New Hampshire Retirement System

The New Hampshire Retirement System (NHRS) is the defined benefit pension plan serving public employees, teachers, police officers, and firefighters across the state of New Hampshire. With approximately $11 billion in assets under management, NHRS provides retirement security for over 70,000 active members and retirees.

Investment Strategy

NHRS maintains a diversified investment portfolio designed to achieve its actuarial return assumption while managing downside risk. The asset allocation includes public equity, fixed income, real estate, and alternative investments. The Board of Trustees sets the strategic allocation framework, which is reviewed through regular asset-liability studies.

Public equity allocations include domestic and international stocks, managed through a combination of active and passive strategies. Fixed income provides portfolio ballast with allocations to government bonds, investment-grade corporate debt, and other income instruments. The system has built out its alternatives allocation over the past decade to enhance diversification and improve risk-adjusted returns.

NHRS works with external investment consultants to inform asset allocation decisions and evaluate manager relationships. The system’s investment philosophy emphasizes long-term perspective, diversification across risk factors, and cost-effective implementation.

Private Markets Approach

NHRS invests in private equity through commitments to limited partnership funds, with exposure to buyout, growth equity, and other institutional strategies. The system targets a diversified portfolio across vintage years, strategies, and geographies. Manager selection is conducted in collaboration with external consultants who evaluate track record, team depth, and strategy differentiation.

Real estate investments form part of the alternatives portfolio, with allocations to core, value-add, and opportunistic strategies through commingled fund vehicles. These investments provide income generation, inflation protection, and diversification from public markets.

NHRS manages commitment pacing to maintain target private markets exposure while accounting for capital calls and distributions. Fund managers seeking allocations from NHRS should expect a structured evaluation process that covers investment strategy, performance attribution, organizational stability, and fee terms. The board and its Independent Investment Committee review recommendations before approving new commitments.