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Indiana State Teachers Retirement Fund (TRF)
The Indiana State Teachers Retirement Fund was established in 1955 to provide retirement security for public educators across Indiana. The fund operates as a...
Indiana State Teachers Retirement Fund (TRF)
The Indiana State Teachers Retirement Fund was established in 1955 to provide retirement security for public educators across Indiana. The fund operates as a component within the Indiana Public Retirement System, overseen by the INPRS Board of Trustees. Brian Abbott chairs the board, while Steve Russo serves as Executive Director and Scott Davis leads investment operations as Chief Investment Officer. The fund manages assets collected from teacher and employer contributions, alongside state appropriations, to meet long-term actuarial liabilities for its members. The fund deploys capital across a diversified mix of traditional and alternative asset classes. Public equity and fixed income allocations form the core of the portfolio, with a dedicated global inflation-linked bond portfolio managed to hedge against long-term liability risks. In private markets, the fund participates in real estate through vehicles like the Related Real Estate Fund IV, industrial logistics assets including the Longpoint South Florida Logistics Portfolio, and direct interests such as the Ardian Project Egide in New York and Paris. The fund also commits to infrastructure and private credit, with positions including KKR Project Campus and 400 Capital Asset Based Term Fund II. Commodities exposure includes a diversified commodities portfolio and a specific allocation to gold. Governance and operational discipline shape the fund's framework. The INPRS Board of Trustees, chaired by Abbott and including State Treasurer Daniel Elliott, sets policy and oversees actuarial soundness. The fund has endorsed the ILPA Private Equity Principles, signaling adherence to institutional standards on fee transparency, governance, and alignment of interests with general partners. It also received the Public Pension Standards Award from the Public Pension Coordinating Council, reflecting compliance with administrative and funding best practices for public retirement systems. Structurally, the TRF is distinct in its integration within the broader INPRS umbrella, which consolidates multiple Indiana public retirement funds under shared administration and a unified board. This architecture centralizes investment management, risk oversight, and benefit administration across distinct beneficiary pools, creating scale efficiencies uncommon in smaller state systems. The CIO and executive team execute strategy within this consolidated structure, serving a single beneficiary group but leveraging the combined resources and governance mechanisms of the multi-fund system.
General information
Firm type
Pension Fund
Year founded
1955
Location
Region
North America
Country
United States
City
Indianapolis
Corporate office
Indianapolis, IN, United States
Principals
Brian Abbott
Chair of the Board of Trustees
Steve Russo
Executive Director, INPRS
Scott Davis
Chief Investment Officer, INPRS
Daniel Elliott
Indiana State Treasurer and Board Member
Sector focus
Frequently asked questions
Who makes investment decisions for the Indiana State Teachers Retirement Fund?
Scott Davis serves as Chief Investment Officer of the Indiana Public Retirement System, which includes the TRF. The INPRS Board of Trustees, chaired by Brian Abbott, sets investment policy and approves the strategic asset allocation. Day-to-day portfolio management and manager selection are executed by the INPRS investment staff under Davis's direction.
How does the TRF invest in private markets?
The fund accesses private markets through a combination of direct investments, fund commitments, and co-investment structures. Documented positions include commitments to real estate vehicles such as Related Real Estate Fund IV, infrastructure platform KKR Project Campus, and private credit fund 400 Capital Asset Based Term Fund II. The fund also participates in direct co-investments, including a joint interest in Ardian's Project Egide spanning New York and Paris.
What is the relationship between the TRF and INPRS?
The Indiana State Teachers Retirement Fund is one of several public retirement plans administered under the Indiana Public Retirement System umbrella. INPRS provides consolidated governance, investment management, and administrative services to multiple Indiana public pension funds. The TRF's assets are managed by the INPRS investment team led by CIO Scott Davis, with oversight from the single INPRS Board of Trustees.
Does the fund have a commodities allocation?
Yes, the TRF maintains exposure to commodities through a diversified commodities portfolio and a separate allocation to gold. These positions serve as an inflation-hedging component within the broader asset mix, complementing the global inflation-linked bond portfolio that the fund also maintains.
How does the TRF select its external managers?
The fund endorsed the Institutional Limited Partners Association Private Equity Principles, which guide its approach to manager selection with an emphasis on fee transparency, governance alignment, and fair partnership terms. Manager selection follows a formal procurement and due-diligence process consistent with Indiana public pension investment regulations and the board's fiduciary standards.
Which Indiana public employees are covered by the TRF?
The TRF covers certified teachers and certain other licensed educators employed by Indiana public school corporations. Benefit eligibility, contribution rates, and retirement formulas are established under Indiana state statute and administered by INPRS. The fund serves active, inactive, and retired members who have earned service credit in Indiana public schools.
What recognition has the fund received for its governance and operations?
The TRF, through INPRS, received the Public Pension Standards Award from the Public Pension Coordinating Council. The award recognizes compliance with established standards in plan administration, funding policy, and member communications for public retirement systems. The fund's endorsement of ILPA principles further signals its commitment to institutional governance standards in alternative investments.
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