U.S. Pensions & Endowments

The largest American pools of long-duration capital, sorted by assets under management. Pensions exist to pay future retirement liabilities; endowments to perpetually fund the institutions that hold them. Click any row for that fund's asset allocation, holdings approach, and the mandates set by its board.

Total AUM listed

$4.86T

Held in U.S. securities

$2.42T

50% of listed AUM

Pensions AUM

$4.34T

$2.29T U.S. sec.

Endowments AUM

$515B

$131B U.S. sec.

#	Name	Type	State	AUM	U.S. securities	Share
1	Federal Retirement Thrift / TSP	Pension	Federal	$845B	$730B	30.1%
2	CalPERS	Pension	California	$490B	$223B	9.2%
3	CalSTRS	Pension	California	$335B	$138B	5.7%
4	NY State Common Retirement Fund	Pension	New York	$260B	$152B	6.3%
5	Florida State Board of Administration	Pension	Florida	$215B	$105B	4.3%
6	Texas Teacher Retirement System	Pension	Texas	$200B	$72B	3.0%
7	Washington State Investment Board	Pension	Washington	$185B	$59B	2.4%
8	Minnesota State Board of Investment	Pension	Minnesota	$145B	$67B	2.8%
9	Wisconsin Investment Board (SWIB)	Pension	Wisconsin	$145B	$51B	2.1%
10	NY State Teachers Retirement System	Pension	New York	$145B	$67B	2.8%
11	North Carolina Retirement Systems	Pension	North Carolina	$125B	$58B	2.4%
12	Ohio Public Employees Retirement	Pension	Ohio	$110B	$51B	2.1%
13	Michigan Retirement Systems	Pension	Michigan	$110B	$51B	2.1%
14	Virginia Retirement System	Pension	Virginia	$105B	$49B	2.0%
15	Massachusetts PRIM	Pension	Massachusetts	$100B	$38B	1.6%
16	Georgia Teachers Retirement System	Pension	Georgia	$100B	$47B	1.9%
17	Oregon Public Employees Retirement	Pension	Oregon	$100B	$40B	1.6%
18	New Jersey Division of Investment	Pension	New Jersey	$95B	$44B	1.8%
19	Pennsylvania PSERS	Pension	Pennsylvania	$75B	$35B	1.4%
20	Maryland State Retirement	Pension	Maryland	$70B	$33B	1.3%
21	Illinois Teachers Retirement System	Pension	Illinois	$70B	$33B	1.3%
22	Tennessee Consolidated Retirement	Pension	Tennessee	$65B	$30B	1.2%
23	Colorado PERA	Pension	Colorado	$65B	$30B	1.2%
24	Missouri Public School Retirement	Pension	Missouri	$55B	$26B	1.1%
25	Harvard University	Endowment	Massachusetts	$52B	$8B	0.3%
26	Arizona State Retirement	Pension	Arizona	$50B	$23B	1.0%
27	University of Texas System UTIMCO; includes Permanent University Fund	Endowment	Texas	$48B	$18B	0.8%
28	Indiana Public Retirement (INPRS)	Pension	Indiana	$47B	$22B	0.9%
29	Yale University	Endowment	Connecticut	$41B	$4B	0.2%
30	Texas Employees Retirement (ERS)	Pension	Texas	$38B	$18B	0.7%
31	Stanford University	Endowment	California	$37B	$7B	0.3%
32	Princeton University	Endowment	New Jersey	$34B	$7B	0.3%
33	University of California (Regents) System-wide; campus foundations report separately	Endowment	California	$30B	$8B	0.3%
34	MIT	Endowment	Massachusetts	$24B	$4B	0.2%
35	University of Pennsylvania	Endowment	Pennsylvania	$22B	$7B	0.3%
36	Texas A&M System	Endowment	Texas	$20B	$6B	0.3%
37	University of Notre Dame	Endowment	Indiana	$20B	$4B	0.2%
38	University of Michigan	Endowment	Michigan	$19B	$6B	0.2%
39	Columbia University	Endowment	New York	$14B	$4B	0.2%
40	Northwestern University	Endowment	Illinois	$14B	$4B	0.2%
41	University of Virginia (UVIMCO)	Endowment	Virginia	$14B	$4B	0.2%
42	Johns Hopkins University	Endowment	Maryland	$13B	$4B	0.2%
43	Washington University in St. Louis	Endowment	Missouri	$12B	$4B	0.2%
44	Duke University	Endowment	North Carolina	$12B	$4B	0.2%
45	Vanderbilt University	Endowment	Tennessee	$10B	$3B	0.1%
46	Cornell University	Endowment	New York	$10B	$3B	0.1%
47	University of Chicago	Endowment	Illinois	$10B	$3B	0.1%
48	Emory University	Endowment	Georgia	$10B	$3B	0.1%
49	University of Southern California	Endowment	California	$8B	$2B	0.1%
50	Dartmouth College	Endowment	New Hampshire	$8B	$2B	0.1%
51	Rice University	Endowment	Texas	$8B	$2B	0.1%
52	Ohio State University	Endowment	Ohio	$7B	$2B	0.1%
53	Brown University	Endowment	Rhode Island	$7B	$2B	0.1%
54	NYU	Endowment	New York	$6B	$2B	0.1%
55	University of Pittsburgh	Endowment	Pennsylvania	$5B	$2B	0.1%

AUM in U.S. dollar billions, rounded; figures are recent reporting-period values. "U.S. securities" estimates each fund's tradable U.S. holdings — listed equity plus dollar-denominated bonds — derived from disclosed asset allocation. Private equity, real estate, hedge funds, and non-U.S. holdings are excluded from that figure. Sources: fund annual reports / CAFRs, NACUBO–Commonfund Endowment Study, Pensions & Investments rankings, Public Plans Database, Thinking Ahead Institute.