APRIL 14, 2025 | PIONLINE.COM | $16 AN ISSUE / $350 A YEAR
PENSION FUNDS
Ohio teachers’ pension reform stalls despite board takeover
S P E C I A L R E P O R T P R I VAT E M A R K E T S
Reformers who pushed for index funds OK a bigger allocation to private markets B y ROB KOZLOWSKI Ohio State Teachers’ Retirement System, Columbus, is showing signs that social media-driven pressure to overhaul the pension fund’s investments by moving to all index funds and jettisoning private markets may be fizzling in the face of economic and fiduciary realities. The $97.7 billion pension fund’s board unanimously approved a new asset allocation that included a slight increase to its exposure to private markets and significant drops to public equities at its March 19 meeting following the completion of an asset-liability study. Among the actions taken by the board was increasing the target to private credit to 10% from 7%, lowering the real estate target to 8% from 10% and maintaining the existing target to private equity at 9%. The vote came nearly a year after a series of board elections gave a majority of seats to a group of self-proclaimed reformers. Those
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Pedro Guazo discusses the fund’s governance structure, investment processes and strengths. PAGE 19 GETTY IMAGES
SOUND BITE DARAJA CAPITAL’S RAUDLINE ETIENNE:
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GEPF’s Sifiso Sibiya on South Africa South Africa wants investors to know the country isn’t as risky as many investors think. Page 3
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