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Queen's Health System Pension Plan
The Queen's Health System Pension Plan functions as the retirement vehicle for employees of The Queen's Health Systems, a nonprofit healthcare network...
Queen's Health System Pension Plan
The Queen's Health System Pension Plan functions as the retirement vehicle for employees of The Queen's Health Systems, a nonprofit healthcare network tracing its origins to 1859 and Queen Emma's vision for accessible medical care in Hawaii. Eric K. Martinson leads investment strategy as SVP of Endowment and CIO, a dual role that extends to his presidency of Queen Emma Land Company, the affiliated entity that manages the system's real property. Catherine Ngo, former CEO of Central Pacific Bank, serves as a key fiduciary voice on the finance committee. The plan's most distinctive feature is its embedded land portfolio, stewarded through Queen Emma Land Company. Hawaiian legacy landholdings form the backbone of the pension's real asset exposure — an unusual concentration for a healthcare pension in any jurisdiction. Known holdings include fee-simple interests underlying multiple Waikiki hotels (Hyatt Centric Waikiki Beach, Outrigger Waikiki Beachcomber, Hilton Garden Inn Waikiki Beach) and retail centers like the International Market Place. Beyond Oahu, the portfolio stretches to Kings' Shops and Queens' Marketplace on Hawaii Island, plus industrial parcels in Campbell Industrial Park and Hālawa-Bougainville. This real estate generates ground lease income and development upside that supports actuarial funding. Team size is not publicly broken out from the broader QHS finance group, though Martinson maintains public connectivity through leadership roles in the CFA Society Hawaii and Hawaii Business Roundtable. The plan also participates in local economic advocacy via Chamber of Commerce Hawaii board ties. No separate trust-level financial statements are publicly filed, making independent peer benchmarking infeasible for external allocators. The embedded land company structure creates a sourcing moat that virtually no other healthcare pension plan can replicate. Queen Emma Land Company acquires and develops Hawaiian real estate using patient, multi-generational capital, with proceeds flowing directly back into the health system's mission and its pension obligations. This alignment between legacy assets, healthcare delivery, and retirement security represents a governance triangle specific to The Queen's Health Systems.
General information
Firm type
Pension Fund
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Honolulu
Corporate office
Honolulu, HI, United States
Principals
Eric K. Martinson
Senior Vice President, Endowment and Chief Investment Officer
Jenai Wall
Chair, Board of Trustees
C. Scott Wo
Finance Committee Chair
Catherine Ngo
Director and Finance Committee Chair
Sector focus
Frequently asked questions
Who runs investment decisions at Queen's Health System Pension Plan?
Eric K. Martinson serves as Senior Vice President of Endowment and Chief Investment Officer for The Queen's Health Systems. He also acts as President of Queen Emma Land Company, the affiliate that manages the system's extensive Hawaii real estate assets. Investment decisions route through the oversight of the system's Board of Trustees and Finance Committee.
What is the relationship between Queen's Health System Pension Plan and Queen Emma Land Company?
Queen Emma Land Company is a nonprofit affiliate that manages legacy land holdings to provide financial support for The Queen's Health Systems and its pension obligations. The entity holds fee-simple interests in numerous Waikiki hotel parcels and commercial centers, generating ground-lease revenue. The SVP of Endowment, Eric K. Martinson, serves simultaneously as the Land Company's president, linking the real estate portfolio directly to the pension's investment function.
Does the plan participate in fund commitments or only direct real estate?
While the specific asset allocation breakdown is not publicly disclosed, the plan's outsized legacy real estate position through Queen Emma Land Company suggests a heavily weighted direct real estate program. Standard healthcare pension plans typically hold diversified allocations across equities, fixed income, and alternatives alongside any direct property; this plan likely utilizes external managers for those sleeve categories, but detailed manager lists are not published.
Which sectors does the plan explicitly avoid?
No explicit exclusion policies are publicly documented. As an entity connected to a major healthcare provider, standard ERISA fiduciary or Hawaii-sector norms likely apply, but the plan does not publish a formal ESG or negative screen policy that would restrict investment in specific industries.
How is pension governance separated from the health system's operations?
The pension plan is a noncontributory defined benefit plan operating within The Queen's Health Systems corporate structure, overseen by the Board of Trustees and its Finance Committee. Key finance committee members include C. Scott Wo and Catherine Ngo, the latter a former bank CEO. The board maintains a fiduciary duty to the plan separate from operational decisions at the hospitals.
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