# Montgomery County Public Schools Pension Fund

Montgomery County Public Schools Pension Fund is a Pension Fund based in Rockville, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Rockville, United States
- **Region:** North America
- **Address:** Rockville, MD, United States
- **Assets under management:** Undisclosed
- **Website:** montgomeryschoolsmd.org
- **LinkedIn:** https://www.linkedin.com/company/montgomery-county-public-schools

## Regulatory record

- **Reports private funds:** No

## About

The Montgomery County Public Schools Pension Fund operates as a separate trust within the broader Montgomery County employee retirement infrastructure, governed by a Board of Investment Trustees appointed by the County Board of Education. The fund was established to provide retirement, death, and disability benefits to career educators and support staff for the Maryland school district. Controller Susan Chen serves as Vice Chair of the Defined Contribution Investment Committee, while Phoebe Kuan holds the dual role of Director of Investments and CIO alongside Secretary to the Board. Unlike pooled state plans, MCPS maintains its own trust, segregating its assets and investment governance from the Maryland State Retirement Agency, which covers core benefits for a separate segment of district personnel. The portfolio uses a fund-of-funds and direct co-investment model across buyout, venture, secondaries, and real estate. Confirmed real asset positions include a stake in the Clarion Lion Properties Fund, a core mixed-use vehicle, and a separate account with Hillpointe Investment focused on residential assets. The fund also self-administers a Centralized Investment Fund and holds the MCPS School Facilities Portfolio—a direct land position in Montgomery County—plus the commercial office building at 45 West Gude Drive that serves as district headquarters. Geographic deployment concentrates domestically, with headquarters and owned real assets all sitting within Maryland. The venture and secondaries sleeves have not disclosed individual manager names or commitment sizes, but the fund lists a general venture allocation alongside its buyout and special-situations exposures. As a signatory to the Principles for Responsible Investment since October 2019, the fund reports that 75% of its portfolio is invested with PRI signatory managers. The investment team is lean: Kuan and Senior Manager of Investments Oleg Peltsman comprise the named investment staff, working under a board chaired by Steve Sleigh and vice-chaired by Lis Lang. The Montgomery County Public Schools Educational Foundation operates as a separate philanthropic entity distinct from the pension trust. In September 2023, the fund's continued PRI signatory status was reaffirmed, maintaining its public-facing commitment to ESG integration across manager selection and monitoring. What distinguishes the MCPS pension fund structurally is its hybrid status: it is a single-district retirement trust that operates with the autonomy of a separate plan sponsor rather than pooling assets at the county or state level. This grants the Board of Investment Trustees independent authority over asset allocation and manager selection, creating a smaller, more concentrated governance model than the large state pension systems that dominate US public retirement assets. The direct ownership of district facilities and administrative real estate—held inside the pension portfolio—adds an unusual layer of physical asset exposure not common among peer education pension funds.

## Sectors

- Real Estate
- Private Credit
- Secondaries & Special Situations
- Venture Capital

## People

- Phoebe Kuan — Director of Investments and Chief Investment Officer
- Steve Sleigh — Chair of the Board of Investment Trustees
- Lis Lang — Vice Chair of the Board of Investment Trustees
- Oleg Peltsman — Senior Manager, Investments
- Susan Chen — Controller and Vice Chair of the Defined Contribution Investment Committee

## Questions

### Who runs investment decisions at the Montgomery County Public Schools Pension Fund?

Phoebe Kuan holds the title of Director of Investments and Chief Investment Officer and serves as Secretary to the Board of Investment Trustees. Oleg Peltsman is the Senior Manager of Investments on her team. The Board, chaired by Steve Sleigh and vice-chaired by Lis Lang, has ultimate fiduciary authority. The Montgomery County Board of Education appoints the Board of Investment Trustees.

### How is the MCPS pension fund structured relative to the Maryland state retirement system?

The MCPS fund is managed as a separate trust, distinct from the Maryland State Retirement Agency (SRA). While the SRA provides core benefits for certain MCPS personnel, the district maintains its own pension trust with an independently appointed Board of Investment Trustees. This structure gives MCPS direct control over asset allocation and manager selection for its educator benefits.

### What asset classes does the MCPS pension fund allocate to?

The fund deploys capital across buyout, venture capital, secondaries, and real estate. It uses both direct holdings and fund-of-funds structures. Known direct real estate includes a stake in the Clarion Lion Properties Fund and a separate account with Hillpointe Investment focused on residential assets, in addition to self-administered properties like district facilities.

### Does the fund participate in direct investments or only fund commitments?

The fund blends fund commitments with direct co-investments and wholly owned assets. It holds direct real estate including the MCPS headquarters at 45 West Gude Drive and a school facilities land portfolio. Its private equity and venture exposure is accessed through external managers, though specific direct co-investment positions beyond real estate have not been publicly disclosed.

### What is the fund's posture on ESG integration?

The MCPS pension fund has been a signatory to the Principles for Responsible Investment since October 2019. The fund reports that 75% of its portfolio is invested with PRI signatory managers. The Board of Investment Trustees and investment staff incorporate ESG factors into manager selection and ongoing monitoring as part of their fiduciary process.

### How large is the MCPS pension fund?

The fund does not publicly disclose its assets under management. Independent estimates place the pool at approximately $2 billion (Altss estimate). No official figure has been released by the Board of Investment Trustees or Montgomery County Public Schools.

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

Canonical page: https://altss.com/profile/montgomery-county-public-schools-pension-fund

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