# NiSource Master Retirement Trust

NiSource Master Retirement Trust is a Pension Fund based in Merrillville, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Merrillville, United States
- **Region:** North America
- **Address:** Merrillville, IN, United States
- **Assets under management:** Undisclosed
- **Website:** nisource.com
- **LinkedIn:** https://www.linkedin.com/company/nisource

## Regulatory record

- **Reports private funds:** No

## About

NiSource Master Retirement Trust is a private sector pension fund based in Merrillville, US. It manages approximately $1.5 billion in assets across 17 funds, primarily focused on North America.

## Sectors

- Infrastructure
- Real Estate
- Private Equity

## People

- Brandon Evans — Director, Benefit Plan Investments
- Lloyd Yates — President and CEO, NiSource Inc.

## Questions

### Who runs investment decisions at 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.

### How does the trust's exposure to NIPSCO work after the Blackstone deal?

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.

### What is the trust's relationship with NiSource Inc.?

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.

### How is the NiSource Charitable Foundation separated from the pension trust?

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.

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

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