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North Carolina Retirement Systems
The North Carolina Retirement Systems, established in 1941, provides defined-benefit pensions to the state's public workforce. State Treasurer Brad Briner...
North Carolina Retirement Systems
The North Carolina Retirement Systems, established in 1941, provides defined-benefit pensions to the state's public workforce. State Treasurer Brad Briner serves as the sole fiduciary trustee and chair of the system's board, while Chief Investment Officer Kevin SigRist runs day-to-day portfolio management from Raleigh. The system consolidates multiple state-administered funds, including the Teachers' and State Employees' Retirement System, into a single investment pool governed by North Carolina General Statute. The portfolio allocates across public equities, fixed income, private equity, real estate, hedge funds, and opportunistic credit. Real-asset commitments include RXR NC Development Partners, Rockwood Development Partners, and LBA Industrial Real Estate Fund. The Innovation Fund, managed by an external partner, invests in early-stage technology companies, and the system has made a direct investment in Coinbase Global. The hedge fund book includes allocations to Brevan Howard and Gladius Derivatives Fund, while the Inflation Sensitive Portfolio holds timber and agricultural assets. In 2024, North Carolina lawmakers passed legislation establishing the N.C. Investment Authority, a five-member board with independent authority to execute investment decisions, a departure from the prior governance framework that required State Treasurer approval on every transaction. The system benchmarks its performance against a peer group of 14 U.S. public pension funds through the CEM Benchmarking network. The pension fund also participates in the Association of Institutional Investors. The creation of the N.C. Investment Authority represents a structural departure from the single-fiduciary model that had defined the system for decades. While Brad Briner retains constitutional authority as State Treasurer, the Authority board can now approve investments and move capital without the procedural delays that historically constrained the Raleigh-based investment team's ability to close time-sensitive private-market transactions.
General information
Firm type
Pension Fund
Year founded
1941
Location
Region
North America
Country
United States
City
Raleigh
Corporate office
Raleigh, NC, United States
Principals
Brad Briner
State Treasurer
Kevin SigRist
Chief Investment Officer
Sector focus
Frequently asked questions
Who runs investment decisions at North Carolina Retirement Systems?
State Treasurer Brad Briner is the sole constitutional fiduciary and chair of the Board of Trustees. Chief Investment Officer Kevin SigRist leads the internal investment staff in Raleigh. In 2024, the state legislature created the N.C. Investment Authority — a five-member board that now holds independent transaction authority, narrowing the operational gap between the Treasurer's office and the investment team.
What is the N.C. Investment Authority and how does it change governance?
The N.C. Investment Authority was established by legislation in 2024. Its five-member board can independently approve and execute investments without requiring State Treasurer sign-off on every transaction. The reform was designed to give the investment team the speed required for private-market allocations while preserving the Treasurer's role as constitutional fiduciary.
Does the North Carolina Retirement Systems invest directly in venture-backed companies?
The system runs an Innovation Fund that invests in early-stage technology companies. It has also made direct public-company investments, including a known position in Coinbase Global. The fund is externally managed and represents a small allocation within the broader private equity portfolio.
What real estate exposure does the North Carolina Retirement Systems hold?
Real estate commitments include funds managed by Rockwood Capital, RXR Realty, LBA Realty, and Benefit Street Partners. The system also invests through North Carolina-focused development vehicles such as RXR NC Development Partners. The portfolio spans industrial, commercial, and mixed-use properties, with a meaningful portion allocated to inflation-sensitive real assets.
How does the system benchmark its performance?
North Carolina Retirement Systems participates in the CEM Benchmarking network, a peer group of 14 U.S. public pension funds. The system also maintains membership in the Association of Institutional Investors. The CEM benchmarking includes total fund returns, cost analysis, and asset-class-level comparisons.
What hedge fund allocations does the system maintain?
Known hedge fund commitments include the Brevan Howard Multistrategy Fund and the Gladius Derivatives Fund. The liquid-alternatives book is structured to provide downside protection and low correlation to the public equity portfolio, consistent with the system's risk-management framework for a mature public pension plan.
Which asset classes does the system explicitly target for inflation protection?
The system maintains a dedicated Inflation Sensitive Portfolio that allocates to timber, agriculture, and real assets. This includes commitments to funds such as the Ares Inflation-Sensitive Real Estate vehicle and direct investments in timberland properties. The strategy is designed to hedge against long-term inflation risk in the defined-benefit liability structure.
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