The School Employees Retirement System of Ohio (SERS) manages approximately $18 billion in assets for non-teaching employees of Ohio’s public school districts. The fund provides retirement, disability, and survivor benefits to bus drivers, cafeteria workers, custodians, maintenance staff, and other support personnel across the state. SERS is headquartered in Columbus and governed by a nine-member Retirement Board.
Investment Strategy
SERS employs a diversified investment strategy across public equities, fixed income, real estate, private equity, and other alternative asset classes. The Retirement Board establishes asset allocation targets based on actuarial studies and capital market forecasts, with the objective of generating returns sufficient to meet long-term benefit obligations. The fund utilizes a combination of internal management for certain public market strategies and external managers for specialized and private market investments. SERS emphasizes a disciplined, long-term approach to investing, with periodic rebalancing to maintain target allocations and manage risk across the portfolio.
Private Markets Approach
SERS has developed a meaningful alternatives program, allocating approximately 16% of total assets to private equity, real estate, and opportunistic strategies. The private equity portfolio includes commitments to buyout, growth equity, and credit-oriented funds managed by established institutional managers. SERS maintains a diversified approach across vintage years, strategies, and geographies to manage concentration risk. The real estate program encompasses both commingled fund investments and direct strategies across property types including office, industrial, multifamily, and retail. SERS selectively pursues co-investment opportunities alongside its fund commitments to enhance net returns. The fund’s private markets team conducts thorough due diligence on prospective managers and monitors existing partnerships through regular reporting and on-site reviews.
Frequently Asked Questions
What is the School Employees Retirement System of Ohio?
SERS is the pension fund for non-teaching employees of Ohio's public schools, including bus drivers, cafeteria workers, custodians, and administrative staff. The fund manages approximately $18 billion in assets.
How does SERS Ohio allocate to alternative investments?
SERS maintains an alternatives allocation of approximately 16% of total assets, including private equity, real estate, and opportunistic strategies. The fund invests through partnerships with institutional general partners and selectively pursues co-investments.
What is the difference between SERS and STRS Ohio?
SERS covers non-teaching school employees (support staff), while STRS Ohio covers certificated teachers and administrators. Both are independent pension systems with separate governance structures and investment portfolios.
