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Employees' Retirement System of the State of Hawaii
The Employees' Retirement System of the State of Hawaii was established in 1926 to deliver retirement, disability, and survivor benefits. Kristin Varela was...
Employees' Retirement System of the State of Hawaii
The Employees' Retirement System of the State of Hawaii was established in 1926 to deliver retirement, disability, and survivor benefits. Kristin Varela was appointed Chief Investment Officer in 2023 after holding the Deputy CIO role at New Mexico PERA. Kalbert Young succeeds Thomas Williams as Executive Director effective January 2, 2026. The system targets 19 percent of assets to private equity and maintains holdings in core real estate through mandates with Heitman, RREEF, and Morgan Stanley Prime Property Fund. Additional commitments include the Hawaii Targeted Investment Program via Stafford Capital Partners, timberland through Hawaii ERS Timberland LLC, and farmland via UBS Agrivest and PGIM. Geographic exposure spans the United States and global markets in infrastructure and diversifying strategies. A $5.9 billion diversifying strategies sleeve covers global macro, relative value, and insurance-linked securities. Assets total 24036 million USD. The fund lists no additional offices beyond its Honolulu headquarters. It participates in the Principles for Responsible Investment since 2018, the Council of Institutional Investors, and the National Association of State Retirement Administrators. October 2024: Sponsored the ERS Investment Education Summit on macroeconomic and private equity topics. Governance rests with a Board of Trustees chaired by Emmit Kane and supported by service providers including Meketa Investment Group as general consultant and Hamilton Lane as private equity consultant since 1997. This structure separates benefit administration from investment execution under state statute.
General information
Firm type
Pension Fund
Year founded
1926
Location
Region
North America
Country
United States
City
Honolulu
Corporate office
City Financial Tower, 201 Merchant Street Suite 1400, Honolulu, HI 96813-2980, United States
Principals
Kristin Varela
Chief Investment Officer
Altss tracks 2 additional named team members for this firm — including direct investment leads, IR, and operating principals not listed on the public website.
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Frequently asked questions
Who runs investment decisions at the Employees' Retirement System of the State of Hawaii?
Kristin Varela serves as Chief Investment Officer. She joined in 2023 from New Mexico PERA. The Board of Trustees provides oversight with Emmit Kane as Chair.
What is the private equity target allocation?
The system maintains a 19 percent target to private equity. Commitments run through Hamilton Lane and direct fund holdings including KKR and Blackstone vehicles.
Does the system hold direct real estate assets?
Yes. It owns City Financial Tower as headquarters and maintains core mandates with Heitman, RREEF, and Morgan Stanley. Additional real estate exposure comes via Blackstone and Lone Star funds.
Which natural resource categories appear in the portfolio?
Timberland and farmland positions are held. Timberland includes Hawaii ERS Timberland LLC valued at 187714945 USD. Farmland mandates include UBS Agrivest and PGIM.
How does the system source local investments?
The Hawaii Targeted Investment Program channels capital to early-stage Hawaii companies through Stafford Capital Partners. The program is valued at 93927206 USD.
What external consultants support the system?
Meketa Investment Group acts as general consultant. Hamilton Lane has advised on private equity since 1997. The Townsend Group covers real estate and Northern Trust serves as global custodian.
When did the system join the Principles for Responsible Investment?
The system became a PRI signatory in September 2018. It also holds memberships in the Council of Institutional Investors and NASRA.
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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