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Indiana 1977 Police Officers' and Firefighters' Retirement Fund
The Indiana 1977 Police Officers' and Firefighters' Retirement Fund, established in 1977 and commonly referred to as the '77 Fund, provides pension benefits to...
Indiana 1977 Police Officers' and Firefighters' Retirement Fund
The Indiana 1977 Police Officers' and Firefighters' Retirement Fund, established in 1977 and commonly referred to as the '77 Fund, provides pension benefits to eligible police officers and firefighters across the state. The fund operates as a trust under the consolidated management of the Indiana Public Retirement System (INPRS), overseen by a board chaired by Brian Abbott and including the Indiana State Treasurer, currently Daniel Elliott. The consolidation with other state public funds, formalized in 2011, allows the plan to leverage shared investment, legal, and actuarial staff led by Executive Director Steve Russo. The '77 Fund's investment strategy, directed by Chief Investment Officer Scott Davis, is executed through INPRS's combined portfolio, which pursues a multi-asset allocation spanning public equities, fixed income, private real estate, and infrastructure. Direct real-asset holdings disclosed in public records include positions in the Ambrose Industrial Real Estate Fund, the Hammes Healthcare Fund, and the Abacus Multifamily Fund, alongside interests in KKR Project Campus and KKR Project Pearl. Global infrastructure and commodity exposures are blended in to provide a partial hedge against inflation for the plan's long-dated benefit liabilities. INPRS managed approximately $42 billion across all its constituent plans as of mid-2024 (per public record). The consolidated structure combines the '77 Fund with the Indiana Public Employees' Retirement Fund, the Teachers' Retirement Fund, and other state plans. The system does not operate separate satellite vehicles or a disclosed co-investor club framework, functioning instead as a traditional asset-allocating public pension. The fund's defining structural feature is its forced integration into the INPRS cost-sharing pool. This enables the '77 Fund to access institutional private-market vehicles and specialized asset classes that would be significantly harder to diligence as a standalone municipal plan with a purely local police-and-fire liability stream.
General information
Firm type
Pension Fund
Year founded
1977
Location
Region
North America
Country
United States
City
Indianapolis
Corporate office
Indianapolis, IN, United States
Principals
Brian Abbott
Chair of the INPRS Board of Trustees
Steve Russo
Executive Director of INPRS
Scott Davis
Chief Investment Officer of INPRS
Daniel Elliott
Indiana State Treasurer and Board Member
Sector focus
Frequently asked questions
Who is ultimately responsible for the '77 Fund's investment decisions?
Scott Davis serves as Chief Investment Officer of the Indiana Public Retirement System (INPRS) and executes the investment strategy for all pooled funds, including the '77 Fund. The INPRS Board of Trustees retains fiduciary authority and sets the strategic asset allocation. Board members, including Chair Brian Abbott and State Treasurer Daniel Elliott, ratify major portfolio commitments.
How is the '77 Fund related to the Indiana Public Retirement System?
The '77 Fund is one of several defined-benefit plans consolidated under INPRS, a structure formalized by Indiana legislation. Assets of the '77 Fund are commingled with other state retirement trust assets for investment purposes, though the plan maintains a distinct legal identity and actuarially determined contribution rate. Day-to-day administration and investment management are handled by INPRS staff in Indianapolis.
Does the '77 Fund invest directly in local Indiana real estate?
A portion of the consolidated portfolio is allocated to domestic real estate, with disclosed commitments including the Abacus Multifamily Fund, the Ambrose Industrial Real Estate Fund, and the Hammes Healthcare Fund. These holdings span residential, industrial, and healthcare property types, primarily within the United States, and are typically accessed through fund structures rather than direct property acquisitions by the '77 Fund itself.
What role do infrastructure and commodities play in the portfolio?
Scott Davis's team has layered a global infrastructure portfolio and gold and commodity exposure into the broader INPRS asset mix. Specific infrastructure vehicles are not publicly itemized by the '77 Fund, but the allocation functions as an inflation-aware complement to the heavily domestic real-estate sleeve and fixed-income holdings of the state's pension pool.
Does the '77 Fund co-invest alongside private equity firms?
There is no public evidence that the '77 Fund engages in direct co-investment programs or sponsor-side equity club deals. The real-estate and infrastructure exposures are achieved through commingled fund commitments, and INPRS does not market a separate managed-account or co-investment platform for the first-responder pension pool.
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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