# Carilion Clinic Retirement Plan

Carilion Clinic Retirement Plan is a Pension Fund based in Roanoke, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Roanoke, United States
- **Region:** North America
- **Address:** Roanoke, VA, United States
- **Founded:** 1899
- **Assets under management:** Undisclosed
- **Website:** carilionclinic.org
- **LinkedIn:** https://www.linkedin.com/company/carilion-clinic

## Regulatory record

- **Reports private funds:** No

## About

The Carilion Clinic Retirement Plan exists to provide retirement benefits for the employees of Carilion Clinic, a Roanoke, Virginia-based not-for-profit healthcare system that operates seven hospitals and serves over one million residents across western Virginia. The plan is overseen by Carilion Clinic's investment office, led by Vice President and Chief Investment Officer Fred Greear, who reports to Executive Vice President and CFO Donald B. Halliwill. Carilion itself traces its roots to 1899, though the retirement plan's founding date is not publicly disclosed. The system's structure as a not-for-profit integrated delivery network — combining clinical care with the Virginia Tech Carilion School of Medicine, a joint venture with Virginia Tech — makes this a single-employer plan tied to an academic-medical anchor, with a stable participant base unlikely to experience dramatic inflow or outflow shocks. The plan's investment strategy, as reflected in public pension disclosures and manager meeting records, concentrates heavily on private equity buyout strategies. Greear has built a portfolio that favors mid-market and large-cap buyout funds, with additional allocations to growth equity and venture capital. The plan does not disclose its full portfolio publicly, but manager relationships confirmed through institutional investor events and consultant databases include commitments to funds managed by firms such as Hellman & Friedman, Advent International, and Leonard Green & Partners. Geographically, the portfolio is overwhelmingly US-focused, with limited exposure to developed Europe and no known dedicated emerging markets sleeve. The plan accesses private markets exclusively through fund commitments, not direct co-investments or separate accounts. The size of the plan's total assets is not publicly disclosed, and neither Greear nor Carilion's finance leadership has given media interviews specifying AUM. Carilion Clinic itself maintains a related philanthropic entity, the Carilion Clinic Foundation, which is a legally separate 501(c)(3) organization supporting patient care, research, and education. No club memberships such as Tiger 21 or R360 have been disclosed for the investment team. The plan's structural differentiator is its posture as a liquidity-absorbent buyer inside a liability structure that behaves more predictably than a corporate pension's. Carilion's workforce is concentrated in a single region with low employee turnover, and its not-for-profit status shields the plan from the quarterly earnings pressures that shape risk appetite at publicly traded corporate sponsors. This allows Greear to commit patient capital to closed-end buyout funds without the liquidity-management gymnastics required of more volatile corporate plans — a genuine structural advantage in private equity.

## Sectors

- Healthcare Services

## People

- Fred Greear — Vice President and Chief Investment Officer
- Donald B. Halliwill — Executive Vice President and Chief Financial Officer

## Questions

### Who runs investment decisions at Carilion Clinic Retirement Plan?

Fred Greear serves as Vice President and Chief Investment Officer of Carilion Clinic, overseeing the retirement plan's portfolio. He reports to Donald B. Halliwill, the system's Executive Vice President and CFO. Greear is a recognized institutional investor, having been named a finalist for Institutional Investor's Small Endowment/Foundation Investment Officer of the Year. The investment team also includes portfolio managers Kunnal Singh and Jarad Vary.

### How is the plan's portfolio allocated?

The plan is heavily concentrated in private equity buyout funds, with additional exposure to growth equity and venture capital. Public records of manager meetings and consultant databases indicate commitments to firms including Hellman & Friedman, Advent International, and Leonard Green & Partners. The plan accesses private markets through fund commitments rather than direct co-investments or separate accounts. The portfolio is overwhelmingly US-focused with limited European exposure.

### What is the relationship between the retirement plan and Carilion Clinic?

The plan is the primary retirement vehicle for employees of Carilion Clinic, a not-for-profit integrated healthcare system based in Roanoke, Virginia, that operates seven hospitals and serves over a million residents. As a single-employer plan tied to an academic-medical anchor, the participant base is stable. The plan is distinct from the Carilion Clinic Foundation, a legally separate 501(c)(3) philanthropic entity.

## Related profiles

- [Cargill UK](https://altss.com/profile/cargill-uk)
- [Carl Zeiss Group](https://altss.com/profile/carl-zeiss-group)

---

Last updated: 2026-08-11T02:43:31.692Z

Canonical page: https://altss.com/profile/carilion-clinic-retirement-plan

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology