# UPHS Illiquid Assets Pool

UPHS Illiquid Assets Pool is a Pension Fund based in Philadelphia, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Philadelphia, United States
- **Region:** North America
- **Address:** Philadelphia, PA, United States
- **Assets under management:** Undisclosed

## Regulatory record

- **Reports private funds:** No

## About

The UPHS Illiquid Assets Pool functions as the private-market allocation engine for the University of Pennsylvania Health System retirement plan. It operates under the Penn Office of Investments, a unified investment office that also manages the university's endowment. The pool is sponsored directly by UPHS, and its capital comes from the system's employee retirement contributions — not from a single-family source or external fundraising. Penn Medicine's executive vice president Larry Jameson sits in the governance orbit, connecting the pool's mandate to the health system's long-term obligations. Investment activity spans buyout funds, early- and late-stage venture capital, growth equity, hybrid strategies, and natural resources. The pool also co-invests with the University of PA Absolute Return Pool, an affiliated liquid-alternatives vehicle. Unlike most pension pools, the Illiquid Assets Pool reports little standalone public presence — no independent website, no dedicated LinkedIn page, no separate annual report. Its scale and team size remain undisclosed. The Penn Office of Investments employs roughly 30 investment professionals across all pools, but the split dedicated to UPHS assets is not broken out publicly. The governance lines run through the health system's benefits committee rather than a traditional pension board, which may allow different pacing into illiquid commitments compared to state or municipal peers. One structural distinction is its identity as a sub-pool within a larger institutional investor. Where standalone corporate pensions carry standalone boards and their own asset-liability studies, the UPHS Illiquid Assets Pool shares infrastructure, manager access, and CIO oversight with the $20B-plus University of Pennsylvania endowment. That dual-claim architecture — university investment office serving both a perpetual endowment and a health-system retirement trust — shapes the pool's ability to accept longer lockups and niche strategy exposures that a freestanding pension might avoid.

## Sectors

- Buyout
- Venture Capital
- Growth Equity
- Natural Resources
- Real Estate

## People

- Peter Ammon — Chief Investment Officer
- Larry Jameson — Executive Vice President, UPHS and Dean, Perelman School of Medicine

## Questions

### Who runs investment decisions at the UPHS Illiquid Assets Pool?

The pool is managed by the Penn Office of Investments under Chief Investment Officer Peter Ammon. The office oversees all investment pools across the University of Pennsylvania, including the endowment and the health system's retirement assets. Investment staff conduct due diligence, manager selection, and pacing without a separate board for the Illiquid Assets Pool; governance is integrated into the health system's benefits structure.

### How is this pool related to the University of Pennsylvania's endowment?

Both are managed by the same investment office and share a CIO, but they serve different constituencies. The endowment supports university operations in perpetuity, while the Illiquid Assets Pool backs the specific retirement liabilities of UPHS employees. The pools share manager access and operational infrastructure but maintain separate portfolio constructions aligned to their distinct liability streams.

### Does the UPHS Illiquid Assets Pool invest directly or through funds?

Based on its disclosed investments and fund-of-funds posture, the pool primarily commits to external private equity, venture capital, real estate, and natural resources funds managed by third-party GPs. Evidence of a direct co-investment program or principal investment capability is not publicly available.

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- [Upbeat Wealth](https://altss.com/profile/upbeat-wealth)
- [Upland Wealth Advisors](https://altss.com/profile/upland-wealth-advisors)

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Last updated: 2026-08-11T02:43:31.692Z

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