | Russell 1000 Value |
BlackRock Institutional Trust Company | Passive Large Cap | Russell 1000 |
Zevenbergen Capital Investments | All Cap | Russell 3000 |
BlackRock Institutional Trust Company | Passive All Cap | Russell 3000 |
BlackRock Institutional Trust Company | Semi-Passive | Russell 1000 |
J.P. Morgan Investment Management | Semi-Passive | Russell 1000 |
Manager | Strategy | Benchmark |
---|---|---|
Acadian Asset Management | Developed Markets | MSCI World ex US (net) |
AQR Capital Management | Developed Markets | MSCI World ex US (net) |
Columbia Threadneedle | Developed Markets | MSCI World ex US (net) |
Fidelity Institutional Asset Management | Developed Markets | MSCI World ex US (net) |
J.P. Morgan Investment Management | Developed Markets | MSCI World ex US (net) |
Marathon Asset Management | Developed Markets | MSCI World ex US (net) |
McKinley Capital Management | Developed Markets | MSCI World ex US (net) |
State Street Global Advisors | Passive Developed Markets | MSCI World ex US (net) |
Macquarie Investment Management Advisers | Emerging Markets | MSCI Emerging Mkts Free (net) |
Martin Currie | Emerging Markets | MSCI Emerging Mkts Free (net) |
Morgan Stanley Investment Management | Emerging Markets | MSCI Emerging Mkts Free (net) |
Neuberger Berman Investment Advisers | Emerging Markets | MSCI Emerging Mkts Free (net) |
Pzena Investment Management | Emerging Markets | MSCI Emerging Mkts Free (net) |
The Rock Creek Group | Emerging Markets | MSCI Emerging Mkts Free (net) |
State Street Global Advisors | Passive Emerging Markets | MSCI Emerging Mkts Free (net) |
Earnest Partners | China A Shares | MSCI China A Index |
Earnest Partners | ACWI Ex US | MSCI ACWI ex US (net) |
Record Currency Management | Currency Management | NA |
Manager | Strategy | Benchmark |
---|---|---|
Ariel Investments | Global | MSCI ACWI Net USD |
Baillie Gifford | Global | MSCI ACWI Net USD |
Martin Currie | Global | MSCI ACWI Net USD |
Fixed Income
Manager | Strategy | Benchmark |
---|---|---|
BlackRock Financial Management | Core Bonds | BBG Barclays US Aggregate |
Dodge & Cox | Core Bonds | BBG Barclays US Aggregate |
Goldman Sachs Asset Management | Core Plus Bonds | BBG Barclays US Aggregate |
Neuberger Berman Investment Advisers | Core Plus Bonds | BBG Barclays US Aggregate |
Western Asset Management Company | Core Plus Bonds | BBG Barclays US Aggregate |
Manager | Strategy | Benchmark |
---|---|---|
Ashmore Investment Management | Emerging Market Debt | JPM JEMB Sovereign Only 50-50 |
BlackRock Financial Management | Opportunistic Fixed Income | ICE BofA 3-Month T-Bill |
Columbia Threadneedle | Credit Plus | Credit Plus Blended Bmk* |
KKR Credit Advisors | High Yield | ICE BofA US HY Cash Pay Constr |
Oaktree Capital Management | High Yield | ICE BofA US HY Cash Pay Constr |
Pacific Investment Mgmt. Co. (PIMCO) | Credit Plus | Credit Plus Blended Bmk* |
Payden & Rygel | Multi-Asset Credit | Multi-Asset Credit Blended Bmk** |
Prudential Global Investment Mgmt (PGIM) | Multi-Asset Credit | Multi-Asset Credit Blended Bmk** |
TCW | Securitized Credit | ICE BofA 3-Month T-Bill |
*Credit Plus Blended Benchmark ** Multi-Asset Credit Blended Benchmark 40% BBG Barclays US Corporate Bond Index 33.33% ICE BofA High Yield 30% BBG Barclays US Mortgage Backed Index 33.33% S&P LSTA Leveraged Loan 20% BofA ML High Yield BB-B Cash Pay Constrained Index 33.33% JPM EMBI Global 10% JPM EMBI Global Diversified Index
|
Manager | Strategy | Benchmark |
---|---|---|
BlackRock Financial Management | Treasury Protection | BBG Barclays 5Yr US Tsy Index |
Goldman Sachs Asset Management | Treasury Protection | BBG Barclays 5Yr US Tsy Index |
Neuberger Berman Investment Advisers | Treasury Protection | BBG Barclays 5Yr US Tsy Index |
Manager | Strategy | Benchmark |
---|---|---|
Neuberger Berman Investment Advisers | Laddered Bond | ICE BofA US 3 Month T-Bill |
Goldman Sachs Asset Management | Laddered Bond | ICE BofA US 3 Month T-Bill |
State Street Global Advisors | Cash | ICE BofA US 3 Month T-Bill |
Private Markets
Manager | Manager | Manager |
---|---|---|
Adams Street Partners | GTCR | Permira |
Advent International | Goldman, Sachs & Co. | Public Pension Capital Management |
Affinity Ventures | Goldner Hawn Johnson & Morrison | Silver Lake Partners |
Apax Partners | Green Equity Investors | Split Rock |
Arsenal Capital Partners | HarbourVest | Summit Partners |
Asia Alternatives | Hellman & Friedman | TPG Capital |
Banc Fund | IK Partners | Thoma Bravo |
BlackRock | KKR | Thomas H. Lee Partners |
Blackstone Group | Lexington Partners | Thomas, McNerney & Partners |
Blackstone Strategic Partners | MHR Institutional Partners | Varde Fund |
Bridgepoint | Madison Dearborn Capital Partners | Vestar Capital Partners |
Brookfield Asset Management | Marathon | Vista Equity Partners |
CVC Capital Partners | Merced Capital | Warburg Pincus |
Canyon Partners | Neuberger Berman | Wayzata Investment Partners |
CarVal Investors | Nordic Capital | Wellspring Capital Partners |
Cardinal Partners | North Sky Capital | Welsh, Carson, Anderson & Stowe |
Carlyle Group | Oak Hill Capital Management | Whitehorse Capital |
Chicago Growth Partners | Oaktree Capital Management | Wind Point Partners |
Court Square | Paine Schwartz | Windjammer Capital Investors |
Crescendo | Permal PE |
Manager | Manager | Manager |
---|---|---|
Audax Group | Goldman, Sachs & Co. | Oaktree Capital Partners |
Avenue Capital Partners | HPS Investment Partners | PIMCO BRAVO |
BlackRock | KKR | Prudential Global Investment Management |
Brookfield Asset Management | LBC Credit Partners | Summit Partners |
Energy Capital Partners | Marathon | TCW |
Gold Hill | Merit Capital Partners | TSSP |
Manager | Manager | Manager |
---|---|---|
BlackRock | Energy Capital Partners | Merit Energy Partners |
EIG Global Energy Partners | EnerVest Management Partners | Natural Gas Partners |
Encap Energy | First Reserve | Sheridan Production Partners |
Energy & Minerals Group | KKR |
Manager | Manager | Manager |
---|---|---|
Angelo, Gordon & Co. | KKR | Rockwood |
Blackstone Group | Landmark Partners | Silverpeak Real Estate Partners |
Blackstone Strategic Partners | Lubert-Adler | TA Associates Realty |
Brookfield Asset Management | Oaktree Capital Management | |
Carlyle Group | Rockpoint |
Manager | Strategy | Benchmark |
---|---|---|
NISA | Cash Overlay | S&P 500 |
BlackRock | S&P 500 Index Fund | S&P 500 |