# Johns Hopkins Health System Master Trust (JHHS)

Johns Hopkins Health System Master Trust (JHHS) is a Pension Fund based in Baltimore, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Baltimore, United States
- **Region:** North America
- **Address:** Baltimore, MD, United States
- **Assets under management:** Undisclosed
- **Website:** hopkinsmedicine.org

## Regulatory record

- **Reports private funds:** No

## About

The Johns Hopkins Health System Master Trust manages retirement and benefit assets for the employees of the Johns Hopkins Health System and its affiliated hospitals, including The Johns Hopkins Hospital, Johns Hopkins Bayview Medical Center, Suburban Hospital, and Sibley Memorial Hospital. The trust is an integral part of a larger institutional investment apparatus run by Johns Hopkins University's Investment Office under Chief Investment Officer Jason Matz, consolidating management across the university's roughly $13 billion endowment pool and the health system's separate benefit-related portfolios (per the University's official financial reports, 2024). The trust allocates across a diversified institutional portfolio with a documented emphasis on buyout strategies. Its real asset footprint is inseparable from the health system itself — extensive hospital campuses across Maryland, Washington, D.C., and St. Petersburg, Florida, including the undeveloped Belward Farm parcel in high-value Montgomery County, long identified as a significant investment and development asset on the University's balance sheet. Direct private equity commitments run alongside the University's endowment, which has historically maintained dedicated allocations to venture capital, natural resources, and absolute return strategies. Governance for the health system trust passes through a board that includes Afsaneh Beschloss, founder and CEO of RockCreek, a multi-asset investment firm with significant emerging manager and sustainable infrastructure mandates. Beschloss's presence on the JHHS board connects the trust to a sophisticated institutional investor with deep ties to development finance and global macro strategy. The trust maintains a strategic affiliation with Kaiser Permanente around value-based care and clinical data sharing, though this relationship appears operational rather than a co-investment channel. Structurally, the trust is unusual among U.S. healthcare pension funds in that it does not operate a standalone investment office — it leans entirely on the University's centralized investment team, a rare level of delegation across legally distinct entities. This hybrid setup means the trust benefits from the University's access to top-quartile fund managers while maintaining its own fiduciary identity and separate liability chain.

## Sectors

- Real Estate
- Healthcare Services

## People

- Jason J. Matz — Chief Investment Officer, Johns Hopkins University (oversees JHHS assets)
- Afsaneh Beschloss — Trustee, Johns Hopkins Health System

## Questions

### Who runs investment decisions for the Johns Hopkins Health System Master Trust?

The trust's assets are managed by the Johns Hopkins University Investment Office under Chief Investment Officer Jason Matz. Matz oversees both the University's approximately $13 billion combined endowment and trust assets and the health system's separate benefit-related portfolios (per Johns Hopkins University's annual financial report, 2024). The Health System's board provides fiduciary oversight and includes Afsaneh Beschloss, CEO of RockCreek, among its trustees.

### How is the JHHS Master Trust different from the Johns Hopkins University endowment?

They are legally distinct pools with separate fiduciaries and beneficiaries. The University endowment supports academic operations, while the health system trust covers retirement and benefit obligations for hospital employees. In practice, however, both are managed by the same centralized investment office under Jason Matz, creating a consolidated, access-maximizing approach uncommon among large healthcare systems.

### What is the Belward Farm holding, and why does it matter?

Belward Farm is an undeveloped parcel in Montgomery County, Maryland, acquired by Johns Hopkins and held as a real asset with significant development potential. For a health system pension trust, such a land holding is an unusual hard asset on the balance sheet — more typical of an endowment — and represents a non-correlated store of value adjacent to one of the wealthiest counties in the United States.

## Related profiles

- [Johns Hopkins Health System Corporation](https://altss.com/profile/johns-hopkins-health-system-corporation-jhhsc)
- [Johns Hopkins University Post-Retirement Plans](https://altss.com/profile/johns-hopkins-university-post-retirement-plans)

---

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

Canonical page: https://altss.com/profile/johns-hopkins-health-system-master-trust-jhhs

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology