# City of Norwalk

City of Norwalk is a Pension Fund based in Norwalk, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Norwalk, United States
- **Region:** North America
- **Address:** Norwalk, CT, United States
- **Assets under management:** Undisclosed
- **Website:** www.norwalkct.org
- **LinkedIn:** https://www.linkedin.com/company/city-of-norwalk

## Regulatory record

- **Reports private funds:** No

## About

The City of Norwalk Municipal Employees' Pension Board manages retirement and disability benefits for the Connecticut municipality's public workers. Board Chair Frank Nash governs the plan alongside key city officials: CFO Jared Schmitt, CHRO Tina Fogell, and Comptroller Chitsamay Lam. The fund's assets are held in trust for current and former city employees, with investment decisions ultimately steered by the Pension Board. The fund deploys capital across a layered structure. Public-market exposure comes through large indexed vehicles: the Vanguard Total Stock Market Index Fund and the Vanguard Total International Stock Index Fund provide broad equity beta. Fixed-income allocations include the Metropolitan West Total Return Bond Fund, the Prudential Core Bond Fund, and the PIMCO All Asset Fund—a multi-asset strategy that shifts tactically across equities, bonds, and real-return categories. The geographic footprint extends from US-only mandates to global equity and debt exposures. Estimated plan assets total approximately $554 million (Altss estimate), making it a modestly-sized municipal fund by Connecticut standards. The board operates out of the City of Norwalk's administrative offices, with no additional investment offices identified. There is no indication of a separate investment staff; oversight appears to reside with the board members and city financial officers in a part-time governance model common to municipalities of this scale. The structural differentiator is the range of alternative investment strategies authorized for a plan of this size. Most sub-$1 billion municipal funds restrict themselves to public equity and fixed-income mandates. Norwalk's board, by contrast, has explicitly included venture capital, direct secondaries, and special situations in its investment policy—categories that typically require either specialized consultant relationships or direct manager access.

## Sectors

- Public Equities
- Fixed Income
- Hedge Funds
- Private Equity
- Venture Capital
- Secondaries & Special Situations

## People

- Frank Nash — Chair, Municipal Employees' Pension Board
- Jared Schmitt — Chief Financial Officer, City of Norwalk; Board Member
- Tina Fogell — Chief Human Resources Officer; Staff to the Pension Board
- Chitsamay Lam — Comptroller; Staff to the Pension Board

## Questions

### How does the fund split between public and private markets?

The plan holds significant public-market allocations through Vanguard index funds for US and international equities, alongside actively managed bond mandates from Metropolitan West, Prudential, and PIMCO. On the private-markets side, the board's documented strategy includes co-investments, buyouts, venture capital from seed to late stage, direct secondaries, fund-of-funds, and special situations. Specific dollar allocations to each bucket are not publicly disclosed.

### Does the City of Norwalk pension fund invest directly in venture capital?

Yes. The investment strategy explicitly authorizes venture capital exposure spanning seed, start-up, and expansion-stage investments. It is unusual for a sub-$1 billion municipal fund to list venture directly in its strategy documentation; most plans of this size access venture indirectly through fund-of-funds or not at all.

### What fixed-income strategies does the fund run?

The plan holds the Metropolitan West Total Return Bond Fund for broad core-plus fixed-income exposure, the Prudential Core Bond Fund for investment-grade credit, and the PIMCO All Asset Fund—which can shift across equities, bonds, and real-return instruments. Together these provide core and tactical fixed-income coverage.

### How is the pension board structured and who serves on it?

The board is a municipal body responsible for plan governance. Frank Nash serves as chair. City CFO Jared Schmitt holds a board seat, while CHRO Tina Fogell and Comptroller Chitsamay Lam serve as staff to the board. This structure places financial and human-resources oversight directly on the governing committee, typical for Connecticut municipal plans.

## Related profiles

- [The Gates Family Foundation](https://altss.com/profile/the-gates-family-foundation)
- [West Virginia Laborers Pension Trust Fund](https://altss.com/profile/west-virginia-laborers-pension-trust-fund)

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

Canonical page: https://altss.com/profile/city-of-norwalk

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