The Combined Funds represent the assets of active and retired public employees in the three statewide retirement systems, which include Minnesota State Retirement System (MSRS), Public Employees Retirement Association (PERA), and Teachers Retirement Association (TRA).  

Asset Allocation

The Combined Funds assets are allocated in public equity (domestic and international), fixed income, and private markets. Each asset class may be further differentiated by geography, management style and/or strategy. This diversification is intended to reduce wide fluctuations in investment returns on a year-to-year basis and enhance the fund’s ability to meet or exceed the actuarial return target over the long-term.


Combined Funds Asset Mix as of 6/30/2025

Private Markets allocation includes invested and uninvested amounts  

 

Asset ClassPercentage (%)
Public Equity52.0%
Fixed Income24.8%
Private Markets23.2%
Private Markets -  Invested 

22.0%

Private Markets -  Uninvested 

1.2%

Total100%

 


Combined Funds Asset Allocation Policy Target

 

 

Asset Class

Percentage (%)

Public Equity 50%
Fixed Income 25%
Private Markets 25%

 

Public Equity Allocation

As of 6/30/2025

Pie Chart Public Equity Allocation June 30 2025

Fixed Income Allocation

As of 6/30/2025

Pie Chart Fixed Income Allocation June 30 2025

Private Markets Invested Allocation

As of 6/30/2025

Pie Chart Private Markets Allocation June 30 2025

 

Participating Plans


The composition of public retirement plans in the Combined Funds as of June 30, 2025
 

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Pie Chart Combined Fund Participating Plans as of June 30 2025

 

 

Performance