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Chester County Employees Retirement Fund
Chester County Employees Retirement Fund operates as the pension system for the public employees of Chester County, Pennsylvania, based in West Chester.
Chester County Employees Retirement Fund
Chester County Employees Retirement Fund operates as the pension system for the public employees of Chester County, Pennsylvania, based in West Chester. The plan is overseen by a retirement board comprising county officials — including Commissioners Marian D. Moskowitz, Josh Maxwell, and Michelle Kichline, Controller Margaret Reif, and Treasurer Patricia Maisano. Unlike state-level systems, CCERF functions at the county scale, serving a concentrated base of municipal and county retirees. CCERF's investment strategy centers on buyout-oriented allocations, reflecting a preference for control-equity and private markets exposure. In a notable departure from passive public-equity-only pension portfolios, the fund co-sponsored Venture Chesco — a co-investment initiative designed to direct institutional capital into early-stage and growth companies within Chester County. The program partners with Ben Franklin Technology Partners of Southeastern Pennsylvania, a state-backed economic development investor, to identify and back local ventures. This hybrid approach blends traditional pension fiduciary mandates with place-based economic development. The fund's public disclosures are limited — no AUM, team size, or detailed portfolio holdings are published centrally. Governance rests with the Retirement Board, a structure common among county-level plans where elected and appointed officials serve as fiduciaries. The board's membership spans executive and financial oversight roles within county government, embedding pension governance into the county's broader administrative framework. Structurally, CCERF distinguishes itself through the Venture Chesco program, which is atypical for a county pension fund. Most local government plans allocate solely to external managers or commingled funds; CCERF's direct co-investment posture through a named economic-development partner creates a mandate that is simultaneously fiduciary and community-development-focused. This dual purpose — retirement security and local ecosystem building — is rare in the US public pension landscape.
General information
Firm type
Pension Fund
Location
Region
North America
Country
United States
City
West Chester
Corporate office
West Chester, PA, United States
Principals
Marian D. Moskowitz
Chair of the Retirement Board; County Commissioner
Josh Maxwell
Member of the Retirement Board; County Commissioner
Michelle Kichline
Member of the Retirement Board; County Commissioner
Margaret Reif
Member of the Retirement Board; County Controller
Patricia Maisano
Member of the Retirement Board; County Treasurer
Sector focus
Frequently asked questions
Who runs investment decisions at Chester County Employees Retirement Fund?
The Chester County Retirement Board holds fiduciary and investment oversight authority. The board includes three County Commissioners — Marian D. Moskowitz, Josh Maxwell, and Michelle Kichline — plus the County Controller Margaret Reif and County Treasurer Patricia Maisano. Day-to-day investment management may be delegated to external consultants or managers, but the board retains ultimate decision-making power as the plan's named fiduciaries.
How is Venture Chesco structured, and what does the fund invest in through it?
Venture Chesco is a co-investment initiative launched by CCERF in partnership with Ben Franklin Technology Partners of Southeastern Pennsylvania. It targets direct investments in early-stage and growth companies located in Chester County. The program blends the pension fund's capital with Ben Franklin's sourcing and underwriting capabilities, aiming to generate venture-style returns while keeping economic benefits local.
Does CCERF participate in fund commitments or only direct deals?
The fund's labeled strategy centers on buyout allocations, which typically include both direct investments and limited-partner commitments to private equity funds. The existence of the Venture Chesco co-investment program confirms the fund engages in direct deals, though the full split between direct and fund commitments is not publicly detailed.
What is CCERF's relationship with Ben Franklin Technology Partners?
Ben Franklin Technology Partners of Southeastern Pennsylvania serves as CCERF's partner on the Venture Chesco co-investment initiative. Ben Franklin, a state-funded economic development organization, provides deal flow, due diligence, and portfolio support. CCERF supplies institutional co-investment capital alongside Ben Franklin's own investments in qualifying Chester County companies.
Is CCERF's AUM publicly available?
No. Chester County Employees Retirement Fund does not publish a current AUM figure on its public website or in readily accessible municipal financial reports. County-level pension plans often disclose AUM in annual comprehensive financial reports, but a searchable, centralized public number is not maintained by the fund itself.
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