Exelon Corp Pension Master Trust - CENG

Jessica Hart, Senior Vice President and Chief Investment Officer at Exelon, has overall responsibility for the firm's pension assets, including the CENG master trust. Drew Ierardi serves as Managing Director of Private Markets and oversees the private equity and real estate allocations specifically. The team operates as part of Exelon's in-house investment office rather than outsourcing to an OCIO.

Exelon spun off Constellation Energy Corporation as an independent public company in February 2022. The Constellation Energy Nuclear Group (CENG) was originally a joint venture between Exelon and Électricité de France (EDF) that operated nuclear plants. Pension obligations tied to CENG legacy employees remained with Exelon under this master trust rather than transferring to the new Constellation entity.

Known commitments are exclusively to commingled private real estate funds. Documented positions span five named fund vehicles managed by Rubenstein Properties, Patron Capital, A&E Real Estate, HSI, and Blue Owl. There is no public record of direct co-investments or separate account mandates within the CENG pool.

The known fund commitments span three regions: the United States, with vehicles focused on Philadelphia, New York, and other major commercial markets; Europe, through Patron Capital's London-based fund; and Latin America, through São Paulo-based HSI Real Estate V. This international breadth is unusual for a single-industry corporate pension.

EDF was Exelon's joint venture partner in Constellation Energy Nuclear Group prior to Exelon acquiring full control. While EDF no longer holds an economic interest in CENG's operating assets, the pension trust name preserves the joint venture's legacy. The trust exclusively serves Exelon beneficiaries and has no ongoing governance tie to EDF.