# Indiana 1977 Police Officers' and Firefighters' Retirement Fund

Indiana 1977 Police Officers' and Firefighters' Retirement Fund is a Pension Fund based in Indianapolis, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Indianapolis, United States
- **Region:** North America
- **Address:** Indianapolis, IN, United States
- **Founded:** 1977
- **Assets under management:** Undisclosed
- **Website:** in.gov/inprs

## Regulatory record

- **Reports private funds:** No

## About

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. 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.

## Sectors

- Real Estate
- Infrastructure
- Natural Resources

## People

- 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

## 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.

### 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.

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Last updated: 2026-06-03T20:00:00.000Z

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