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Arizona State Retirement System

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Arizona State Retirement System
Arizona State Retirement System.png
Basic facts
Location:Phoenix, Arizona
Top official:Rene Guillen, chair
Year founded:1953
Active members:652,864
Website:Official website
Total assets under management
2023:$52,394,157,000,000
See also: Public pensions in Arizona

The Arizona State Retirement System is an Arizona state pension fund that provides retirement, disability, and survivor benefits to the state's employees, including "state universities, community college districts, school districts and charter schools, all 15 counties, most cities and towns, and a variety of political subdivisions, such as fire and water districts." The Arizona State Retirement System had $52,394,157 ($52 million) in total assets under management as of June 30, 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

See also: Public pensions

The Arizona State Retirement System (ASRS), founded in 1953, “is a state agency providing retirement benefits, long-term disability benefits and other benefits to employees of the state, counties, municipalities, universities, community colleges, school districts and other qualified political entities.” Membership of the ASRS includes the state of Arixona, all 15 counties, most cities and towns, and all three public universities.[2]

The Arizona State Retirement System served nearly 219,830 active members and 176,444 retirees, and beneficiaries as of February 2024.[2]

Pension performance overview

The following table features information about the funding level and assets managed by the Arizona State Retirement System as of June 30, 2023:[3]

Arizona State Retirement System pension performance (June 30, 2023)
Fiscal year Percent funded Unfunded liabilities Total assets[4]
2023 75.47% $12,852,286,712 $52,394,157,000

Assets and asset management

Environmental, social, and corporate governance
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• 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 Arizona State Retirement System

The Arizona State Retirement System invested with 261 asset management companies (AMCs) or specific funds as of June 2021. Of those companies or funds, four were investor participants in Climate Action 100+ , and 21 were members of NZAM as of 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with the Arizona State Retirement System as of 2023:[1]

  • 3300 Tower
  • 56th and Park NY Holdings
  • A-1000 Washington Co-Investor, LLC
  • A-140W Co-Investor, LLC
  • Accel-KKR Capital Partners III, LP
  • Alcion Real Estate Partners Tax-Exempt Parallel Fund II, L.P.
  • Almanac Realty Securities V, L.P.
  • Alpine Investors VIII LP
  • Altaris Constellation Partners IV, L.P.
  • Altaris Constellation Partners, L.P.
  • Altaris Health Partners III, L.P.
  • Altaris Health Partners IV, L.P.
  • Altaris Health Partners V, L.P.
  • AP Jupiter Debt Co-Invest I, L.P.
  • AP Mezzanine Partners II, L.P.
  • AP Mezzanine Partners III, LP (Partnership with HPS)
  • AP Socrates Co-Invest, L.P.
  • Apollo Investment Fund IX, L.P.
  • Apollo Investment Fund VII, L.P.
  • Apollo Investment Fund VIII, L.P.
  • Apollo Natural Resources Partners II, L.P.
  • Apollo Natural Resources Partners III, L.P.
  • Apollo Natural Resources Partners, L.P.
  • Ares Corporate Opportunities Fund V, L.P.
  • Ares European Credit Strategies Fund VII (Palo Verde), L.P.
  • Arizona-White Oak Investor LLC
  • Arlington Capital Partners III, L.P.
  • Arlington Capital Partners IV, L.P.
  • Arlington Capital Partners V, L.P.
  • Astorg VI (NZAM)
  • Astorg VII (NZAM)
  • Atlas Venture Fund VIII, L.P.
  • Audax Private Equity Fund IV, L.P.
  • Avenue Europe Special Situations Fund II (U.S.)
  • Avenue Europe Special Situations III (US), L.P.
  • Avenue-ASRS Europe Opportunities Fund, L.P.
  • Baird Capital Partners V Limited Partnership
  • Blackstone / GSO Capital Solutions Fund
  • Blackstone Capital Partners VI L.P.
  • Blackstone Capital Partners VI, L.P.
  • Blackstone Capital Partners VII L.P.
  • Blackstone Energy Partners II L.P.
  • Blackstone Energy Partners III L.P.
  • Blackstone Energy Partners, L.P.
  • Blackstone Property Partners L.P.
  • Blackstone Real Estate Partners VI L.P.
  • Blackstone Real Estate Partners VII L.P.
  • Blackstone Real Estate Partners VIII L.P.
  • Bridgepoint Europe IV 'D' L.P.
  • Brookfield Capital Partners Fund III (NZAM)
  • Brookfield Capital Partners IV (NZAM)
  • BSP Senita Investor LLC
  • Cactus Direct Lending Fund, LP
  • Cactus Multi-Asset Investor LLC
  • Carlyle Realty Partners V, L.P.
  • Catalyst Fund Limited Partnership III
  • Catalyst Fund Limited Partnership IV
  • Catalyst Fund Limited Partnership V
  • Catterton Partners VII, L.P.
  • CBRE Strategic Partners U.S. Opp V (NZAM)
  • CCMP Capital Investors III, L.P.
  • Centerbridge Capital Partners II, L.P.
  • Centerbridge Capital Partners III, L.P.
  • CenterSquare Investment Management LLC (Climate Action 100+)
  • Cerberus Sonoran NPL Fund, L.P.
  • Cholla Venture I, LLC
  • Chorus Capital Rondo LP
  • CIM Commercial Trust Corp (CMCT) (NZAM)
  • CIM Fund III, L.P. (NZAM)
  • CIM Fund IX, L.P. (NZAM)
  • CIM Fund VIII, L.P. (NZAM)
  • CIM VI (Urban REIT), LLC (NZAM)
  • Clearlake Capital Partners V, L.P.
  • Clearlake Capital Partners VI, L.P.
  • Clearlake Capital Partners VII LP -
  • Colony Investors VIII, L.P.
  • Crown European Buyout Opportunities II PLC
  • CVC Capital Partners VII (A) L.P.
  • CVC Capital Partners VIII (A) L.P.
  • CVC European Equity Partners V, L.P.
  • Dune Real Estate Fund II LP
  • Dune Real Estate Fund LP
  • DWS Infrastructure Debt Opportunities, LLC (NZAM, Climate Action 100+)
  • Edgewater Growth Capital Partners III, L.P.
  • EMG Ascent Two Thousand and Sixteen Equity, LP
  • EnCap Energy Capital Fund IX, L.P.
  • EnCap Energy Capital Fund X, L.P.
  • EnCap Energy Capital Fund XI, L.P.
  • Energy Capital Partners II-A, LP
  • EQT VII (No.II) Limited Partnership (NZAM)
  • EQT VIII (No.II) SCSP (NZAM)
  • European Asset Value Fund (USD) II, L.P.
  • FC Cactus Residential Development Fund
  • FFL Capital Partners IV, L.P.
  • First Reserve Fund XII, L.P.
  • Five Mile Capital Partners II LP
  • Foresite Capital Fund V, L.P.
  • Foresite Capital Opportunity Fund V, L.P.
  • Fortress MSR Opportunities Fund II
  • GSO Cactus Credit Opps Fund
  • H/Two Investors III L.P.
  • H/Two Special Opportunities II L.P.
  • H/Two Special Opportunities III L.P.
  • H/Two Special Opportunities IV L.P.
  • Harrison Street Real Estate Partners III, L.P.
  • Harvest Partners VII, L.P.
  • Harvest Partners VIII, L.P.
  • HPS AP Mezzanine Partners Two Thousand Nineteen, L.P.
  • HPS AP Strategic Investment Partners V LP
  • ICG Arizona Senior Direct Lending Credit Fund (NZAM)
  • Insight Equity III LP (Climate Action 100+)
  • Insight Partners XII, L.P. (Climate Action 100+)
  • JLL Partners Fund VI, L.P.
  • K-III Private Investors, L.P.
  • K-IV Private Investors, L.P.
  • K-V Private Investors, L.P.
  • Khosla Ventures IV, L.P.
  • Khosla Ventures V, L.P.
  • Kinderhook Capital Fund IV, L.P.
  • Kinderhook Capital Fund V, L.P.
  • Kinderhook Capital Fund VI, L.P.
  • Kinderhook Capital Fund VII, L.P.
  • KPS Special Situations Fund IV, LP
  • KPS Special Situations Fund V, L.P.
  • L Catterton VIII, L.P.
  • LCM Partners CO IV LP
  • Leeds Equity Partners VII, L.P.
  • Levine Leichtman Capital Partners IV, L.P.
  • Levine Leichtman Capital Partners Private Capital Solutions, L.P.
  • Levine Leichtman Capital Partners V, L.P.
  • Levine Leichtman Capital Partners VI, L.P.
  • Levine Leichtman Monte Nido
  • Lincolnshire Equity Fund IV-A, L.P.
  • Linden Capital Partners II LP
  • Linden Capital Partners IV[-A] LP
  • Littlejohn Fund IV, L.P.
  • LLR Equity Partners III, L.P.
  • LLR Equity Partners IV, L.P.
  • LLR Equity Partners V, L.P.
  • LM LSQ Investors LLC
  • Lone Star Fund VI (U.S.), L.P.
  • Lone Star Real Estate Fund (U.S.), L.P.
  • Lovell Minnick Equity Partners IV LP
  • Lovell Minnick Equity Partners V LP
  • Maranon Mezzanine Fund, L.P.
  • Marathon Aviation Fund, L.P.
  • Marlin Heritage Europe II, L.P.
  • Melodeon Arizona LBS Feeder LP
  • Mill Creek Fund III LLC
  • Mill Creek Fund VI LLC
  • Mill Creek Multifamily Value-Add Fund, LP
  • Mill Creek Residential Trust LLC
  • Monroe Private Credit Fund A
  • Montreux Equity Partners IV, L.P.
  • Nautic Partners IX, L.P.
  • Nautic Partners VI, L.P.
  • Nautic Partners VIII, L.P.
  • Nautic Partners X, L.P.
  • New Atlantic Venture Fund III, L.P.
  • New Mountain Partners III, L.P.
  • Nordic Capital Evo Beta
  • Nordic Capital X, L.P.
  • Oak Hill Capital Partners III, L.P.
  • Oaktree AZ Strategic Lending Fund LP
  • Oaktree European Principal Fund III, L.P.
  • Oaktree Opportunities Fund VIII, L.P.
  • Oaktree Opportunities Fund VIIIb, L.P.
  • Oaktree Real Estate Opportunities Fund V, L.P.
  • Oaktree Real Estate Opportunities Fund VI, L.P.
  • Ocotillo LA Investments, LLC
  • Olympus Growth Fund VI, L.P.
  • Olympus Growth Fund VII, L.P.
  • Onex Partners III LP
  • Papago Industrial Investor LLC
  • Partners Group Secondary Two Thousand and Eight, L.P.
  • Partners Group Secondary Two Thousand and Eleven (USD), L.P. Inc.
  • Paul Capital Partners IX, L.P.
  • Pegasus Cactus Self-Storage LLC
  • Peninsula Technology Ventures, L.P.
  • PEP Cactus Investor LLC
  • PHG Hospitality Investor LLC
  • Pine Brook Capital Partners II, L.P.
  • Pine Brook Capital Partners, L.P.
  • Platinum Equity Capital Partners II, L.P.
  • Presidio Partners Two Thousand and Seven, L.P.
  • Quantum Energy Partners V, L.P.
  • REL-ASRS Lantern LLC
  • Related Energy Focused RE Fund
  • Related Fund Management, LLC
  • Related Real Estate Debt Fund, L.P.
  • Related Real Estate Fund III, L.P.
  • RFM Cactus Apartments LLC
  • RFM Cactus Holding Company, LLC (Partnership with Related)
  • RFM Cactus NYSS LLC
  • Rhone Partners V L.P.
  • Roark Capital Partners II Sidecar LP
  • Roark Capital Partners V
  • Roark Diversified Restaurant Fund II LP
  • RREEF Global Opportunities Fund II, LLC
  • Saguaro Bay Area
  • Saguaro ICG SLB Assets Fund I, SCsp
  • Saybrook Corporate Opportunity Fund, L.P
  • Sculptor ASRS Aviation Finance Fund, LP
  • Seidler Equity Partners IV, L.P.
  • SHP-Mesquite I LLC
  • Silver Lake Partners III, L.P.
  • Silver Lake Partners V, L.P.
  • Sonoran Cactus Private Asset Backed Fund, L.P. (Managed by Ares)
  • Sonoran Private Credit Opportunities Fund, LLC (Managed by Cerberus)
  • Tamarisk EWA Industrial, LLC
  • TCG Three-A, LP
  • TCP VI Co-Invest (North America) L.P.
  • TCW Capital Trust
  • TCW/Crescent Mezzanine Partners V, L.P.
  • Tenex Capital Partners II, L.P.
  • Tenex Capital Partners, L.P.
  • TH Cactus Investor LLC
  • The Energy & Minerals Group Fund III, L.P.
  • The Energy & Minerals Group Fund IV, LP
  • The Resolute Fund II, L.P.
  • The Resolute Fund III, L.P.
  • The Resolute Fund IV, L.P.
  • The Resolute Fund V, L.P.
  • The Veritas Capital Fund IV, L.P.
  • The Veritas Capital Fund V, L.P.
  • The Veritas Capital Fund VI, L.P.
  • The Veritas Capital Fund VII, L.P.
  • The Veritas Capital Fund VIII, L.P.
  • The Veritas Capital Vantage Fund, L.P.
  • Tishman Speyer Real Estate Venture VI, L.P.
  • Tishman Speyer Real Estate Venture VII, L.P.
  • Tower III Joint Venture Parcel
  • Trilantic Capital Partners V (North America) L.P.
  • Trilantic Capital Partners VI (North America) L.P.
  • TSG Eight L.P.
  • TSG Seven A L.P.
  • TSG Seven B L.P.
  • US Cactus Industrial-Logistics
  • US Farming Realty Trust II
  • VDC Cardon Grande Investor
  • Vida Insurance Credit Opportunity Fund II, LP
  • Vida Insurance Credit Opportunity Fund III LP
  • Vista Co-Investment Program (NZAM)
  • Vista Equity Partners Fund IV, L.P. (NZAM)
  • Vista Equity Partners Fund V, L.P. (NZAM)
  • Vista Equity Partners Fund VI, L.P. (NZAM)
  • Vista Equity Partners Fund VII, L.P. (NZAM)
  • Vista Foundation Fund III (NZAM)
  • Vista Foundation Fund IV, L.P. (NZAM)
  • Vtraz Investor, LLC
  • Warburg Pincus Private Equity X, L.P.
  • Waterton Residential Property Venture XI
  • Waud Capital Partners III, L.P.
  • Wayzata Opportunities Fund II, L.P.
  • Westbrook Real Estate Fund VII, L.P.
  • Westbrook Real Estate Fund VIII
  • Westcore Alpha Venture, LLC
  • Westcore Realty, LLC
  • White Deer Energy L.P.
  • White Deer Energy L.P. II
  • Yucaipa American Alliance Fund II, L.P.

Governance and accountability

This section features information about the nine-member board of trustees that oversees the Arizona State Retirement System. The board is specific to oversight of the Arizona State Retirement System and does not exercise oversight duties for other state funds.[8]

Board selection method

The board of trustees that oversees the Arizona State Retirement System’s is made up of nine members. These members are appointed by the governor and confirmed by the senate.[8]

Board of trustees membership

A nine-member board of trustees oversees the operation and administration of the Arizona State Retirement System. The following individuals served on the board as of February 2024:[8]

  • Rene Guillen, chair
  • Michael Miller, vice chair
  • Diane Landis
  • Michael Lofton
  • Kevin McCarthy
  • Temporarily Vacant
  • Jay Petkunas
  • Ashley Retsinas
  • Sarah Webber

See also

External links

Footnotes

  1. ↑ 1.0 1.1 Ballotpedia, "Ballotpedia: Asset management data for state-administered pension funds across the 50 states," March 2023
  2. ↑ 2.0 2.1 ASRS.gov, "Our History," accessed February 22, 2024
  3. ↑ ASRS.gov, "Annual comprehensive financial report for the fiscal year ended June 30, 2023," accessed February 22, 2024
  4. ↑ 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.
  5. ↑ The Net Zero Asset Managers Initiative, "The Net Zero Asset Managers Initiative," accessed January 26, 2023
  6. ↑ Climate Action 100+, "The Three Goals," accessed June 20, 2023
  7. ↑ Pensions and Investments, "Net Zero Asset Managers initiative to suspend activities in wake of BlackRock departure," accessed January 15, 2024
  8. ↑ 8.0 8.1 8.2 "ASRS.gov," "ASRS Board of Trustees," accessed February 22, 2024 ]
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