Roche, Inc. (US)

The plan is governed by Roche's internal treasury and investment committee, which reports through the group's corporate finance function. Roche does not outsource CIO duties to an external OCIO. Investment staff typically work from the South San Francisco and Basel offices, reflecting the plan's integration with group-wide asset management.

No. The US pension is strictly a corporate retirement vehicle for employees. The founding families' private wealth runs through separate channels: Andre Hoffmann manages Massellaz in Zurich, Maja Oeri oversees the Laurenz Foundation, and Maja Hoffmann operates the LUMA Foundation in Arles. These entities hold art and private investments completely independent of employee pension assets.

The plan's hybrid DB/cash-balance structure creates long-duration liabilities well-suited to private equity's return profile. As a captive corporate plan backed by a AA-rated pharmaceutical group, Roche can afford the illiquidity premium that buyout funds demand — a posture most standalone US pension funds cannot replicate under ERISA liquidity constraints.

While the core allocation targets buyout funds, the plan has capacity for growth equity and venture commitments through its private equity program. Roche's parent company separately operates a corporate venture arm — Roche Venture Fund — which makes direct biotech investments; this is distinct from the pension plan and managed from Basel.

The US plan benefits from the group's consolidated balance sheet, which provides implicit sponsor support well above typical US corporate pension funding levels. Roche reports its global pension assets and obligations in its annual report, though individual country-level AUM is not disclosed. The group's CHF 58 billion revenue base gives the investment committee flexibility to run a less-liquid portfolio than standalone plans.