AS
LP profile
Arizona State Retirement System
Pension fund · Founded 1953 · Phoenix, United States
125
VC firms backed
$50B
AUM
~$1.0B
Allocated to VC (est. 2%)
01 · Background
Who Arizona State Retirement System is.
- Historical Background
- The origins of Arizona's state pension system trace back to 1912, the year of its statehood, with the establishment of a pension for teachers. The Arizona State Retirement System (ASRS) as it is known today was formed in 1953 to provide retirement and other benefits to state employees, university faculty, and employees of the state's political subdivisions. In 1970, the state legislature enacted the current ASRS Fixed Benefit Plan after more than 80% of state employees and teachers voted to transition to the new plan.
- Source of Capital
- The ASRS is a defined benefit public employee retirement plan. Its capital is derived from contributions from its members, who are public sector employees in Arizona, and their employers. This includes teachers, state university employees, and employees of counties, cities, and other political subdivisions.
- Allocation Strategy
- The ASRS employs a long-term strategic asset allocation approach that is not typically subject to radical changes based on market conditions. The system has a diverse portfolio that includes public and private equity, private credit, real estate, and other asset classes. As of early 2024, the ASRS has been opportunistically increasing its exposure to both U.S. and international public equities, with a target allocation of 44% to the asset class. The system has also adjusted its real estate target allocation from 20% down to 17%.
02 · Fund commitments
The funds Arizona State Retirement System backs.
Arizona State Retirement System is a limited partner in 125 funds. 10 of them place in the Power Law Investor Ranking; those lead, best-ranked first.
Accel
#4 Power Law
Khosla Ventures
#12 Power Law
Insight Partners
#23 Power Law
Atlas Venture
#53 Power Law
BlackRock
#83 Power Law
Silver Lake Partners
#180 Power Law
Warburg Pincus
#233 Power Law
Blackstone
#240 Power Law
Foresite Capital
#256 Power Law
The Chernin Group
#316 Power Law
Accel-KKR
AEW Invest
Almanac Realty Investors
ArchiMed
Astorg
Audax Private Equity
AXA Investment Managers
Bridgepoint
Carlyle Cardinal Ireland - CCI
Cheyne Capital
Chorus Capital
Colony Yangtze (Shanghai) Investment Management Consulting Co.,Ltd
CVC Capital Partners
EQT Group
Hayfin Capital Management
IFM Investors
03 · Allocation
How Arizona State Retirement System’s fund book is spread.
The 125 funds Arizona State Retirement System backs, by where the manager is headquartered and how many funds that manager has raised.
Where those managers are based
By fund headquarters.
- North America 10282%
- Europe 2117%
- Rest of world 22%
United States 99 · United Kingdom 9 · Canada 3 · Luxembourg 3
How established those managers are
Managers grouped by how many funds they have raised — across the 90 of 125 with a fund history on record.
Emerging funds · 29
Established funds · 61
15
1
6
2
8
3
9
4
13
5-6
18
7-9
8
10-14
13
15+
Funds raised by the manager
04 · Direct investments
The companies Arizona State Retirement System backs directly.
Arizona State Retirement System holds 1 company directly, separate from the funds it commits to as a limited partner.
Mill Creek Residential Trust
05 · Other LPs
Other LPs.
Other pension funds in the Power Law LP ranking, closest to Arizona State Retirement System by combined power-law score — North America first, then the nearest worldwide.
🇺🇸
Colorado PERA
$60B AUM
90 VC funds backed
🇺🇸
Memorial Sloan-Kettering Cancer Center Pension Plan
$5.6B AUM
23 VC funds backed
🇬🇧
West Midlands Pension Fund
$25B AUM
69 VC funds backed
🇺🇸
U.F.C.W. Consolidated Pension Fund
$3.5B AUM
23 VC funds backed
🇺🇸
New York State Nurses Association Pension Plan
$2.0B AUM
64 VC funds backed
🇺🇸
Maryland State Retirement
$69B AUM
101 VC funds backed
🇺🇸
Legacy Plan of the National Retirement Fund
$1.0B AUM
14 VC funds backed
🇺🇸
Indiana Public Employees' Defined Benefit Account
$44B AUM
34 VC funds backed