Essex Regional Retirement System

Executive Director Charles E. Kostro manages day-to-day operations and serves on the PRIM Board's Investment Advisory Committee, directly influencing the strategy of the PRIT Fund where most of ERRS's assets are invested. The ultimate investment decisions for the PRIT Fund are made by the PRIM Board and its professional investment staff in Boston. ERRS's own Board, chaired by Susan J. Yaskell, retains fiduciary oversight for the system.

ERRS sources substantially all of its investment exposure through the Massachusetts Pension Reserves Investment Trust (PRIT) Fund, a commingled state vehicle managed by the PRIM Board. This structure provides the system with a globally diversified portfolio spanning public equities, fixed income, private equity, real estate, and timberland without requiring a direct internal investment team.

The system does not maintain a disclosed program for direct investments or co-investments. Its exposure to private markets, including venture capital and private equity, comes entirely through the PRIT Fund's manager relationships and commingled structures.

The Pension Reserves Investment Trust (PRIT) is a pooled investment fund managed by the Massachusetts PRIM Board in Boston, combining assets from the Commonwealth's statewide teachers' and state employees' retirement systems with those of dozens of local and regional systems, including ERRS. As of recent public reporting, PRIT manages over $100 billion, giving small participants institutional pricing, access to top-tier managers, and a diversified multi-asset portfolio.

Through the PRIT Fund, ERRS participates in PRIT Core Realty Holdings, a global mixed-use real estate portfolio, and a separate global timberland allocation. The system does not publicly report directly-held real assets outside of its PRIT participation.