US public pension profile· TCDRS
Texas County & District Retirement System
Funding, investment choices and long-term returns.
Texas ·Fiscal year 2025
TCDRS: fiscal year 2025 at a glance
- Market value of assets
- USD 56.5 billion
- Total membership
- 409,678
- Funded ratio
- 90.75%
- Assumed investment return
- 7.50%
Asset allocation in 2025
| Public equity | 25.65% |
|---|---|
| Fixed income | 1.96% |
| Private equity | 42.40% |
| Real estate | 7.34% |
| Hedge funds | 16.96% |
| Cash | 5.69% |
Returns to 2025
| One year | 12.60% |
|---|---|
| Five years | 9.70% |
| Ten years | 9.50% |
TCDRS: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 8.6 billion | 149,704 | 89.30% | 8.00% |
| 2002 | USD 8.9 billion | 155,471 | 88.70% | 8.00% |
| 2003 | USD 10.9 billion | 159,630 | 90.50% | 8.00% |
| 2004 | USD 12.4 billion | 164,218 | 91.00% | 8.00% |
| 2005 | USD 13.5 billion | 172,534 | 91.40% | 8.00% |
| 2006 | USD 15.5 billion | 183,012 | 94.30% | 8.00% |
| 2007 | USD 16.9 billion | 197,324 | 94.30% | 8.00% |
| 2008 | USD 12.1 billion | 209,044 | 88.60% | 8.00% |
| 2009 | USD 15.6 billion | 217,913 | 89.80% | 8.00% |
| 2010 | USD 17.7 billion | 223,383 | 89.40% | 8.00% |
| 2011 | USD 17.6 billion | 228,726 | 88.80% | 8.00% |
| 2012 | USD 19.9 billion | 237,487 | 88.20% | 8.00% |
| 2013 | USD 23.1 billion | 247,805 | 89.40% | 8.00% |
| 2014 | USD 24.7 billion | 258,500 | 90.47% | 8.00% |
| 2015 | USD 24.5 billion | 270,987 | 88.71% | 8.00% |
| 2016 | USD 26.3 billion | 282,053 | 88.44% | 8.00% |
| 2017 | USD 30.0 billion | 294,243 | 89.05% | 8.00% |
| 2018 | USD 29.3 billion | 305,307 | 88.46% | 8.00% |
| 2019 | USD 33.8 billion | 320,064 | 89.42% | 8.00% |
| 2020 | USD 37.1 billion | 330,123 | 87.22% | 7.50% |
| 2021 | USD 44.9 billion | 345,065 | 88.50% | 7.50% |
| 2022 | USD 42.0 billion | 361,639 | 88.59% | 7.50% |
| 2023 | USD 46.2 billion | 378,960 | 89.14% | 7.50% |
| 2024 | USD 50.5 billion | 394,020 | 89.92% | 7.50% |
| 2025 | USD 56.5 billion | 409,678 | 90.75% | 7.50% |
TCDRS: asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 29.10% | 65.30% | 0.00% | 5.30% | 0.00% | 0.30% |
| 2002 | 36.00% | 58.40% | 0.00% | 5.30% | 0.00% | 0.30% |
| 2003 | 49.50% | 44.20% | 0.00% | 5.70% | 0.00% | 0.60% |
| 2004 | 52.60% | 42.20% | 0.00% | 5.10% | 0.00% | 0.10% |
| 2005 | 51.30% | 39.90% | 0.00% | 5.10% | 1.60% | 2.10% |
| 2006 | 55.00% | 34.50% | 0.10% | 5.20% | 4.70% | 0.50% |
| 2007 | 52.90% | 34.20% | 0.80% | 2.70% | 8.90% | 0.50% |
| 2008 | 44.80% | 33.50% | 2.00% | 2.90% | 10.10% | 6.70% |
| 2009 | 40.90% | 36.10% | 2.40% | 2.70% | 14.10% | 3.80% |
| 2010 | 41.00% | 32.90% | 3.60% | 3.80% | 16.30% | 0.30% |
| 2011 | 33.70% | 20.90% | 5.70% | 3.70% | 33.30% | 0.60% |
| 2012 | 35.70% | 12.80% | 6.80% | 4.60% | 37.70% | 0.50% |
| 2013 | 41.10% | 6.60% | 10.50% | 4.40% | 35.40% | 0.50% |
| 2014 | 39.52% | 5.92% | 12.64% | 4.01% | 36.31% | 0.30% |
| 2015 | 37.30% | 5.60% | 13.90% | 5.20% | 36.30% | 0.70% |
| 2016 | 35.90% | 7.40% | 15.80% | 5.30% | 31.90% | 1.60% |
| 2017 | 38.70% | 6.40% | 18.90% | 4.40% | 30.30% | 1.30% |
| 2018 | 32.50% | 5.60% | 25.30% | 4.60% | 28.80% | 3.20% |
| 2019 | 33.20% | 5.30% | 27.60% | 5.30% | 27.20% | 1.40% |
| 2020 | 31.27% | 2.90% | 33.17% | 5.99% | 23.98% | 2.70% |
| 2021 | 28.20% | 2.30% | 39.10% | 7.60% | 20.40% | 2.40% |
| 2022 | 24.72% | 2.20% | 42.74% | 7.01% | 20.82% | 2.50% |
| 2023 | 25.42% | 2.10% | 42.94% | 7.61% | 18.82% | 3.10% |
| 2024 | 24.15% | 2.00% | 42.22% | 7.48% | 18.06% | 5.09% |
| 2025 | 25.65% | 1.96% | 42.40% | 7.34% | 16.96% | 5.69% |
TCDRS: investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | 2.97% | 7.85% | 8.21% |
| 2002 | 1.60% | 5.30% | 7.30% |
| 2003 | 20.20% | 6.90% | 8.10% |
| 2004 | 12.80% | 9.20% | 9.60% |
| 2005 | 7.30% | 8.70% | 8.20% |
| 2006 | 14.00% | 11.00% | 9.40% |
| 2007 | 8.10% | 12.40% | 8.80% |
| 2008 | -28.90% | 1.20% | 4.00% |
| 2009 | 26.70% | 3.60% | 6.30% |
| 2010 | 12.80% | 4.60% | 6.70% |
| 2011 | -1.00% | 1.70% | 6.20% |
| 2012 | 12.60% | 2.40% | 7.20% |
| 2013 | 16.40% | 13.10% | 6.90% |
| 2014 | 6.80% | 9.30% | 6.30% |
| 2015 | -0.70% | 6.60% | 5.50% |
| 2016 | 7.50% | 8.40% | 4.90% |
| 2017 | 14.70% | 8.80% | 5.60% |
| 2018 | -1.90% | 5.10% | 9.00% |
| 2019 | 16.60% | 7.00% | 8.10% |
| 2020 | 10.50% | 9.30% | 7.90% |
| 2021 | 22.00% | 12.10% | 10.20% |
| 2022 | -5.80% | 7.80% | 8.30% |
| 2023 | 11.10% | 10.50% | 7.80% |
| 2024 | 10.30% | 9.20% | 8.10% |
| 2025 | 12.60% | 9.70% | 9.50% |