US public pension profile· Indiana PERF
State of Indiana Public Employees' Retirement Fund
Funding, investment choices and long-term returns.
Indiana ·Fiscal year 2025
Indiana PERF: fiscal year 2025 at a glance
- Market value of assets
- USD 17.0 billion
- Total membership
- 262,290
- Funded ratio
- 83.70%
- Assumed investment return
- 6.25%
Asset allocation in 2025
| Public equity | 17.40% |
|---|---|
| Fixed income | 27.94% |
| Private equity | 14.24% |
| Real estate | 8.70% |
| Hedge funds | 23.46% |
| Cash | 0.26% |
Returns to 2025
| One year | 11.00% |
|---|---|
| Five years | 7.50% |
| Ten years | 6.50% |
Indiana PERF: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 8.4 billion | 206,111 | 105.00% | 7.25% |
| 2002 | USD 8.0 billion | 205,898 | 99.20% | 7.25% |
| 2003 | USD 8.3 billion | 210,163 | 102.90% | 7.25% |
| 2004 | USD 9.6 billion | 207,151 | 100.10% | 7.25% |
| 2005 | USD 10.4 billion | 209,080 | 96.40% | 7.25% |
| 2006 | USD 11.4 billion | 210,398 | 97.60% | 7.25% |
| 2007 | USD 13.3 billion | 213,984 | 98.20% | 7.25% |
| 2008 | USD 12.1 billion | 218,020 | 97.50% | 7.25% |
| 2009 | USD 9.4 billion | 223,561 | 93.10% | 7.25% |
| 2010 | USD 10.6 billion | 320,036 | 85.20% | 7.00% |
| 2011 | USD 12.5 billion | 311,052 | 80.50% | 7.00% |
| 2012 | USD 12.2 billion | 287,585 | 76.60% | 6.75% |
| 2013 | USD 12.7 billion | 288,448 | 80.20% | 6.75% |
| 2014 | USD 14.1 billion | 288,527 | 82.42% | 6.75% |
| 2015 | USD 13.9 billion | 288,342 | 78.60% | 6.75% |
| 2016 | USD 13.9 billion | 294,280 | 79.05% | 6.75% |
| 2017 | USD 14.6 billion | 301,167 | 79.03% | 6.75% |
| 2018 | USD 12.7 billion | 252,090 | 79.69% | 6.75% |
| 2019 | USD 13.3 billion | 252,093 | 79.38% | 6.75% |
| 2020 | USD 13.3 billion | 251,791 | 83.29% | 6.75% |
| 2021 | USD 16.2 billion | 254,168 | 83.00% | 6.25% |
| 2022 | USD 14.8 billion | 252,463 | 84.86% | 6.25% |
| 2023 | USD 14.9 billion | 254,207 | 85.45% | 6.25% |
| 2024 | USD 15.6 billion | 258,858 | 82.44% | 6.25% |
| 2025 | USD 17.0 billion | 262,290 | 83.70% | 6.25% |
Indiana PERF: asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 56.87% | 43.13% | 0.00% | 0.00% | 0.00% | 0.00% |
| 2002 | 57.89% | 39.61% | 0.00% | 0.00% | 0.00% | 2.50% |
| 2003 | 61.51% | 38.36% | 0.04% | 0.00% | 0.00% | 0.08% |
| 2004 | 70.51% | 28.59% | 0.14% | 0.00% | 0.00% | 0.76% |
| 2005 | 71.20% | 28.10% | 0.30% | 0.00% | 0.00% | 0.40% |
| 2006 | 74.00% | 25.20% | 0.70% | 0.00% | 0.00% | 0.10% |
| 2007 | 76.20% | 21.90% | 0.00% | 0.00% | 0.00% | 0.30% |
| 2008 | 67.30% | 24.20% | 0.00% | 0.00% | 0.00% | 1.20% |
| 2009 | 50.50% | 33.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 2010 | 39.70% | 34.70% | 0.00% | 0.00% | 0.00% | 1.10% |
| 2011 | 42.60% | 29.60% | 0.00% | 0.00% | 0.00% | 1.90% |
| 2012 | 25.20% | 35.60% | 13.30% | 4.70% | 13.30% | 0.00% |
| 2013 | 24.20% | 32.00% | 13.00% | 5.30% | 18.20% | 0.00% |
| 2014 | 23.62% | 31.53% | 12.71% | 5.40% | 18.92% | 0.00% |
| 2015 | 22.40% | 31.60% | 12.90% | 6.20% | 19.40% | 0.00% |
| 2016 | 22.30% | 28.50% | 13.30% | 6.60% | 20.20% | 1.70% |
| 2017 | 23.60% | 27.40% | 12.70% | 6.50% | 20.70% | 1.20% |
| 2018 | 22.10% | 27.20% | 12.20% | 6.10% | 22.30% | 1.10% |
| 2019 | 21.30% | 27.50% | 12.50% | 6.00% | 22.80% | 2.30% |
| 2020 | 21.80% | 26.70% | 12.20% | 6.80% | 24.00% | 1.90% |
| 2021 | 21.00% | 22.90% | 14.80% | 6.40% | 25.20% | 1.50% |
| 2022 | 15.56% | 28.80% | 14.96% | 7.22% | 24.85% | 0.26% |
| 2023 | 17.82% | 29.00% | 14.32% | 7.07% | 23.58% | 0.09% |
| 2024 | 16.77% | 28.12% | 14.32% | 8.12% | 24.54% | 0.35% |
| 2025 | 17.40% | 27.94% | 14.24% | 8.70% | 23.46% | 0.26% |
Indiana PERF: investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -2.51% | 7.29% | Not reported |
| 2002 | -4.51% | 4.63% | Not reported |
| 2003 | 4.70% | 3.00% | Not reported |
| 2004 | 16.30% | 3.90% | Not reported |
| 2005 | 9.80% | 4.50% | Not reported |
| 2006 | 10.70% | 7.20% | Not reported |
| 2007 | 18.20% | 11.80% | Not reported |
| 2008 | -7.60% | 9.10% | Not reported |
| 2009 | -20.60% | 1.10% | Not reported |
| 2010 | 13.90% | 1.80% | 3.13% |
| 2011 | 19.90% | 3.20% | 5.29% |
| 2012 | 0.70% | 0.20% | 5.70% |
| 2013 | 6.00% | 3.00% | 5.90% |
| 2014 | 13.73% | 10.51% | 5.68% |
| 2015 | 0.34% | 7.68% | 4.73% |
| 2016 | 1.19% | 4.18% | 3.80% |
| 2017 | 8.00% | 5.70% | 2.90% |
| 2018 | 9.30% | 6.30% | 4.60% |
| 2019 | 7.40% | 5.10% | 7.80% |
| 2020 | 2.60% | 5.60% | 6.70% |
| 2021 | 25.50% | 10.30% | 7.20% |
| 2022 | -6.60% | 7.10% | 6.40% |
| 2023 | 2.50% | 5.80% | 6.00% |
| 2024 | 7.40% | 5.80% | 5.40% |
| 2025 | 11.00% | 7.50% | 6.50% |