The North Carolina Teachers’ and State Employees’ Retirement System (TSERS) is the largest component of the North Carolina Retirement Systems, providing retirement benefits to teachers, state employees, and other public workers. With approximately $82 billion in dedicated assets, TSERS is one of the largest teacher retirement systems in the country.
Investment Strategy
TSERS assets are managed by the Investment Management Division within the NC Department of State Treasurer as part of a pooled portfolio for all NC retirement systems. The combined portfolio exceeds $115 billion and is diversified across public equities, fixed income, private equity, real estate, infrastructure, private credit, and other alternatives.
The alternatives program is substantial and benefits from the combined scale of all NC plans. Private equity investments span buyout, growth, venture, and distressed strategies. Real estate includes core, value-add, and opportunistic funds. Infrastructure and private credit provide income and diversification.
How to Approach
Fund managers should contact the Investment Management Division in Raleigh. Since all NC retirement system assets are pooled, engaging with the central team covers TSERS and other plans. The Division evaluates managers on performance, strategy, team quality, and terms. GPs should present a clear strategy overview with audited performance data.
Frequently Asked Questions
What is NC TSERS's alternatives allocation?
NC TSERS participates in the pooled investment portfolio managed by the NC Department of State Treasurer. The combined portfolio allocates approximately 18% to alternatives including private equity, real estate, infrastructure, and private credit.
Who manages NC TSERS investments?
The NC Department of State Treasurer's Investment Management Division manages investments for TSERS and other NC retirement systems. The Division has an internal investment team with deep alternatives expertise.
How should GPs engage with NC TSERS?
GPs should contact the NC Department of State Treasurer's Investment Management Division in Raleigh. The Division manages alternatives for the entire NC retirement system, including TSERS. Managers should present a fund overview, track record, and strategy differentiation.
