Pension Only Pool - Xerox Corp. Master Trust

Xerox's U.S. defined-benefit plan has been closed to new participants since 2005 and frozen for most employees. As of Xerox's 2023 annual report, the U.S. pension plan was overfunded, though exact ratios are subject to actuarial updates. The plan's overfunded status reduces liquidity pressure and allows for continued commitments to illiquid asset classes.

The trust operates primarily through a fund-of-funds structure, committing capital to external venture and buyout managers. It retains authority for direct co-investments alongside those GPs on an opportunistic basis. There is no evidence of a dedicated direct-investment team, suggesting direct deals are infrequent and GP-sourced.

Specific GP relationships are not publicly disclosed, but the trust's strategy documents reference commitments to venture capital and buyout funds. Historical public pension filings have indicated exposure to technology-focused venture funds and middle-market buyout firms, consistent with a diversified private-markets program serving a corporate pension.

Investment oversight falls under Xerox Corporation's treasury function or a pension investment committee appointed by the board. Day-to-day management may involve external investment consultants. The plan is subject to ERISA fiduciary standards and files annual Form 5500 disclosures with the U.S. Department of Labor.

Public Form 5500 filings indicate the trust has remained an active investor in recent years, though the plan is closed to new plan participants. As a frozen but ongoing plan, it continues to manage assets to meet existing benefit obligations, which supports ongoing commitment activity to private market funds.