West Virginia Public Employees' Retirement System

West Virginia Public Employees' Retirement System

The West Virginia Public Employees' Retirement System was established in 1961 to provide retirement benefits for state employees, teachers, and other public workers. A bifurcated governance structure splits duties: the Consolidated Public Retirement Board (CPRB), chaired by Joseph G. Bunn, administers benefits and membership, while the West Virginia Investment Management Board (WVIMB), chaired by Larry Pack with Craig Slaughter as executive director and CIO, handles all asset management and manager selection. The system builds exposure through external fund commitments rather than direct investing. Real estate commitments include Blackstone Real Estate Partners IV, V, and VI; PGIM Real Estate Capital VII; and Rockwood Capital Real Estate Partners Fund IX and XI. The fund also maintains a dedicated hedge fund pool and tracks Bloomberg Commodity Index exposure. This creates a multi-asset posture spanning commercial real estate, absolute-return strategies, commodities, and public equities across North America and global developed markets. Total assets under management are not disclosed in a single public figure. The WVIMB oversees investments for multiple state retirement plans, though WV PERS-specific allocations appear in board meeting materials and CAFR reports. The system participates in the Hedge Fund Standards Board Investor Chapter, signaling institutional engagement with hedge fund governance norms. West Virginia's pension architecture stands out for its statutory firewall between benefit administration and asset management. Unlike many state systems where a single board controls both functions, the CPRB-WVIMB split means investment professionals — not benefit administrators — select managers and structure the portfolio, a governance design that reduces political pressure on asset allocation.