Public School and Education Employee Retirement Systems of Missouri

The Public School and Education Employee Retirement Systems of Missouri (PSRS-PEERS) is one of the largest education-focused pension systems in the United States, managing approximately $55 billion in combined assets. PSRS serves certificated public school teachers and administrators, while PEERS provides retirement benefits to non-certificated education support staff. The system is headquartered in Jefferson City, Missouri.

Investment Strategy

PSRS-PEERS employs a diversified, total-return investment strategy designed to meet its long-term actuarial return assumptions. The portfolio is allocated across domestic and international equities, fixed income, real estate, private equity, and other alternative investments. The fund’s Board of Trustees sets asset allocation targets based on actuarial studies and capital market assumptions, with input from external consultants. PSRS-PEERS maintains a disciplined rebalancing approach and emphasizes risk-adjusted returns over short-term performance. The investment team manages a portion of the public market portfolio internally while utilizing external managers for specialized strategies. The fund’s scale provides access to institutional-quality investment opportunities across all asset classes.

Private Markets Approach

PSRS-PEERS has built a substantial private markets program over the past two decades, with alternatives representing approximately 18% of total assets. The private equity allocation includes commitments to buyout, growth equity, venture capital, and special situations funds managed by established institutional general partners. The fund pursues co-investment opportunities alongside its fund commitments to enhance net returns. In real estate, PSRS-PEERS invests through commingled funds and separate accounts spanning core, value-add, and opportunistic strategies across domestic and international markets. The infrastructure program targets essential-service assets that provide stable, inflation-linked cash flows. PSRS-PEERS selects its private markets partners through a rigorous due diligence process and maintains long-term relationships with top-performing managers while selectively adding new partnerships.