AT&T, Inc.

AT&T, Inc.

AT&T Inc. is a Dallas-based telecommunications conglomerate that operates a corporate defined-benefit pension fund, the AT&T Retirement Fund. John Stankey serves as Chairman and CEO of the parent company, with the pension fund managed internally alongside the broader corporate treasury. The wealth underlying the fund derives from AT&T's operations as one of the largest telecom carriers in the United States. The pension fund's investment strategy spans public equities, fixed income, real estate, and venture capital. AT&T Ventures, the corporate venture capital arm, focuses on early-stage investments in emerging technology areas such as AI/ML, edge computing, and IoT infrastructure. The firm also holds a substantial real estate portfolio including Whitacre Tower and the Plano Headquarters site, and has engaged in sale-leaseback transactions with partners like Reign Capital. Geographically, the fund's exposure is concentrated in North America, with select real estate holdings in the United States. Estimated at $30.1 billion in assets under management (Altss estimate), the fund is among the largest corporate pension plans in the U.S. telecommunications sector. AT&T maintains additional real estate assets including the AT&T Discovery District in Dallas and the AT&T Learning Center in Basking Ridge, New Jersey. The AT&T Foundation handles philanthropic giving separately from the pension fund. The firm is a member of the National Venture Capital Association (NVCA) through its AT&T Ventures unit. AT&T's pension fund is structurally distinct as a corporate defined-benefit plan tied to a publicly traded operating company, giving it a stable liability-driven investment posture. The fund's venture capital arm operates as a strategic investor rather than a pure financial return vehicle, focusing on technologies that align with AT&T's core telecommunications and networking businesses.