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City of Grand Rapids Police & Fire Retirement System
The City of Grand Rapids Police & Fire Retirement System is a defined-benefit public pension fund covering police officers and firefighters employed by...
City of Grand Rapids Police & Fire Retirement System
The City of Grand Rapids Police & Fire Retirement System is a defined-benefit public pension fund covering police officers and firefighters employed by the City of Grand Rapids, Michigan. Its Board of Trustees, chaired by Michael Hawkins, oversees the fund's investment strategy with support from executive director Benjamin Dziengel. The fund operates under Michigan's Public Employee Retirement System Act and is a member of MAPERS (Michigan Association of Public Employee Retirement Systems). The fund's investment strategy includes commitments to Brookfield Strategic Real Estate Partners V (BSREP V), a global mixed-use real estate fund, and the CenterSquare REIT Portfolio for US commercial property. On the commodities side, the fund holds a Wellington Commodities Portfolio and an allocation to Harvest Fund Advisors Midstream Energy, targeting US energy infrastructure. Private equity exposure is primarily buyout-oriented across multiple vintage years. The geographic focus is global for real estate, with US-specific emphasis for energy and REIT holdings. Total assets under management are estimated at roughly $541 million (Altss estimate), though the system does not publish a monthly or quarterly AUM figure. The executive team includes Peggy Korzen, Executive Director Emeritus and a citizen trustee. The fund maintains a philanthropic association through the Grand Rapids Police Foundation, though that entity is legally separate from the pension system. No recent operational events — such as new commitments or personnel changes — have been publicly documented in the last 24 months. A structural differentiator is the fund's reliance on external managers across all asset classes, rather than an in-house investment team. Unlike larger public pensions with internal CIOs and direct investment arms, Grand Rapids Police & Fire outsources portfolio construction to firms like Brookfield, CenterSquare, Wellington, and Harvest. This model reduces overhead but caps the fund's ability to negotiate preferential fee terms or co-investment rights.
General information
Firm type
Public Pension Fund
Year founded
—
AUM
Approximately $541 million (Altss estimate)
Location
Region
North America
Country
United States
City
Grand Rapids
Corporate office
Grand Rapids, MI, United States
Principals
Michael Hawkins
Chairman of the Board of Trustees
Benjamin Dziengel
Executive Director of the Retirement System
Peggy Korzen
Executive Director Emeritus and Citizen Trustee
Justin Ewald
Vice Chairman and Police Member Trustee
Sector focus
Frequently asked questions
Who makes investment decisions for the City of Grand Rapids Police & Fire Retirement System?
The Board of Trustees, chaired by Michael Hawkins, sets investment policy. Benjamin Dziengel serves as Executive Director and oversees day-to-day operations. The board includes police and fire member trustees, citizen trustees, and the executive director emeritus.
What asset classes does the fund invest in?
The fund allocates to private equity (primarily buyout), real estate (core and value-add through funds like Brookfield BSREP V and CenterSquare REIT Portfolio), commodities (via Wellington Commodities Portfolio), and energy infrastructure (Harvest Fund Advisors Midstream Energy).
Is this a single-family office or a public pension fund?
It is a public pension fund — specifically, a defined-benefit retirement system for Grand Rapids police and firefighters. It is governed by Michigan state law and reports to the City of Grand Rapids.
How does the fund generate deal flow or source investments?
The fund relies on external investment managers for all asset classes. It selects managers through a competitive RFP process and monitors them via the board and executive director. There is no internal direct investment team.
Where does the fund's underlying wealth come from?
The fund is funded by member contributions (police and firefighters), employer contributions from the City of Grand Rapids, and investment returns. It is not a family or individual wealth vehicle.
Does the fund maintain philanthropic structures?
The Grand Rapids Police Foundation is a separate philanthropic entity. The pension fund itself does not directly operate charitable programs, but board members and retirees may be involved with the foundation.
What is the fund's known posture on co-investments alongside external managers?
There is no public evidence that the fund engages in co-investments. Its model is fully outsourced to fund commitments with external managers, suggesting a passive or semi-passive approach to private markets.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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