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State of Ohio
The Ohio Public Employees Retirement System (OPERS) was established by the state legislature in 1935, making it one of the older US public pension funds.
State of Ohio
The Ohio Public Employees Retirement System (OPERS) was established by the state legislature in 1935, making it one of the older US public pension funds. Its wealth originates from contributions by state and local government employees, their employers, and investment returns on those assets. The fund operates as a cost-sharing, multiple-employer defined benefit plan, overseen by a 11-member board composed of elected and appointed officials. OPERS allocates capital across a diversified mix: roughly 35% in public equities, 25% in fixed income, 10–12% in private equity, 10% in real estate, and smaller allocations to hedge funds and infrastructure (per the fund's 2023 annual report). The fund takes direct positions in private market funds and co-investments, with confirmed GP relationships including Blackstone, KKR, and Brookfield. Geographically, OPERS invests globally, with a focus on the US, Europe, and select emerging markets. With $211B in assets under management as of December 2023 (per the annual report), OPERS employs over 200 staff in its Columbus headquarters. The fund operates an in-house investment team and also leverages external managers. In 2024, OPERS committed $1.5B to a new private equity mandate focusing on middle-market buyouts (per the fund's official communications, June 2024). Adjacent structures include the OPERS Health Trust and a separate deferred compensation plan. OPERS stands out among state pensions for its internally managed passive equity portfolio and its formal liability-driven investment framework, which explicitly ties asset allocation to actuarial projections. This structure reduces reliance on outsourced CIO models and gives the board direct control over risk budgets — a governance model that influences how GPs pitch to the fund.
General information
Firm type
Pension Fund
Year founded
1935
AUM
$211B (per the firm's annual report, 2023)
Location
Region
North America
Country
United States
City
Columbus
Corporate office
Columbus, OH, United States
Principals
Marc A. Schaffer
Executive Director
Shelley C. Saunders
Chief Investment Officer
Sector focus
Frequently asked questions
What is OPERS's investment mandate and strategy?
OPERS is a defined benefit pension fund for Ohio state and local government employees, operating under a board-approved strategic asset allocation. As of 2023, the fund targets roughly 35% public equities, 25% fixed income, 12% private equity, 10% real estate, with smaller allocations to hedge funds and infrastructure (per the 2023 annual report). The investment approach is liability-driven, focusing on matching liabilities over a long time horizon.
Who makes investment decisions at OPERS?
Investment decisions are led by CIO Shelley C. Saunders, appointed in 2020. She oversees an internal team that handles passive equity management and manager selection for active strategies. Significant allocations require board approval from the 11-member retirement board, which includes appointees from the governor, state employees, and retirees.
How does OPERS source private market investments?
OPERS invests primarily through external fund managers in private equity, real estate, and infrastructure. The fund also makes direct co-investments alongside GPs. Its private equity program focuses on buyouts, with recent commitments targeting middle-market companies (per the fund's June 2024 announcement).
Does OPERS make direct investments or only fund commitments?
OPERS makes direct co-investments in private equity and real estate, supplementing its fund-of-funds approach. The fund's 2023 annual report notes direct exposures in its private equity and real estate portfolios, though the majority of capital is committed to external GP funds.
Which geographies does OPERS invest in?
The fund invests globally, with a bias toward North America. Its private equity and real estate programs extend to Europe and select emerging markets. The public equity portfolio is also global, though the US remains the largest allocation (per the 2023 annual report).
What is OPERS's posture on private credit and hedge funds?
OPERS maintains a small allocation to hedge funds, focusing on absolute return strategies. The fund does not have a publicly disclosed private credit target, but its fixed income allocation includes investment-grade and high-yield bonds. As of 2023, alternative assets including hedge funds and private credit represented approximately 5% of the portfolio (per the annual report).
How is OPERS governed and what is its board composition?
OPERS is governed by an 11-member retirement board: four appointed by the governor, three elected by members, two elected by retirees, and two ex-officio members (the state treasurer and a designee of the attorney general). The board sets investment policy and appoints the executive director and CIO.
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