Exelon Corp Pension Master Trust- PE Master

Jessica Hart is the Senior Vice President and Chief Investment Officer of Exelon Corporation, overseeing the pension trust alongside corporate treasury functions. Drew Ierardi serves as Managing Director of Private Markets, directly executing fund commitments across real estate, natural resources, and private equity. Both operate from Exelon's Chicago headquarters.

The PE Master portfolio is built exclusively through fund commitments. There is no evidence of direct co-investments, direct real estate acquisitions, or direct company stakes. The trust selects external managers—Patron Capital, Artemis, Rubenstein Partners, Pacific Road Resources, and others—and commits as a limited partner.

Known fund commitments include Patron Capital Partners V, Iron Point Real Estate Partners II, Artemis Real Estate Partners Fund I, Rubenstein Partners Fund III, Hemisferio Sul Investimentos, PGIM Real Estate Fund, Interstate Equities Fund IV, and Sculptor Real Estate Fund. These span commercial, residential, and mixed-use strategies across the US, Brazil, and the UK.

The trust is a captive pension vehicle sponsored by Exelon Corporation, one of the largest electric utilities in the United States. Its asset allocation and manager selection are governed internally, not outsourced to a consultant or OCIO. The trust's liability-driven focus on income-producing real assets aligns with the structured cash-flow profile of a regulated utility.

The PE Master sleeve concentrates on private real estate, natural resources, and infrastructure-adjacent funds. No venture capital or growth equity commitments are publicly disclosed. The allocation pattern favors income-oriented, closed-end fund structures with defined hold periods that match pension liabilities.

Exelon does not publicly break out the pension trust's AUM or aggregate private markets deployment. The trust's commitments are disclosed transactionally through public pension records, but no consolidated figure is published.

There is no public evidence that the PE Master participates in co-investment structures. Its operating model is strictly fund-of-funds LP commitments, with manager selection handled in-house by the private markets team under Drew Ierardi.