The Hawaii Employees’ Retirement System (ERS) provides retirement, disability, and survivor benefits to state and county employees, teachers, police officers, and firefighters across Hawaii. With approximately $22 billion in total assets, the ERS serves over 130,000 active and retired members.
Investment Strategy
Hawaii ERS maintains a diversified investment portfolio across public equities, fixed income, private equity, real estate, infrastructure, and other alternatives. The Board of Trustees sets strategic allocation targets based on actuarial studies and capital market assumptions. The investment team implements the strategy using a combination of internal management and external partnerships.
The alternatives program includes private equity investments in buyout, growth, and venture strategies. Real estate allocations span core and value-add funds. Infrastructure investments provide inflation protection and stable cash flows. Hawaii ERS has been growing its alternatives program over the past decade to improve long-term risk-adjusted returns.
How to Approach
Fund managers should contact the Hawaii ERS investment team in Honolulu. The fund evaluates managers based on track record, team stability, investment process, and fee competitiveness. Hawaii ERS works with investment consultants and attends major industry conferences. GPs should present a concise fund overview, audited performance data, and clear strategy differentiation.
Frequently Asked Questions
What is Hawaii ERS's alternatives allocation?
Hawaii ERS allocates approximately 16% of its $22 billion portfolio to alternatives including private equity, real estate, and infrastructure. The fund has been steadily growing its alternatives exposure to diversify returns.
What types of private equity does Hawaii ERS invest in?
Hawaii ERS invests across buyout, growth equity, and venture strategies. The fund also maintains allocations to real estate and infrastructure funds. Typical commitment sizes range from $25 million to $100 million per fund.
How can GPs approach Hawaii ERS?
GPs should contact the Hawaii ERS investment team in Honolulu. The fund works with investment consultants and evaluates managers through a structured due diligence process. The Board of Trustees approves all new manager commitments.
