Eversource Energy

Ultimate fiduciary responsibility rests with the utility's Chairman, President, and CEO Joseph R. Nolan Jr., who is supported by an internal treasury and risk management team. The plan employs external investment consultants and allocates to third-party managers for specialist asset classes including private equity and infrastructure. Day-to-day portfolio management is handled by Eversource's corporate finance division rather than a standalone pension investment office.

As a corporate pension sponsored by a rate-regulated monopoly, the plan's funding level and contribution requirements are influenced by state public utility commission decisions on allowed returns and capital cost recovery. This regulatory framework creates an implicit conservatism mandate — the plan prioritizes liability-driven fixed-income allocations and stable real assets over high-volatility return strategies, because sponsor contributions depend on predictable rate-case outcomes. The pension's asset allocation is effectively a quasi-public matter subject to stakeholder review alongside other capital planning decisions.

Yes — Eversource entered joint ventures with Ørsted to co-develop the South Fork Wind, Revolution Wind, and Sunrise Wind offshore wind projects off the coasts of Rhode Island and New York. These investments were held through the utility's unregulated business subsidiary, not directly by the pension, but they represented a significant capital allocation adjacent to the plan's infrastructure exposure. In 2024, Eversource sold its 50% stakes in South Fork Wind and Revolution Wind to Global Infrastructure Partners for approximately $1.1 billion, and separately sold its Sunrise Wind stake to Ørsted, fully exiting direct offshore wind ownership to refocus on core regulated transmission and distribution operations (per the firm's official communications, 2024).

The pension plan holds direct interests in corporate real estate across Eversource's service territory, including office properties at 300 Cadwell Drive in Springfield, Massachusetts; 56 Prospect Street in Hartford, Connecticut; 247 Station Drive in Westwood, Massachusetts; and 800 Boylston Street in Boston. These properties serve dual purposes as operational headquarters and long-duration real assets within the pension portfolio. The holdings also include mixed-use corporate land across Connecticut, Massachusetts, and New Hampshire.

The plan delegates private equity and infrastructure allocations to external managers selected through a consultant-advised process typical of mid-sized corporate pensions. While specific general partner relationships are not publicly enumerated, the plan's historical engagement with entities like Ørsted and Global Infrastructure Partners suggests openness to direct co-investment structures alongside fund commitments when strategic alignment with the utility's expertise exists. The 2024 wind divestiture indicates a preference for liquidating direct stakes and reallocating to diversified fund vehicles.

The Eversource Energy Foundation is a separate corporate philanthropic entity funded by the utility, not by pension assets. It directs charitable grants toward community resilience, STEM education, and workforce development initiatives in Connecticut, Massachusetts, and New Hampshire. There is no commingling of foundation endowment funds with pension plan assets, and the two entities share only the common sponsor — the regulated utility parent — rather than any investment management personnel or portfolio overlap.

The plan does not publish granular asset allocation data on a real-time basis. Its broad posture is inferable from the sponsor's 10-K filings and rate-case testimony, which show a heavy tilt toward liability-hedging fixed income, Treasury inflation-protected securities, and real assets. Private markets exposure is modest relative to the total plan size and is accessed primarily through fund commitments rather than direct ownership structures following the 2024 offshore wind divestiture.