# New Orleans Sewerage & Water Employees' Retirement System (S&WB)

New Orleans Sewerage & Water Employees' Retirement System (S&WB) is a Pension Fund based in New Orleans, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** New Orleans, United States
- **Region:** North America
- **Address:** New Orleans, LA, United States
- **Assets under management:** Undisclosed

## Regulatory record

- **Reports private funds:** No

## About

The New Orleans Sewerage & Water Employees' Retirement System (S&WB) is a municipal pension fund that manages retirement benefits for the workers of the New Orleans Sewerage and Water Board. The Board itself is the utility responsible for the city's drainage, water, and wastewater treatment operations, making this pension fund a quiet financial backstop for essential infrastructure personnel. The fund's investment strategy is guided by a Board of Trustees and often an external consultant, following Louisiana state law that governs public retirement system investments. S&WB's alternative investment posture is almost entirely fund-of-funds in nature, relying on commitments to external private equity managers rather than direct co-investments or internal deal teams. The plan's private equity allocation focuses on buyout strategies, chiefly within the US middle market, but specific general partner relationships are not publicly detailed in a single repository. The fund participates in standard institutional limited partner agreements alongside other Louisiana public pension plans, often accessing the same vintage-year funds that define a cautious, consultant-driven pacing model. The retirement system operates from New Orleans, with no additional offices, and its total asset base and professional investment staff count remain opaque. In recent periods, plans under the Louisiana Public Retirement Systems' umbrella have shown incremental interest in diversifying alternatives exposure, but S&WB-specific moves are rarely broken out from the broader state-level reporting. The fund's administrative and investment expenses are reported through routine municipal audit filings. What structurally distinguishes this pension fund is not an internal portfolio construction innovation but the utility-specific nature of its beneficiary pool. Unlike general city employee retirement plans, S&WB's liability stream is tied to a single, geographically bound, capital-intensive utility enterprise. This concentrated demographic risk sits at the core of the fund's actuarial equation, influencing a conservative asset-liability matching approach that prioritizes capital preservation over aggressive alpha-seeking in private markets.

## Sectors

- Private Equity
- Buyout
- Infrastructure

## Questions

### How is the S&WB pension fund different from the City of New Orleans Employees' Retirement System?

They are legally separate entities covering distinct workforces. The City of New Orleans Employees' Retirement System serves general city government staff, while S&WB's plan exclusively covers personnel of the Sewerage and Water Board. This means the S&WB fund's liability profile is uniquely concentrated on one utility's workforce rather than a more diversified municipal labor pool, giving its actuarial outlook a narrower demographic risk.

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Last updated: 2026-07-06T00:36:37.286Z

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