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Ohio State Teachers Retirement System
| Ohio State Teachers Retirement System | |
 | |
| Basic facts | |
| Location: | Columbus, Ohio |
| Top official: | Dale Price, chair |
| Year founded: | 1920 |
| Active members: | 22,842 |
| Website: | Official website |
| Total assets under management | |
| 2023: | $92,365,027,385 |
- See also: Public pensions in Ohio
The Ohio State Teachers Retirement System is an Ohio state pension fund that provides retirement, disability, and survivor benefits to the state's active, inactive, and retired Ohio public educators. The Ohio State Teachers Retirement System had $92,365,027,385 ($92.36 billion) in total assets under management as of December 31, 2023.[1]
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 State Teachers Retirement System of Ohio.
- Pension performance overview: Overview of the funding level and assets managed by the State Teachers Retirement System of Ohio.
- Assets and asset management: Information about the asset management companies (AMCs) that contract with State Teachers Retirement System of Ohio, 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 State Teachers Retirement System of Ohio's oversight board, including members and selection.
Background
- See also: Public pensions
The Ohio State Teachers Retirement System, founded in 1920, operates as defined benefit pension plans based on a formula established by Ohio state law. These plans—based on the employee's length of service and salary—provide retirement, disability, and survivor benefits to the state's active, inactive, and retired Ohio public educators.[2]
The Ohio State Teachers Retirement System served over 22,842 active members and approximately 156,511 retirees and beneficiaries as of March 2024.[2]
Pension performance overview
The following table features information about the funding level and assets managed by the Ohio State Teacher Retirement System as of December 31, 2023:[3]
| Ohio State Teacher Retirement System pension performance (December 31, 2023) | |||
|---|---|---|---|
| Fiscal year | Percent funded | Unfunded liabilities | Total assets[4] |
| 2023 | 80% | $20.2 billion | $92,365,027,385 |
Assets and asset management
| Environmental, social, and corporate governance |
|---|
|
| • What is ESG? • Enacted ESG legislation • Arguments for and against ESG • Opposition to ESG • Federal ESG rules • ESG legislation tracker • Economy and Society: Ballotpedia's weekly ESG newsletter |
Asset management companies (AMCs) are hired to manage asset investment for state pension funds across all 50 states.
As of October 2024, 330 AMCs were members of the Net Zero Asset Managers Initiative (NZAM), and 391 AMCs were investor participants in the Climate Action 100+ initiative. Both international asset manager initiatives aimed to align the investment decisions of signatories with the goal of achieving net zero greenhouse gas emissions by 2050.[5][6]
NZAM announced on January 13, 2025, that it was suspending operations and removing the commitment statement and list of signatories from its website. The group said in a statement it would reevaluate its plans and operations in light of “[r]ecent developments in the U.S. and different regulatory and client expectations in investors’ respective jurisdictions.”[7]
List of AMCs contracting with the State Teacher Retirement System of Ohio
The Ohio State Teachers Retirement System contracted with 185 asset management companies (AMCs) or specific funds as of June 30, 2024. Of those companies or funds, six 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 Ohio State Teachers Retirement System as of 2022:[1]
| Ohio State Teachers 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[8] | Climate Action 100+ signatory as of October 2024 |
| Chartwell Investment Partners | Domestic Equities; | No | No | ||
| Fuller & Thaler Asset Management | Domestic Equities; | No | No | ||
| Neuberger Berman | Domestic Equities; | Yes | Yes | ||
| Weatherbie Capital | Domestic Equities; | No | No | ||
| Acadian Asset Management | International Equities; | Yes | Yes | ||
| Alliance Bernstein | International Equities; | No | No | ||
| American Century | International Equities; | No | No | ||
| Arrowstreet Capital | International Equities; | No | No | ||
| Genesis Asset Managers | International Equities; | No | No | ||
| Lazard Asset Management | International Equities; | Yes | Yes | ||
| MFS Investment Management | International Equities; | No | Yes | ||
| Wellington Management | International Equities; | Yes | Yes | ||
| Wellington Small Cap | International Equities; | Yes | Yes | ||
| William Blair | International Equities; | No | Yes | ||
| BNY Mellon | Fixed Income; | No | No | ||
| Fidelity Institutional Asset Management | Fixed Income; | No | No | ||
| JPMorgan | Fixed Income; | No | No | ||
| MFS Investment Management | Fixed Income; | No | Yes | ||
| Pacific Investment Management Company | Fixed Income; | No | No | ||
| Payden & Rygel | Fixed Income; | Yes | Yes | ||
| PGIM | Fixed Income; | No | No | ||
| Angelo, Gordon & Co. | Real Estate; | No | No | ||
| Ares Management, LLC | Real Estate; | No | No | ||
| BCMR-GP, LLC | Real Estate; | No | No | ||
| Benson Elliot Capital Management, LLP | Real Estate; | No | No | ||
| CBRE Global Investors | Real Estate; | Yes | No | ||
| Centersquare Investment Management LLC | Real Estate; | No | Yes | ||
| CLSA Capital Partners Singapore PTE Ltd. | Real Estate; | No | No | ||
| Fortress Investment Group, LLC | Real Estate; | No | No | ||
| GreenOak Real Estate Advisors, LLP | Real Estate; | No | No | ||
| Harrison Street Real Estate Capital, LLC | Real Estate; | No | No | ||
| Heitman Real Estate Securities, LLC | Real Estate; | No | No | ||
| Invesco Advisers Inc | Real Estate; | Yes | No | ||
| JP Morgan Investment Management Inc | Real Estate; | Yes | No | ||
| LaSalle Investment Management (Asia) Pte Ltd | Real Estate; | Yes | No | ||
| Patria Brazil Investment Group | Real Estate; | No | No | ||
| PCCP, LLC | Real Estate; | No | No | ||
| PGIM Real Estate Luxembourg S.A. | Real Estate; | No | No | ||
| Pramerica Investment Management Inc. | Real Estate; | No | No | ||
| Principal Asset Management | Real Estate; | No | No | ||
| Secured Capital Investment Management | Real Estate; | No | No | ||
| SP V Manager, LLC | Real Estate; | No | No | ||
| The Blackstone Group | Real Estate; | No | No | ||
| The Carlyle Group | Real Estate; | No | No | ||
| Westbrook Partners, LLC | Real Estate; | No | No | ||
| 26North | Alternative Investments; | No | No | ||
| Advanced Technology Ventures | Alternative Investments; | No | No | ||
| Advent International Corporation | Alternative Investments; | No | No | ||
| Advisor Group, Inc. | Alternative Investments; | No | No | ||
| AlbaCore Capital LLP | Alternative Investments; | No | No | ||
| Alpine Investors IX, LP | Alternative Investments; | No | No | ||
| Angelo, Gordon & Co. | Alternative Investments; | No | No | ||
| Apollo Management | Alternative Investments; | No | No | ||
| ArchiMed SAS | Alternative Investments; | No | No | ||
| ArcLight Capital Partners, LLC | Alternative Investments; | No | No | ||
| Arcmont Asset Management | Alternative Investments; | No | No | ||
| Ares Management, LLC | Alternative Investments; | No | No | ||
| Arrowmark | Alternative Investments; | No | No | ||
| Asia Alternatives Management LLC | Alternative Investments; | No | No | ||
| Atalaya Capital Management LP | Alternative Investments; | No | No | ||
| Avenue Capital Group | Alternative Investments; | No | No | ||
| Avenue Capital Management | Alternative Investments; | No | No | ||
| Avenue Capital Management II, LP | Alternative Investments; | No | No | ||
| Audax Group | Alternative Investments; | No | No | ||
| Axiom Asia Private Capital | Alternative Investments; | No | Yes | ||
| Bain Capital, LLC | Alternative Investments; | No | No | ||
| BC Partners Holdings Limited | Alternative Investments; | No | No | ||
| Beacon Capital Partners, LLC | Alternative Investments; | No | No | ||
| Benefit Street Partners, LLC | Alternative Investments; | No | No | ||
| Blackboard Inc. | Alternative Investments; | No | No | ||
| Blue Chip Venture Company, Ltd. | Alternative Investments; | No | No | ||
| Blue Owl Capital, Inc. | Alternative Investments; | No | No | ||
| Brantley Management Company | Alternative Investments; | No | No | ||
| Bridgepoint Capital, Ltd. | Alternative Investments; | No | No | ||
| Brookside Capital, LLC | Alternative Investments; | No | No | ||
| CB Health Ventures, LLC | Alternative Investments; | No | No | ||
| Cardinal Partners | Alternative Investments; | No | No | ||
| Cerberus Capital Management, LP | Alternative Investments; | No | No | ||
| Christofferson, Robb & Co. | Alternative Investments; | No | No | ||
| Clayton, Dubilier & Rice, LLC | Alternative Investments; | No | No | ||
| Clearlake Capital Group | Alternative Investments; | No | No | ||
| Commonfund Capital, Inc | Alternative Investments; | No | No | ||
| Comvest | Alternative Investments; | No | No | ||
| Crestline Management, L.P. | Alternative Investments; | No | No | ||
| CVC Capital Partners Limited | Alternative Investments; | No | No | ||
| Dawson Partners | Alternative Investments; | No | No | ||
| Davidson Kempner Advisors, Inc. | Alternative Investments; | No | No | ||
| Dragoneer Investment Group | Alternative Investments; | No | No | ||
| Duff Ackerman & Goodrich | Alternative Investments; | No | No | ||
| EnCap Investments LP | Alternative Investments; | No | No | ||
| EQT Partners | Alternative Investments; | Yes | No | ||
| Essex Woodlands Health Ventures | Alternative Investments; | No | No | ||
| Fairview Management Group, LLC | Alternative Investments; | No | No | ||
| Firmament Partners | Alternative Investments; | No | No | ||
| Fortress Investment Group, LLC | Alternative Investments; | No | No | ||
| Francisco Partners | Alternative Investments; | No | No | ||
| Friedman, Fleischer & Lowe, LLC | Alternative Investments; | No | No | ||
| Gauge Capital | Alternative Investments; | No | No | ||
| General Catalyst Partners | Alternative Investments; | No | No | ||
| Genstar Capital Partners, LLC | Alternative Investments; | No | No | ||
| Goldman, Sachs & Co. | Alternative Investments; | No | Yes | ||
| Golub Capital | Alternative Investments; | No | No | ||
| Grosvenor Capital Management, LLC | Alternative Investments; | No | No | ||
| GSO Capital Partners, LP | Alternative Investments; | No | No | ||
| GTCR LLC | Alternative Investments; | No | No | ||
| H.I.G. Capital Management | Alternative Investments; | No | No | ||
| Hancock Capital Investment Management, LLC | Alternative Investments; | No | No | ||
| HarbourVest Partners, LLC | Alternative Investments; | No | No | ||
| Heartland Industrial Partners | Alternative Investments; | No | No | ||
| Hellman & Friedman LLC | Alternative Investments; | No | No | ||
| Hermes GPE LLP | Alternative Investments; | No | No | ||
| Houghton Mifflin Veritas | Alternative Investments; | No | No | ||
| HPS Investment Partners, LLC | Alternative Investments; | No | No | ||
| HSBC Group | Alternative Investments; | Yes | Yes | ||
| ICONIQ Capital, LLC | Alternative Investments; | No | No | ||
| Infinity Q Capital Management | Alternative Investments; | No | No | ||
| Intermediate Capital Group PLC | Alternative Investments; | No | No | ||
| IVC Evidensia | Alternative Investments; | No | No | ||
| Jade Capital Management, LLC | Alternative Investments; | No | No | ||
| JF Lehman | Alternative Investments; | No | No | ||
| King Street Advisors, LLC | Alternative Investments; | No | No | ||
| Kohlberg Kravis Roberts & Co. LP | Alternative Investments; | No | No | ||
| Latticework Capital Management, LLC | Alternative Investments; | No | No | ||
| Leonard Green & Partners, LP | Alternative Investments; | No | No | ||
| Levine Leichtman Capital Partners, Inc. | Alternative Investments; | No | No | ||
| Lightspeed China Partners | Alternative Investments; | No | No | ||
| Lime Rock Partners, LLC | Alternative Investments; | No | No | ||
| Man Asset Management Limited | Alternative Investments; | No | Yes | ||
| Manulife Financial Corporation | Alternative Investments; | No | Yes | ||
| Meritage Holdings, LLC | Alternative Investments; | No | No | ||
| MHR Fund Management LLC | Alternative Investments; | No | No | ||
| Monitor Clipper Partners, Inc. | Alternative Investments; | No | No | ||
| Moonrise Capital LP | Alternative Investments; | No | No | ||
| Morgan Stanley | Alternative Investments; | No | No | ||
| Morgenthaler Ventures | Alternative Investments; | No | No | ||
| MV Management XIV, LLC | Alternative Investments; | No | No | ||
| MV Management XV, LLC | Alternative Investments; | No | No | ||
| NB Alternative Advisers LLC | Alternative Investments; | No | No | ||
| New Enterprise Associates (NEA) | Alternative Investments; | No | No | ||
| Oak HC/FT Management Company, LLC | Alternative Investments; | No | No | ||
| Oakley Capital Partners | Alternative Investments; | No | No | ||
| Oaktree Capital Management, LLC | Alternative Investments; | No | No | ||
| Och-Ziff Capital Management Group | Alternative Investments; | No | No | ||
| Ohio Innovation Fund | Alternative Investments; | No | No | ||
| Onex Falcon | Alternative Investments; | No | No | ||
| Owl Rock Capital Advisors | Alternative Investments; | No | No | ||
| Oxford Finance, LLC | Alternative Investments; | No | No | ||
| Paine Schwartz Paine, LLC | Alternative Investments; | No | No | ||
| Panda Energy International, Inc. | Alternative Investments; | No | No | ||
| Percheron Capital | Alternative Investments; | No | No | ||
| PineBridge Investments | Alternative Investments; | Yes | No | ||
| Primus Venture Partners, Inc. | Alternative Investments; | No | No | ||
| Proofpoint (Project Panther IV) | Alternative Investments; | No | No | ||
| Providence Equity Partners, Inc. | Alternative Investments; | No | No | ||
| PSG | Alternative Investments; | No | No | ||
| Quad Partners LLC | Alternative Investments; | No | No | ||
| Redpoint Omega III, LLC | Alternative Investments; | No | No | ||
| Renaissance Technologies | Alternative Investments; | No | No | ||
| Reverence Capital Partners LLC | Alternative Investments; | No | No | ||
| Semaphore | Alternative Investments; | No | No | ||
| Silver Lake Partners | Alternative Investments; | No | No | ||
| Siris | Alternative Investments; | No | No | ||
| Sixth Street Advisors, LLC | Alternative Investments; | No | No | ||
| Stone Point Capital LLC | Alternative Investments; | No | No | ||
| Summit Partners | Alternative Investments; | No | No | ||
| TA Associates, Inc. | Alternative Investments; | No | No | ||
| TCW Group | Alternative Investments; | No | No | ||
| Texas Pacific Group | Alternative Investments; | No | No | ||
| The Blackstone Group | Alternative Investments; | No | No | ||
| The Carlyle Group | Alternative Investments; | No | No | ||
| The Riverside Company | Alternative Investments; | No | No | ||
| Thoma Bravo, LLC | Alternative Investments; | No | No | ||
| Tiger Iron Capital | Alternative Investments; | No | No | ||
| TowerBrook Capital Partners, LP | Alternative Investments; | No | No | ||
| Truebridge Capital Partners, LLC | Alternative Investments; | No | No | ||
| TSCOF SPV GP, LLC | Alternative Investments; | No | No | ||
| TSG Consumer Partners (FKA: Shansby Group) | Alternative Investments; | No | No | ||
| Twin Brook Capital Partners | Alternative Investments; | No | No | ||
| Two Sigma Advisers | Alternative Investments; | No | No | ||
| Varagon Capital Partners | Alternative Investments; | No | No | ||
| Veritas Capital Fund Management, LLC | Alternative Investments; | No | No | ||
| Vista Equity Partners Management LLC | Alternative Investments; | Yes | No | ||
| Vitruvian Partners LLP | Alternative Investments; | No | No | ||
| Warburg Pincus LLC | Alternative Investments; | No | No | ||
| WL Ross & Co, LLC (Invesco) | Alternative Investments; | No | No | ||
Governance and accountability
This section features information about the 11-member board of trustees that oversees the Ohio State Teachers Retirement System. The board is specific to oversight of the State Teacher Retirement System of Ohio and does not exercise oversight duties for other state funds.[9]
Board selection method
The board of trustees that oversees the Ohio State Teacher Retirement System is made up of 11 members. The Ohio State Teacher Retirement System Board consists of five elected contributing teacher members, two elected retired teacher members, an investment expert appointed by the governor, an investment expert appointed jointly by the speaker of the House and the Senate president, an investment expert designated by the treasurer of state, and the director of the Department of Education and Workforce or their designated investment expert.[9]
Board of trustees membership
A 11-member board of trustees oversees the operation and administration of the Ohio State Teachers Retirement System. The following individuals served on the board as of March 2024:[9]
- Dale Price, board chair
- Carol Correthers, vice chair
- Stephen D. Dackin
- Pat Davidson
- Alison Lanza Falls
- Rudy H. Fichtenbaum
- Steven Foreman
- Claudia Herrington
- Elizabeth Jones
- Brian Perera
- Julie Sellers
See also
- Public pensions in Ohio
- 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
Footnotes
- ↑ 1.0 1.1 Ballotpedia, "Ballotpedia: Asset management data for state-administered pension funds across the 50 states," March 2023
- ↑ 2.0 2.1 STRS Ohio, "STRS Ohio At a Glance," accessed March 28, 2024
- ↑ STRS Ohio, "Investments," accessed March 28, 2024
- ↑ Note: By default, this refers to the actuarial valuation of total assets. In some cases, the total market value of assets is shown instead. See the cited source for details.
- ↑ The Net Zero Asset Managers Initiative, "The Net Zero Asset Managers Initiative," accessed January 26, 2023
- ↑ Climate Action 100+, "The Three Goals," accessed June 20, 2023
- ↑ Pensions and Investments, "Net Zero Asset Managers initiative to suspend activities in wake of BlackRock departure," accessed January 15, 2024
- ↑ Note: NZAM announced on January 13, 2025, that it was suspending operations and removing the commitment statement and list of signatories from its website.
- ↑ 9.0 9.1 9.2 STRS Ohio, "Board Members," accessed March 28, 2024
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