New Hampshire Retirement System

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New Hampshire Retirement System
Basic facts
Location:	Concord, New Hampshire
Top official:	Maureen Kelliher, chair
Year founded:	1967
Active members:	48,000
Website:	Official website
Total assets under management
2023:	$11,554,600,000

See also: Public pensions in New Hampshire

The New Hampshire Retirement System is a New Hampshire state pension fund that provides retirement, disability, and survivor benefits to the state's public employees, teachers, police officers, and firefighters. The New Hampshire Retirement System had $11,554,600,00 ($11.55 billion) in total assets under management as of June 30, 2023.

The management of public pension funds can indicate support or opposition to environmental, social, and corporate governance (ESG) investment practices. ESG investing considers the extent to which corporations align with and promote certain non-financial standards, such as net carbon emission or corporate board diversity goals. States typically hire asset management companies (AMCs) to direct pension plan investments, some of which have ESG commitments that guide their strategies. This article features the following sections:

• Background: Information about the structure and functions of the New Hampshire Retirement System.
• Pension performance overview: Overview of the funding level and assets managed by the New Hampshire Retirement System.
• Assets and asset management: Information about the asset management companies (AMCs) that contract with the New Hampshire Retirement System, including a list of contracting AMCs that are participants in the Net Zero Asset Managers Initiative and the Climate Action 100+ initiative.
• Governance and accountability: Details about the New Hampshire Retirement System's oversight board, including members and selection.

Background

See also: Public pensions

The New Hampshire Retirement System, founded in 1967, invests the assets of and provides funding for the New Hampshire Retirement System (NHRS). NHRS operates as defined benefit pension plans based on formula established by state law. These plans—based on the employee's length of service and salary—provide retirement, disability, and survivor benefits to the state's public employees.

The New Hampshire Retirement System served over 48,000 active members and approximately 43,000 retirees and beneficiaries as of June 2023.

Pension performance overview

The following table features information about the funding level and assets managed by the New Hampshire Retirement System as of June 30, 2023:

New Hampshire Retirement System pension performance (June 30, 2023)
Fiscal year	Percent funded	Unfunded liabilities	Total assets
2023	67.2%	N/A	$11,554,600,000

Assets and asset management

Asset management companies (AMCs) contract with pension funds to manage asset investment. Some pension funds contract with multiple AMCs, some contract with a single AMC, and others make their own investment decisions without contracting with an AMC. More than 315 AMCs as of April 2024 were members of the Net Zero Asset Managers Initiative (NZAM), and 362 asset managers as of June 2023 were investor participants in the Climate Action 100+ initiative. Both international asset manager initiatives aim to align signatory investment decisions with the goal of achieving net zero greenhouse gas emissions by 2050.

List of AMCs contracting with the New Hampshire Retirement System

The New Hampshire Retirement System contracted with 65 asset management companies (AMCs) or specific funds as of June 30, 2023. Of those companies, ten were investor participants in Climate Action 100+, and fourteen were members of NZAM as of October 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with the New Hampshire Retirement System:

New Hampshire Retirement System asset management companies Click on a column header below to sort the list of asset managers.
AMC name	Investment type	Assets under management	Percentage of total fund assets	NZAM Initiative signatory as of October 2024	Climate Action 100+ signatory as of October 2024
AB	DOMESTIC EQUITY MANAGERS;			No	No
BlackRock Institutional Trust Company NA	DOMESTIC EQUITY MANAGERS;			Yes	No
Boston Trust Walden	DOMESTIC EQUITY MANAGERS;			No	No
Segall, Bryant and Hamill	DOMESTIC EQUITY MANAGERS;			No	No
Thompson, Siegel & Walmsley LLC	DOMESTIC EQUITY MANAGERS;			No	No
Wellington Management Company LLP	DOMESTIC EQUITY MANAGERS;			Yes	Yes
Aristotle Capital Management	NON-U.S. EQUITY MANAG ERS;			No	Yes
Artisan Partners	NON-U.S. EQUITY MANAG ERS;			No	No
BlackRock Superfund	NON-U.S. EQUITY MANAG ERS;			Yes	No
Causeway Capital Management	NON-U.S. EQUITY MANAG ERS;			No	No
Lazard Asset Management LLC	NON-U.S. EQUITY MANAG ERS;			Yes	Yes
Neuberger Berman	NON-U.S. EQUITY MANAG ERS;			Yes	Yes
Segall, Bryant and Hamill	NON-U.S. EQUITY MANAG ERS;			No	No
Walter Scott & Partners Limited	NON-U.S. EQUITY MANAG ERS;			No	No
Wellington Trust Company NA	NON-U.S. EQUITY MANAG ERS;			Yes	Yes
BlackRock Institutional Trust Company NA	FIXED INCOME MANAGERS;			Yes	No
Brandywine Global Investment Management LLC	FIXED INCOME MANAGERS;			Yes	Yes
Fidelity Institutional Asset Management Trust Company	FIXED INCOME MANAGERS;			No	No
Income Research & Management	FIXED INCOME MANAGERS;			No	No
Loomis Sayles & Company, L.P.	FIXED INCOME MANAGERS;			No	No
Mellon US Aggregate Bond Index	FIXED INCOME MANAGERS;			No	Yes
Manulife Asset Management	FIXED INCOME MANAGERS;			No	Yes
Actis	PRIVATE DEBT & EQUITY MANAGERS;			Yes	No
Alcentra	PRIVATE DEBT & EQUITY MANAGERS;			No	No
American Industrial Partners	PRIVATE DEBT & EQUITY MANAGERS;			No	No
Apollo Global Management	PRIVATE DEBT & EQUITY MANAGERS;			No	No
Arcmont Asset Management	PRIVATE DEBT & EQUITY MANAGERS;			No	No
Atalaya Capital Management	PRIVATE DEBT & EQUITY MANAGERS;			No	No
Avenue Capital Group	PRIVATE DEBT & EQUITY MANAGERS;			No	No
BlackRock Private Equity Partners	PRIVATE DEBT & EQUITY MANAGERS;			Yes	No
Carlyle Group	PRIVATE DEBT & EQUITY MANAGERS;			No	No
CarVal Investors	PRIVATE DEBT & EQUITY MANAGERS;			No	No
CCMP Capital	PRIVATE DEBT & EQUITY MANAGERS;			No	No
Clearlake Capital Partners	PRIVATE DEBT & EQUITY MANAGERS;			No	No
Coller Capital	PRIVATE DEBT & EQUITY MANAGERS;			No	No
Comvest Partners	PRIVATE DEBT & EQUITY MANAGERS;			No	No
Crescent Capital Group	PRIVATE DEBT & EQUITY MANAGERS;			No	Yes
Edgewater Growth Capital Partners	PRIVATE DEBT & EQUITY MANAGERS;			No	No
Gramercy	PRIVATE DEBT & EQUITY MANAGERS;			Yes	No
HarbourVest Partners	PRIVATE DEBT & EQUITY MANAGERS;			No	No
Industry Ventures	PRIVATE DEBT & EQUITY MANAGERS;			No	No
Ironwood Capital	PRIVATE DEBT & EQUITY MANAGERS;			No	No
Kayne Anderson Capital Advisors	PRIVATE DEBT & EQUITY MANAGERS;			No	No
Lexington Capital Partners	PRIVATE DEBT & EQUITY MANAGERS;			No	No
MatlinPatterson Global Advisers	PRIVATE DEBT & EQUITY MANAGERS;			No	No
Monroe Capital	PRIVATE DEBT & EQUITY MANAGERS;			No	No
NGP Energy Capital Management	PRIVATE DEBT & EQUITY MANAGERS;			No	No
Pine Brook Capital Partners	PRIVATE DEBT & EQUITY MANAGERS;			No	No
RFE Investment Partners	PRIVATE DEBT & EQUITY MANAGERS;			No	No
Riverstone Holdings	PRIVATE DEBT & EQUITY MANAGERS;			No	No
Siguler Guff & Co.	PRIVATE DEBT & EQUITY MANAGERS;			No	No
SL Capital Partners	PRIVATE DEBT & EQUITY MANAGERS;			No	No
Tennenbaum Capital Partners	PRIVATE DEBT & EQUITY MANAGERS;			No	No
Thoma Bravo	PRIVATE DEBT & EQUITY MANAGERS;			No	No
Top Tier Capital Partners	PRIVATE DEBT & EQUITY MANAGERS;			No	No
Warburg Pincus	PRIVATE DEBT & EQUITY MANAGERS;			No	No
The Townsend Group an Aon company	REAL ESTATE MANAGERS;			No	No
Abel/Noser, LLC	TRANSITION MANAGERS;			No	No
BlackRock Institutional Trust Company NA	TRANSITION MANAGERS;			Yes	No
PGM Global Inc.	TRANSITION MANAGERS;			No	No
Russell Implementation Services	TRANSITION MANAGERS;			Yes	Yes
State Street Bank and Trust Company	TRANSITION MANAGERS;			Yes	No
Plante Moran	INDEPENDENT AUDITORS;			No	No
Callan LLC	INVESTMENT ADVISOR;			No	No
Gabriel, Roeder, Smith & Company	ACTUARIAL CONSULTANT;			No	No

Governance and accountability

This section features information about the 13-member board of trustees that oversees the New Hampshire Retirement System. The board is specific to oversight of the New Hampshire Retirement System and does not exercise oversight duties for other state funds.

Board selection method

The board of trustees that oversees the New Hampshire Retirement System is 13 memberss that includes one employee member, one teacher member, one firefighter member, one police officer member, four employer representatives, four public members, and the State Treasurer.

Board of trustees membership

A 13-member board of trustees oversees the operation and administration of the New Hampshire Retirement System. The following individuals served on the board as of March 2024:

• Maureen Kelliher, chair
• Paul Provost
• Andrew Martineau
• Christopher Lacombe
• Robert Maloney
• Germano Martins
• Donald Roy
• Jason Henry
• Monica Mezzapelle
• Ken Merrifield
• Jon Frederick
• Joshua Quigley
• vacant

See also

• Public pensions in New Hampshire
• Environmental, social, and corporate governance (ESG)
• Arguments about environmental, social, and corporate governance (ESG)
• Opposition to environmental, social, and corporate governance (ESG) investing
• Reform proposals related to environmental, social, and corporate governance (ESG)
• State legislative approaches opposing ESG investing
• State legislative approaches supporting ESG investing

External links

• Search Google News for this topic

Footnotes

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