U.S. public pension fund fees as of fiscal year-end 2016. Assets are in millions.
Fund
Total
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
$15,949
6.31%
0.40%
25.00%
1.59%
1.59%
N/A
N/A
-3.09%
Alaska Teachers
$7,852
6.34%
0.41%
25.00%
1.61%
1.61%
N/A
N/A
-3.09%
Connecticut Retirement
$29,206
6.18%
0.34%
10.92%
0.59%
0.59%
N/A
N/A
-5.30%
Illinois Teachers
$45,633
6.66%
0.66%
24.83%
2.47%
2.47%
N/A
N/A
-2.60%
Indiana Public Retirement
$24,776
9.20%
0.63%
33.33%
2.28%
2.28%
N/A
N/A
-2.90%
Kentucky Retirement System
$10,878
10.15%
0.79%
8.14%
0.59%
0.54%
0.03%
0.02%
-6.30%
Los Angeles County Employees
$47,647
2.61%
0.39%
11.41%
1.69%
1.69%
N/A
N/A
-4.20%
Massachuetts PRIM
$60,700
8.55%
0.16%
5.26%
0.10%
0.10%
N/A
N/A
-5.40%
Michigan State Retirement1
$61,600
6.46%
0.95%
13.03%
1.93%
1.41%
0.52%
N/A
-1.70%
Missouri Public Schools2
$38,066
13.43%
0.88%
22.39%
1.47%
1.29%
0.18%
N/A
0.60%
Missouri Public Schools3
$38,066
7.14%
0.88%
9.55%
1.18%
1.25%
-0.07%
N/A
N/A
Missouri State Employees
$8,200
32.70%
0.90%
55.41%
1.57%
1.12%
0.26%
0.19%
-1.10%
New Jersey Division of Investment
$72,940
11.50%
0.89%
28.04%
2.17%
1.51%
0.66%
N/A
-5.10%
New York Common4
$183,640
4.37%
0.29%
28.41%
1.87%
1.43%
0.44%
N/A
-4.80%
Pennsylvania School Employees5
$50,200
9.22%
0.83%
25.06%
2.25%
1.73%
0.52%
N/A
-3.40%
South Carolina Retirement
$27,980
11.08%
0.80%
32.44%
2.32%
1.71%
0.45%
0.16%
-5.90%
Texas Teachers6
$133,762
7.95%
0.81%
18.74%
1.91%
1.35%
0.56%
N/A
4.49%
Virginia Retirement
$68,853
8.71%
0.53%
22.47%
1.37%
1.37%
N/A
N/A
N/A
Average
9.36%
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
