The Pennsylvania Municipal Retirement System (PMRS) provides retirement benefits to employees of municipalities, boroughs, townships, and other local government entities across Pennsylvania. With approximately $3 billion in total assets, PMRS pools retirement funds from over 900 participating employers to provide institutional-quality investment management.
Investment Strategy
PMRS maintains a diversified portfolio across public equities, fixed income, and alternatives. The Board sets strategic allocation targets based on actuarial requirements. The alternatives allocation is relatively modest given the fund’s size, but includes exposure to private equity and real estate through commingled funds.
The investment program is designed to balance return generation with the need for liquidity and stability across the fund’s diverse base of municipal employers. PMRS relies on external investment managers and consultants to implement its investment strategy.
How to Approach
Fund managers should contact PMRS in Harrisburg. Given the system’s $3 billion scale, commitment sizes tend to be smaller than larger state pension funds. PMRS values established managers with strong track records and reasonable fee structures. Engagement through investment consultants is an effective channel for reaching the PMRS investment team.
Frequently Asked Questions
What is PMRS's alternatives allocation?
PMRS allocates approximately 10% of its $3 billion portfolio to alternative investments, primarily through private equity and real estate funds. Given its smaller scale, PMRS has adopted a conservative approach to alternatives, focusing on established managers with strong track records.
How many municipalities participate in PMRS?
PMRS serves over 900 municipalities, boroughs, townships, and other local entities across Pennsylvania. The system pools assets from these employers into a single investment trust, providing institutional-quality investment management for smaller local governments.
How can GPs approach PMRS?
GPs should contact PMRS in Harrisburg or engage through the system's investment consultants. Given the fund's smaller scale, commitment sizes are typically modest. PMRS values managers with proven, institutional-quality operations and transparent reporting.
