# MWRA Retirement System

MWRA Retirement System is a Pension Fund based in Chelsea, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Chelsea, United States
- **Region:** North America
- **Address:** Two Griffin Way, Chelsea, MA 02150
- **Founded:** 1984
- **Assets under management:** 739 (Altss estimate)
- **Website:** mwraretirement.com
- **LinkedIn:** https://www.mwraretirement.com

## Regulatory record

- **Reports private funds:** No

## About

The MWRA Employees’ Retirement System operates as a contributory defined benefit plan created by Massachusetts statute in 1984. It provides retirement benefits exclusively to employees of the Massachusetts Water Resources Authority. The portfolio mixes public equities, fixed income, private equity, and real estate. Current private equity exposure stands at 11.23 percent against a 15 percent target. Holdings include positions in TA Realty Core Property Fund, Morgan Stanley Prime Property Fund, TerraCap Partners funds, and Landmark real estate secondaries. Geographic reach centers on the United States with additional exposure through global real estate and private equity vehicles. The system retains NEPC as investment advisor and Segal as actuarial consultant. Board meetings occur monthly in Chelsea to review performance and valuations. September 2024 minutes record asset allocation discussion and Kayne Anderson manager due diligence. Governance follows PERAC oversight and MACRS membership standards for Massachusetts public plans. Investment decisions route through the five-member Retirement Board rather than an external CIO structure.

## Sectors

- Private Equity
- Real Estate

## People

- Matthew Horan — Chairperson of the Retirement Board
- Carolyn Russo — Executive Director

## Questions

### Who runs investment decisions at MWRA Retirement System?

The five-member Retirement Board sets policy. Matthew Horan serves as chairperson and Carolyn Russo acts as executive director. NEPC provides external investment advice.

### Does MWRA Retirement System participate in fund commitments or only direct deals?

The system commits to commingled funds and secondaries. Confirmed holdings include HarbourVest Partners, Hamilton Lane, and multiple TerraCap Partners vehicles.

### What investment stages does MWRA Retirement System typically target?

Allocations span buyout, growth, secondaries, and co-investment strategies within private equity. Real estate exposure includes core, value-add, and opportunistic funds.

### How is MWRA Retirement System related to the Massachusetts Water Resources Authority?

The system was established to serve MWRA employees under state statute. The authority acts as plan sponsor and contributes to the fund.

## Related profiles

- [J. Safra Sarasin Pension Fund](https://altss.com/profile/j-safra-sarasin-pension-fund)
- [CEWE Color](https://altss.com/profile/cewe-color)

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

Canonical page: https://altss.com/profile/mwra-retirement-system

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