# Madison Gas and Electric

Madison Gas and Electric is a Corporate Investor based in Madison, United States.

## Overview

- **Organization type:** Corporate Investor
- **Headquarters:** Madison, United States
- **Region:** North America
- **Address:** Madison, WI, United States
- **Founded:** 1896
- **Assets under management:** Undisclosed
- **Website:** mge.com
- **LinkedIn:** https://www.linkedin.com/company/madison-gas-and-electric

## Regulatory record

- **Reports private funds:** No

## About

Madison Gas & Electric is a corporate investor based in Madison, US. It manages approximately $2.6 billion in assets across one fund. Its focus is on North America.

## Sectors

- Energy Transition & Renewables
- Infrastructure

## People

- Jeffrey M. Keebler — Chairman, President, and CEO

## Questions

### Who runs investment decisions at Madison Gas and Electric's pension plan?

Investment oversight sits with the pension committee and internal treasury function of MGE Energy, advised by external consultants. Jeffrey M. Keebler, Chairman, President, and CEO of MGE Energy, holds ultimate executive responsibility. Day-to-day manager selection and monitoring are largely delegated to specialist firms through a fund-of-funds model.

### How is the MGE pension plan related to the utility's rate-regulated business?

The plan is a corporate defined-benefit pension for MGE's employees, and its funding health is monitored by the Wisconsin Public Service Commission as part of the utility's overall cost structure. Investment returns and contribution levels can indirectly influence customer rates, which imposes a conservative, liability-driven investment posture.

### What is MGE's known posture on co-investments alongside external managers?

The plan has not publicly disclosed a direct co-investment program. Its private markets exposure has historically been accessed through fund-of-funds structures, where the underlying manager — rather than MGE staff — makes individual asset selection and co-investment decisions.

### Is the MGE Retirement Plan still open to new employees?

No, the Madison Gas and Electric Retirement Plan Trust has been frozen to new entrants for a number of years, a common pattern among US corporate defined-benefit plans. The plan now functions primarily as a closed, maturing liability pool focused on meeting existing obligations.

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

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