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Ohio School Employees Retirement System (SERS)
Ohio School Employees Retirement System (SERS) was established in 1937 to provide pension benefits to the state's non-certificated school workforce—bus...
Ohio School Employees Retirement System (SERS)
Ohio School Employees Retirement System (SERS) was established in 1937 to provide pension benefits to the state's non-certificated school workforce—bus drivers, custodians, cafeteria workers, and administrative staff. It operates from its headquarters at 300 E. Broad Street in Columbus, Ohio, where Richard Stensrud has served as Executive Director. The fund is governed by a Retirement Board chaired by James Rossler Jr., and its investment program is led by CIO Farouki A. Majeed. SERS deploys capital across a diversified institutional portfolio with a pronounced tilt toward private markets. Real estate is a central pillar, encompassing a direct Ohio-based portfolio, multi-family vehicle commitments such as Carmel Partners Fund IX, and holdings in vehicles managed by Blackstone and Almanac Realty Securities. Infrastructure commitments include a global portfolio focused on North America and Western Europe, with co-investments alongside BlackRock and a position in the Harrison Street Social Infrastructure Fund. The private equity program leans heavily on buyout strategies, with Riverside Company named as a general partner for Riverside Value Fund II. The fund also maintains liquid exposures, including a micro position in the iShares Gold Trust, reflecting a small allocation to gold as an inflation hedge. The investment team operates under the oversight of the Ohio Retirement Study Council, the state-mandated body that provides fiduciary and actuarial review for Ohio's five public pension systems. For real estate performance measurement, SERS benchmarks against NCREIF indices, aligning its reporting with institutional standards. The system faces a leadership transition: Executive Director Richard Stensrud has announced his intention to retire in June 2026, a change that will shape the fund's operational direction under ongoing investment leadership from CIO Majeed. Structurally, SERS differs from larger public peers by serving a narrower beneficiary base—Ohio's non-teaching school employees—which shapes a liability stream distinct from teacher-focused or general state employee funds. Its investment posture favors direct, tangible assets and long-duration private commitments, a pattern consistent with a mature pension fund managing for steady-state benefit payouts rather than aggressive growth. The fund discloses its holdings through public board materials and annual reports, maintaining transparency standards set by Ohio public-records law.
General information
Firm type
Pension Fund
Year founded
1937
Location
Region
North America
Country
United States
City
Columbus
Corporate office
300 E. Broad St., Columbus, OH 43215, United States
Principals
Richard Stensrud
Executive Director
Farouki A. Majeed
Chief Investment Officer
James Rossler Jr.
Chair of the Retirement Board
Sector focus
Frequently asked questions
Who makes investment decisions at Ohio SERS?
Chief Investment Officer Farouki A. Majeed leads the investment team and is responsible for portfolio construction and manager selection. The Investment Committee of the Retirement Board provides fiduciary oversight, while the full Board, chaired by James Rossler Jr., holds ultimate authority over investment policy. Executive Director Richard Stensrud has overseen the fund's operations until his planned retirement in June 2026.
What is Ohio SERS's real estate investment strategy?
SERS maintains a substantial real estate allocation through a mix of direct ownership and fund commitments. The fund holds an Ohio-based real estate portfolio and participates in institutional vehicles including Carmel Partners Fund IX, Blackstone's co-investment vehicle tied to Corebridge, Almanac Realty Securities VIII, and the Harrison Street Social Infrastructure Fund. The real estate program spans commercial, mixed-use, and multi-family assets and is benchmarked against NCREIF indices.
Does Ohio SERS invest in infrastructure, and what is its geographic focus?
Yes, SERS runs a global infrastructure portfolio concentrated in North America and Western Europe. Documented relationships include co-investments alongside BlackRock and a commitment to the Harrison Street Social Infrastructure Fund. The strategy emphasizes long-duration assets that align with the fund's liability profile.
How does Ohio SERS approach private equity commitments?
The private equity program is heavily weighted toward buyout strategies. A named general partner relationship is with The Riverside Company, specifically through Riverside Value Fund II. The fund favors established managers offering control-oriented strategies rather than early-stage venture exposure, consistent with a mature pension fund seeking predictable capital appreciation.
How is Ohio SERS governed, and what role does the Ohio Retirement Study Council play?
SERS is governed by a Retirement Board chaired by James Rossler Jr. The Ohio Retirement Study Council (ORSC) provides statutory oversight for all five of Ohio's public pension systems, reviewing actuarial assumptions, investment policies, and proposed legislation affecting retirement benefits. SERS is subject to this oversight alongside the State Teachers Retirement System, the Public Employees Retirement System, and the Ohio Police & Fire and Highway Patrol Retirement Systems.
Who are the beneficiaries of Ohio SERS, and how does that shape the fund?
SERS serves non-certificated school employees in Ohio—bus drivers, custodians, cafeteria workers, maintenance staff, and administrative personnel—rather than teachers or administrators. This narrower, generally lower-wage beneficiary base creates a distinct liability profile compared to Ohio's teacher and state employee pension funds, requiring careful asset-liability matching and cost-conscious investment management.
What is the significance of the planned 2026 Executive Director transition?
Executive Director Richard Stensrud's planned retirement in June 2026 marks a leadership succession for the fund's operational and strategic direction. While CIO Farouki A. Majeed provides investment continuity, the new Executive Director will shape the fund's administrative priorities, board engagement, and long-term strategic planning, making this a material governance event for external managers and stakeholders monitoring the fund.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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