# Teachers' Retirement Allowances Fund Teachers' Retirement Allowances Fund is a Pension Fund based in Winnipeg, Canada. ## Overview - **Organization type:** Pension Fund - **Headquarters:** Winnipeg, Canada - **Region:** North America - **Address:** Winnipeg, Manitoba, Canada - **Founded:** 1925 - **Assets under management:** C$9.6 billion (Altss estimate) - **Website:** traf.mb.ca - **LinkedIn:** https://ca.linkedin.com/company/traf-mb ## Regulatory record - **Reports private funds:** No ## About The Teachers' Retirement Allowances Fund was created by provincial statute in 1925 to provide retirement security for Manitoba's public-school teachers. President and CEO Jeff Norton leads the Winnipeg-based agency, whose board draws three members nominated by the Manitoba Teachers' Society and one from the Retired Teachers' Association of Manitoba. That governance structure — direct stakeholder representation on the board — embeds the plan's 100-year-old social compact into its investment oversight. TRAF runs a diversified, multi-asset-class portfolio with material allocations to global real estate, infrastructure, private debt, and secondaries. The real-estate sleeve spans Canadian mixed-use properties and a global portfolio; one known direct holding is the Johnston Terminal commercial asset at Winnipeg's Forks Market. On the private-markets side, the plan deploys through co-investments, buyout partnerships, growth and venture-stage funds, mezzanine credit, and secondaries — a layered program that combines direct exposure with fund-of-funds relationships to access early-stage and expansion-stage managers without over-concentrating in single-name GP risk. TRAF's investment team is embedded in Canadian institutional peer networks. CIO Graeme Hay is a past chair of the Pension Investment Association of Canada and a past president of CFA Society Winnipeg, while Jeff Norton has held director roles at both PIAC and the Association of Canadian Pension Management. Board members hold ICD.D designations, and the fund maintains institutional memberships in PIAC, ACPM, the Canadian Pension & Benefits Institute, the Alternative Investment Management Association, and INREV — the European association for non-listed real estate investors. These affiliations double as sourcing conduits, giving TRAF consistent access to manager diligence and co-investment opportunities circulated among large Canadian plans. TRAF's structural distinction lies in its singular, statute-bound mission. Unlike multi-employer plans or crown corporations that accumulate ancillary mandates, TRAF serves one discrete constituency under provincial law. That narrow remit — combined with direct boardroom representation from active and retired teachers — constrains the plan's ability to chase duration risk or strategy drift. The outcome is a pension fund that behaves like a perpetual, single-purpose steward rather than a multi-mandate asset gatherer, a posture that surfaces in its steady commitment pacing and its preference for co-investment structures that keep alignment costs low. ## Sectors - Real Estate - Infrastructure - Private Credit - Secondaries & Special Situations ## People - Jeff Norton — President & CEO - Graeme Hay — Chief Investment Officer - Bryton Moen — Board Chair - Michael Kurtas — Portfolio Manager, Internal Investment Committee - Brett Tessler — Investment Staff ## Questions ### Who runs investment decisions at TRAF? Chief Investment Officer Graeme Hay leads the investment function. He is supported by an internal investment committee that includes portfolio manager Michael Kurtas and investment-staff member Brett Tessler. Hay has deep ties to Canadian institutional peer groups, having chaired PIAC and led CFA Society Winnipeg, which gives TRAF direct access to co-investment and manager-introduction networks. ### Does TRAF invest directly or primarily through funds? Both. TRAF blends direct co-investments and property holdings — such as the Johnston Terminal commercial asset in Winnipeg — with multi-manager fund commitments that span buyout, venture, growth, mezzanine credit, and secondaries. This hybrid structure lets the plan capture direct economics on core real assets while using external managers for specialized private-market exposure. ## Related profiles - [West Virginia Board of Treasury Investments](https://altss.com/profile/west-virginia-board-of-treasury-investments) - [City of Colorado Springs](https://altss.com/profile/city-of-colorado-springs) --- Last updated: 2026-06-03T20:00:00.000Z Canonical page: https://altss.com/profile/teachers-retirement-allowances-fund Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology