Stanford University Staff Retirement Annuity Plan

Investment oversight falls under the purview of the Board of Trustees of the Leland Stanford Junior University. The board delegates day-to-day investment management to the Stanford Management Company, which controls the university's merged endowment and trust assets, including the reserves backing SRAP liabilities. No separate internal investment committee exists for SRAP alone.

SRAP is a noncontributory defined-benefit plan that largely covers employees under collective bargaining agreements; some exempt and nonexempt staff may retain accrued benefits from prior participation, but the plan is widely understood to be closed or frozen for new entrants outside bargaining unit requirements. Stanford's primary active retirement vehicle is its Contributory Retirement Plan (SCRP).

SRAP gains venture capital exposure through allocations to institutional fund share classes managed by the Stanford Management Company, with Munich Reinsurance America Inc. Pension Plan identified as a co-investor in major Vanguard institutional fund share classes alongside Stanford-affiliated plans (Altss research). Direct venture investments are not made by the plan itself.

The Stanford Management Company manages the university's merged investment pool, which includes endowment assets and the reserved capital that backs SRAP's defined-benefit liabilities. SRAP does not hold its own separate investment portfolio or maintain an independent relationship with external managers; all investment decisions flow through the management company's unified process.

SRAP participates exclusively in fund commitments through the Stanford Management Company's pooled investment structure. The plan does not execute direct deals, co-investments, or separate accounts independent of the management company's portfolio, aligning its exposure with the broader university endowment allocation strategy.