Yale New Haven Health System Pension Plans (YNHHS)

Yale New Haven Health System Pension Plans (YNHHS)

Angelini, who serves as Senior Vice President, Treasurer, and Chief Investment Officer, manages the retirement assets for a system that encompasses Yale New Haven Hospital and several other delivery networks. The plan's board includes W. Robert Berkley, Jr., who sits on both the Board of Trustees and the Investment Committee. The health system itself operates as a non-profit, with its pension obligations funded through a mix of investment returns and employer contributions. The fund concentrates its private-market exposure on buyout strategies, with that single category appearing across multiple sleeves of the portfolio. Beyond traditional fund commitments, the plan holds the Yale New Haven Health System Investment Trust, a Delaware vehicle likely used for co-investment or direct placement activity. The health system's broader asset footprint — including a mixed-use real estate portfolio and more than 350 off-campus facilities across Connecticut — offers the pension plan a direct line of sight into regional property, though the extent of pension-level direct real estate investment is not publicly itemized. The investment office operates within a network that includes the parent health system's commercial and academic partners: Yale University, Yale School of Medicine, and the Northeast Medical Group, a non-profit physician foundation. The health system is also a member of the Aegis Digital Consortium, a group of 14 health systems working to scale AI-driven health technology, which may inform technology diligence or themes within the pension fund's venture and growth allocations. Angelini's dual role as treasurer and CIO concentrates both liquidity management and long-term asset allocation under a single mandate. The plan's structural distinction lies in its position inside an operating health system with significant real assets. Unlike a state pension fund that evaluates opportunities at arm's length, YNHHS's pension team can observe regional healthcare demand, hospital-campus development, and clinical-technology adoption from within the sponsor itself — a proprietary lens that few institutional allocators can replicate.