Sparrow Health System Master Trust

Per University of Michigan Health's April 2023 press release, the acquisition made U-M Health the sole corporate member of Sparrow Health System. The pension trust remains a legally separate entity, which means plan assets are not directly accessible to the new parent in the event of a U-M Health credit event. Governance changes, if any, at the board-of-trustees level have not been publicly detailed, though the parent entity's risk management framework generally gains influence over actuarial assumptions and contribution policy over time.

Public records and Altss research indicate the Trust holds direct real estate assets including the Michigan Athletic Club in East Lansing, the Sparrow Emergency Center in Meridian Township, the 703 E. Michigan Avenue industrial property in Lansing, and the Eastfield Neighborhood residential portfolio. These properties serve a mix of commercial, operational, and workforce-housing purposes, with values determined by periodic third-party appraisals as required by ERISA.

Yes. The Trust's Form 5500 filings from prior years show allocations to private equity fund-of-funds, absolute-return strategies, and opportunistic credit. The alternatives sleeve is managed via commingled fund commitments rather than direct co-investments. No specific general partner relationships have been publicly confirmed.

As a non-public pension fund, the Trust files IRS Form 990 as part of the health system's consolidated return and files Form 5500 with the Department of Labor. Both documents are available through public-records requests or paid research platforms such as DOL's EFAST2 system. The Trust does not publish an annual report or maintain a public-facing investor website, which is typical for single-employer healthcare pension plans.