# The Army & Air Force Exchange Service

The Army & Air Force Exchange Service is a Pension Fund based in Dallas, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Dallas, United States
- **Region:** North America
- **Address:** 3911 South Walton Walker Boulevard, Dallas, TX, United States
- **Founded:** 1946
- **Assets under management:** 7407 (Altss estimate)
- **Website:** www.aafes.com

## Regulatory record

- **Reports private funds:** No

## About

The Army & Air Force Exchange Service established its pension plan in 1946 to cover eligible civilian employees. The plan operates two components covering basic and supplemental benefits plus post-retirement medical liabilities. The pension fund targets an 11 percent allocation to private equity with current holdings in Portfolio Advisors Private Equity Fund IV, Fort Washington Private Equity Investors VI, and North Sky Private Equity Partners V. Real estate exposure includes a $1.111 billion direct portfolio split between core and value-added strategies plus a $370 million farmland and timber allocation. Geographic focus remains the United States with limited international real estate exposure through the Mesirow Real Estate International Partnership Fund. The fund reports 11 percent private equity deployment against a 9 percent target. It maintains memberships in the Pension Real Estate Association and Urban Land Institute. Service providers include Northern Trust as custodian and Aon as investment consultant. Governance separates investment decisions from the retail operations of the parent exchange service. The board chaired by Lt. Gen. Caroline Miller oversees policy while day-to-day management rests with the CIO.

## Sectors

- Private Equity
- Real Estate

## People

- Ardeshir Susie — Executive Director and Chief Investment Officer
- Brian L. Lawrence — Investment Manager for the Retirement Annuity Plan

## Questions

### Who runs investment decisions at the Army & Air Force Exchange Service Pension Fund?

Ardeshir Susie serves as Executive Director and Chief Investment Officer. Brian L. Lawrence acts as Investment Manager for the Retirement Annuity Plan.

### What asset classes does the pension fund allocate to?

The fund holds private equity, direct real estate, farmland, and money market positions. Private equity currently represents 11 percent of assets.

### Does the fund invest directly or through external managers?

The pension fund commits to external private equity and real estate funds. It also holds direct real estate assets valued by appraisal.

### Where does the pension fund invest geographically?

Investments concentrate in the United States with one international real estate fund exposure. Farmland and timber holdings are located domestically.

### How is the pension fund governed relative to the parent organization?

The plan maintains separate investment oversight under its own CIO and board. Retail operations of the exchange service do not direct pension allocations.

## Related profiles

- [Boston Retirement System](https://altss.com/profile/boston-city-retirement-system)
- [Banque Richelieu](https://altss.com/profile/banque-richelieu)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/the-army-air-force-exchange-service

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