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The Army & Air Force Exchange Service Pension Fund
The Army and Air Force Exchange Service Pension Fund was established in 1946 to provide retirement benefits to the civilian employees of the Exchange, a...
The Army & Air Force Exchange Service Pension Fund
The Army and Air Force Exchange Service Pension Fund was established in 1946 to provide retirement benefits to the civilian employees of the Exchange, a Department of Defense retail organization serving the military community. The plan covers both basic and supplemental pension obligations, alongside post-retirement medical liabilities. CEO Tom Shull has led AAFES since 2012 and is set to retire in 2026, with CFO Brad Bingham named as his successor. The fund pursues a diversified strategy across private and public markets. Its investment mandate spans buyout, distressed debt, mezzanine, CLOs, venture, secondaries, special situations, and turnaround situations. Real assets form a distinct allocation — the plan holds a direct real estate portfolio that includes mixed-use properties, farmland, timberland, and the operational retail facilities that house Exchange services globally. The investment team, led by Executive Director and CIO Ardeshir Susie, participates in fund commitments and direct co-investments, with professional affiliations through PREA and the Urban Land Institute. AAFES operates as a non-appropriated fund instrumentality of the U.S. government, which shapes the pension's liability profile and its access to certain asset classes. In July 2026, Brad Bingham is expected to succeed Tom Shull as CEO, while Lt. Gen. Caroline Miller chairs the AAFES Board. The pension's operations remain distinct from the Exchange's retail business, with a dedicated investment staff including Investment Manager Brian L. Lawrence, who oversees the retirement annuity plan. Unlike most corporate pensions, the AAFES plan is tied to a federal entity that both serves active-duty military and competes with private retailers — a hybrid status affecting everything from governance to vendor selection. The fund's direct ownership of farmland and timber, paired with its credit-and-secondaries posture, indicates a willingness to internalize illiquidity premiums that many similarly sized plans outsource entirely.
General information
Firm type
Pension Fund
Year founded
1946
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Dallas
Corporate office
Dallas, TX, United States
Principals
Tom Shull
Director/Chief Executive Officer, AAFES
Brad Bingham
Deputy Director and Chief Financial Officer
Lt. Gen. Caroline Miller
Chairman, AAFES Board of Directors
Ardeshir Susie
Executive Director and Chief Investment Officer, Pension Fund
Brian L. Lawrence
Investment Manager, Retirement Annuity Plan
Sector focus
Frequently asked questions
What is the governance structure of the AAFES Pension Fund?
The fund operates as a defined benefit plan for civilian employees of the Army and Air Force Exchange Service, a non-appropriated fund instrumentality of the U.S. Department of Defense. The AAFES Board of Directors, chaired by Lt. Gen. Caroline Miller, provides oversight. Day-to-day investment management is led by Executive Director and CIO Ardeshir Susie and his team, including Investment Manager Brian L. Lawrence.
Who runs investment decisions at the AAFES Pension Fund?
Ardeshir Susie serves as Executive Director and Chief Investment Officer, responsible for the pension's multi-asset portfolio. Brian L. Lawrence is the named investment manager for the retirement annuity plan. The investment team operates under the governance of the AAFES Board and separately from the Exchange's retail operations.
Does the AAFES Pension Fund invest directly in real assets or only through funds?
The fund holds a direct real estate portfolio that includes mixed-use properties, farmland, and timberland across the United States, in addition to the retail and operational facilities used by the Exchange globally. These direct holdings sit alongside fund commitments in buyout, distressed debt, CLOs, and secondaries.
How does the AAFES Pension Fund source private market opportunities?
The fund's investment professionals engage directly with general partners and co-investment sponsors, leveraging affiliations with organizations like the Pension Real Estate Association and the Urban Land Institute. Its status as a federal instrumentality pension may influence sourcing, particularly in real assets where the Exchange's own infrastructure provides market visibility.
What is the relationship between the pension fund and the Exchange's retail operations?
The pension fund is a legally separate trust managing retirement assets for the Exchange's civilian employees. While both fall under the AAFES umbrella and share senior leadership — CEO Tom Shull oversees the entire organization — the investment portfolio is managed independently by CIO Ardeshir Susie and does not fund retail operations.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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