NiSource Master Retirement Trust

Brandon Evans serves as Director of Benefit Plan Investments at NiSource, overseeing the trust's asset allocation and manager selection. He reports through NiSource's corporate finance structure rather than an independent investment committee. Ultimate fiduciary responsibility rests with the board-level plan trustees appointed by NiSource Inc.

In June 2023, Blackstone Infrastructure Partners acquired a 19.9% equity interest in NIPSCO, the trust's Indiana-based sponsor subsidiary, for $2.15 billion. The trust retained a 19.9% interest in NIPSCO and holds a parallel stake in NiSource Generation Company. This creates a co-investment dynamic where the pension plan participates alongside Blackstone in the same regulated utility assets that generate plan contributions.

The trust is the defined-benefit pension plan for NiSource Inc. employees and retirees. NiSource is a publicly traded Fortune 500 utility holding company (NYSE: NI) with approximately $15 billion in market capitalization, operating regulated natural gas and electric distribution utilities across six Midwestern and Mid-Atlantic states. Contributions from NiSource's operating subsidiaries fund the trust.

The trust deploys capital through external managers and limited partnership structures rather than direct investment. Its real estate exposure flows through commercial limited partnerships. The trust does not operate an in-house direct investment team, consistent with a corporate pension plan of its size, relying instead on consultant-advised manager selection.

The NiSource Charitable Foundation is a separate legal entity funded by NiSource Inc., not by pension assets. The foundation supports community initiatives across NiSource's service territory. Pension trust assets are ring-fenced by ERISA and cannot fund charitable activities — the two structures share a corporate sponsor but maintain fully separate governance and asset pools.