# National Grid USA Post-Retirement Benefits

National Grid USA Post-Retirement Benefits is a Pension Fund based in Waltham, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Waltham, United States
- **Region:** North America
- **Address:** Waltham, MA, United States
- **Assets under management:** Undisclosed
- **Website:** nationalretirementfund.org
- **LinkedIn:** https://linkedin.com/company/national-retirement-benefit-fund

## Regulatory record

- **Reports private funds:** No

## About

National Grid USA Post-Retirement Benefits represents the health and welfare plans sponsored by National Grid USA, a subsidiary of the London-listed utility National Grid plc. The assets are held in trust to fund post-retirement medical and life insurance obligations for former employees. The Retirement Plans Committee, a named fiduciary, oversees investment strategy, while the National Grid USA Service Company's Benefits and Investment Committees handle administration. The portfolio allocates across a mix of return-seeking and risk-mitigating assets. Public records show allocations to venture capital, specifically through common and collective trusts that pool fund commitments across multiple limited partners. The strategy spans general venture capital mandates with no single-sector concentration. Alongside the venture program, the plan holds direct investments in privately held commercial real estate properties located in the United States. Team size and total asset figures are not publicly disclosed. The plan operates from the sponsor's Waltham, Massachusetts headquarters and draws on the corporate finance and benefits infrastructure of National Grid USA. The American Benefits Council lists National Grid USA Companies as a member, connecting the plan's fiduciaries to broader industry advocacy on employee benefits policy. National Grid plc also maintains a separate philanthropic vehiclewhich operates independently from the retirement trust. The plan's investment mandate is structurally distinct from a traditional corporate pension. Because it funds post-retirement health benefits rather than defined-benefit pension obligations, the liability profile is shorter-duration and more sensitive to healthcare inflation. This may explain the inclusion of venture capital and direct real estate alongside tactical asset allocation strategies — a combination that seeks growth to offset rising medical costs while retaining some liquidity through collective trust structures.

## Sectors

- Venture Capital
- Real Estate

## Questions

### What is the plan's posture on direct versus fund investments?

The plan uses both direct and indirect approaches depending on asset class. Venture capital exposure comes through common and collective trusts, which function as pooled fund-of-funds vehicles and allow smaller plans to access venture managers without direct fund selection. Real estate holdings, by contrast, appear to be direct investments in privately held commercial properties, per public filings.

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Last updated: 2026-08-11T02:43:31.692Z

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