INTERACTIVE

Public funds’ hedge fund fees

U.S. public pension fund fees as of fiscal year-end 2016. Assets are in millions.
FundTotal
fund
assets
HF AUM
as a % of
total assets
Total
fund
fee %
HF fees
as a % of
total fees
Total
HF fees
as a % of
HF AUM
HF
mgmt. fees
as a % of
HF AUM
HF
incentive
fees as a
% of
HF AUM
Pass-
through fees
as a % of
HF AUM
One-year
return
FYE
Alaska Public Employees$15,9496.31%0.40%25.00%1.59%1.59%N/AN/A-3.09%
Alaska Teachers$7,8526.34%0.41%25.00%1.61%1.61%N/AN/A-3.09%
Connecticut Retirement$29,2066.18%0.34%10.92%0.59%0.59%N/AN/A-5.30%
Illinois Teachers$45,6336.66%0.66%24.83%2.47%2.47%N/AN/A-2.60%
Indiana Public Retirement$24,7769.20%0.63%33.33%2.28%2.28%N/AN/A-2.90%
Kentucky Retirement System$10,87810.15%0.79%8.14%0.59%0.54%0.03%0.02%-6.30%
Los Angeles County Employees$47,6472.61%0.39%11.41%1.69%1.69%N/AN/A-4.20%
Massachuetts PRIM$60,7008.55%0.16%5.26%0.10%0.10%N/AN/A-5.40%
Michigan State Retirement1$61,6006.46%0.95%13.03%1.93%1.41%0.52%N/A-1.70%
Missouri Public Schools2$38,06613.43%0.88%22.39%1.47%1.29%0.18%N/A0.60%
Missouri Public Schools3$38,0667.14%0.88%9.55%1.18%1.25%-0.07%N/AN/A
Missouri State Employees$8,20032.70%0.90%55.41%1.57%1.12%0.26%0.19%-1.10%
New Jersey Division of Investment$72,94011.50%0.89%28.04%2.17%1.51%0.66%N/A-5.10%
New York Common4$183,6404.37%0.29%28.41%1.87%1.43%0.44%N/A-4.80%
Pennsylvania School Employees5$50,2009.22%0.83%25.06%2.25%1.73%0.52%N/A-3.40%
South Carolina Retirement$27,98011.08%0.80%32.44%2.32%1.71%0.45%0.16%-5.90%
Texas Teachers6$133,7627.95%0.81%18.74%1.91%1.35%0.56%N/A4.49%
Virginia Retirement$68,8538.71%0.53%22.47%1.37%1.37%N/AN/AN/A
Average9.36%0.64%22.19%1.61%1.39%0.20%0.02%-3.42%
Notes: 1 As of Dec. 31, 2016. 2 Hedge fund portfolio. 3 Alpha overlay. 4 As of March 31, 2016. 5 Does not include all hedge funds. 6 Assets as of Aug. 31, 2016; return as of Dec. 31.
Source: Comprehensive Annual Financial Reports, pension fund sources