# City of Ann Arbor Employees’ Retirement System City of Ann Arbor Employees’ Retirement System is a Pension Fund based in Ann Arbor, United States. ## Overview - **Organization type:** Pension Fund - **Headquarters:** Ann Arbor, United States - **Region:** North America - **Address:** Ann Arbor, MI, United States - **Founded:** 1990 - **Assets under management:** Undisclosed - **Website:** a2gov.org ## Regulatory record - **Reports private funds:** No ## About The City of Ann Arbor Employees’ Retirement System administers pension benefits for municipal workers in Ann Arbor, Michigan. The fund operates under the oversight of a Board of Trustees chaired by Jeremy Flack, with day-to-day management led by Executive Director Wendy Orcutt. Unlike stand-alone municipal plans, the system maintains an integrated investment approach with the Retiree Health Care Benefit Plan & Trust, a voluntary employees’ beneficiary association that frequently co-invests in the same private market vehicles. CAAERS allocates across a broad alternatives platform. The private equity program is concentrated in buyout funds, with a secondary emphasis on other private equity strategies. This sits alongside dedicated portfolios for real estate, infrastructure, private credit, and natural resources. The infrastructure sleeve holds global exposure, while the private credit book remains domestically focused within the United States. By co-investing with the city’s VEBA trust, the system gains pacing flexibility and fee efficiencies on commitments that might otherwise be undersized for a solo mid-market pension. The fund’s governance structure reflects its municipal charter, with board oversight and an executive director managing external manager relationships and internal operations. CAAERS’ structural differentiator lies in its co-investment synchronization with the Retiree Health Care Benefit Plan & Trust. Most municipal pension funds operate in isolation, negotiating fund documents and pacing plans independently. By aligning its alternatives book with a parallel city trust, the system effectively dials up commitment size and manager access without needing to increase its own allocation percentages, an arrangement that mimics the pooled purchasing power more commonly found in state-level investment councils. ## Sectors - Private Equity - Real Estate - Infrastructure - Private Credit - Natural Resources ## People - Jeremy Flack — Chairperson of the Board of Trustees - Wendy Orcutt — Executive Director ## Questions ### How is CAAERS related to the City of Ann Arbor’s other benefit trusts? The system co-invests alongside the City of Ann Arbor’s Retiree Health Care Benefit Plan & Trust, a voluntary employees’ beneficiary association that covers retiree medical costs. Both entities commit to the same private equity and real estate vehicles, which effectively scales their combined negotiating position with general partners. The pension fund and the VEBA are administratively distinct but coordinate on manager selection and pacing. ### What private equity strategies does the fund target? CAAERS is heavily weighted toward buyout strategies. Its private equity portfolio is built around commitments to buyout funds, with additional exposure to other private equity strategies as disclosed in the system’s investment structure. The specific manager roster and commitment pacing are determined through the board’s approval process. ### Does the fund invest in infrastructure and real assets beyond real estate? Yes. In addition to a real estate allocation, the system maintains a global infrastructure portfolio and a natural resources portfolio. These sit alongside the private credit and private equity programs, giving the fund exposure across five distinct alternatives categories. ### Who oversees investment decisions at the retirement system? The Board of Trustees, chaired by Jeremy Flack, governs the system and approves major investment decisions. Executive Director Wendy Orcutt handles operational management, including external manager relationships and staff oversight. The board’s composition and meeting schedules follow Michigan municipal pension statutes. ### Does CAAERS co-invest directly or only through fund commitments? The system’s strategy is fund-of-funds in practice, committing capital to external private equity, real estate, infrastructure, private credit, and natural resources managers rather than making direct co-investments into portfolio companies. The co-investment referenced in its structure is the parallel commitment arrangement with the VEBA trust at the fund level, not at the deal level. ## Related profiles - [City of Alpharetta Pension Trust Fund](https://altss.com/profile/city-of-alpharetta-s-pension-trust-fund) - [City of Ann Arbor Retiree Health Care Benefits Plan](https://altss.com/profile/city-of-ann-arbor-retiree-health-care-benefits-plan) --- Source record modified: 2026-08-11T02:43:31.692Z Last verified: not supplied by this public snapshot. ## Sources and provenance - Organization website as recorded: https://a2gov.org/ Source links do not imply that every field was verified on the page modification date. See [Altss methodology](https://altss.com/methodology). Canonical page: https://altss.com/profile/city-of-ann-arbor-employees-retirement-system-caaers Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology