Berkshire County Retirement System

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Berkshire County Retirement System
Basic facts
Location:	Pittsfield, Massachusetts
Top official:	Michael Ovitt, chairperson
Year founded:	1937
Active members:	1,204
Website:	Official website
Total assets under management
2023:	$332,726,708

See also: Public pensions in Massachusetts

The Berkshire County Retirement System (BCRS) is a Massachusetts state pension fund that provides retirement, disability, and survivor benefits to Berkshire County employees and their families. The Berkshire County Retirement System had $332,726,708 ($332.7 million) in total assets under management as of January 1, 2023.

The management of public pension funds can indicate support or opposition to environmental, social, and corporate governance (ESG) investment practices. ESG investing considers the extent to which corporations align with and promote certain non-financial standards, such as net carbon emission or corporate board diversity goals. States typically hire asset management companies (AMCs) to direct pension plan investments, some of which have ESG commitments that guide their strategies.

This article features the following sections:

• Background: Information about the structure and functions of the Berkshire County Retirement System.
• Pension performance overview: Overview of the funding level and assets managed by the Berkshire County Retirement System.
• Assets and asset management: Information about the asset management companies (AMCs) that contract with Berkshire County Retirement System, including a list of contracting AMCs that are participants in the Net Zero Asset Managers Initiative and the Climate Action 100+ initiative.
• Governance and accountability: Details about the Berkshire County Retirement System's oversight board, including members and selection.

Background

See also: Public pensions

The Berkshire County Retirement System (BCRS), founded in 1937, operates as a defined benefit plan based on a formula established by Massachusetts state law. These plans—based on the employee's length of service and salary— provide retirement, disability, and survivor benefits to Berkshire County employees, excluding Adams, North Adams, and Pittsfield, and their families.

BCRS served over 1,204 active members and approximately 900 retirees and beneficiaries as of January 1, 2023.

Pension performance overview

The following table features information about the funding level and assets managed by the Berkshire County Retirement System as of January 1, 2023:

Berkshire County Retirement System performance (January 1, 2023)
Fiscal year	Percent funded	Unfunded liabilities	Total assets
2023	95.4%	$15,939,896	$332,726,708

Assets and asset management

Asset management companies (AMCs) are hired to manage asset investment for state pension funds across all 50 states.

As of October 2024, 330 AMCs were members of the Net Zero Asset Managers Initiative (NZAM), and 391 AMCs were investor participants in the Climate Action 100+ initiative. Both international asset manager initiatives aimed to align the investment decisions of signatories with the goal of achieving net zero greenhouse gas emissions by 2050.

NZAM announced on January 13, 2025, that it was suspending operations and removing the commitment statement and list of signatories from its website. The group said in a statement it would reevaluate its plans and operations in light of “[r]ecent developments in the U.S. and different regulatory and client expectations in investors’ respective jurisdictions.”

List of AMCs contracting with the Berkshire County Retirement System

The Berkshire County Retirement System (BCRS) is a sub-fund under the Pension Reserves Investment Trust (PRIT). PRIT invests BCRS' assets, as well as other retirement and benefit plans for the governmental workers of Massachusetts. BCRS does not contract with its own AMCs; the AMCs for PRIT account for all its sub-funds.

PRIT contracted with 175 asset management companies (AMCs) as of June 30, 2021. Of those companies or funds, 10 were investor participants in Climate Action 100+, and 14 were members of NZAM as of 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with PRIT:

• 400 Capital Management
• Acadian Asset Management (NZAM, Climate Action 100+)
• Acon Investments
• Advent International
• Aeolus Capital Management Ltd
• AEW
• AFL - CIO Housing Investment
• Alchemy Partners
• Alta Communications
• American Industrial Partners
• American Securities
• Apollo Management Co.
• AQR Capital Management
• AQR Emerging
• Ascent Venture Partners
• Ashmore Investment Management (NZAM, Climate Action 100+)
• Austin Ventures
• Baillie Gifford (NZAM, Climate Action 100+)
• Bain Capital
• Basswood Capital Management, LLC
• Battery Ventures
• Berkshire Partners
• Blackrock Financial Management (NZAM, Climate Action 100+)
• Blackstone Capital Partners
• Brandywine Investment Management (NZAM, Climate Action 100+)
• Breakout Funds, LLC
• Bridgepoint Capital Limited
• Brigade Capital Management
• Brookfield Investment Management (NZAM)
• Cantab Capital Partners
• Canvas Capital
• Capula Investment Management
• Carlyle Partners
• Castille Ventures
• Catalyst Investors
• CBRE (NZAM)
• Centerbridge Capital
• CenterSquare Investment Mangement (Climate Action 100+)
• Charles River Ventures (Climate Action 100+)
• Charlesbank Capital Partners
• Charterhouse Capital Partners
• Chequers Partenaires
• Cirera Capital Ltd
• CKC Capital
• Community Capital Management
• Complus Asset Management Limited
• Contrarian Capital Management
• Cpyress Group
• CVC Capital
• Davidson Kempner Capital Management
• Denham Capital Management
• DLD Asset Management
• Driehaus Capital Management
• East Lodge Capital
• Eaton Vance
• El Dorado Ventures
• Elliot Management Corporation
• Elysian Capital
• Ethos Private Equity
• EW Healthcare Partners
• Exponent Private Equity Partners
• Fidelity Management Trust
• Fir Tree Partners
• First Reserve Corporation
• Flagship Pioneering
• Forest Investments Associates
• Frontier Capital Management
• Genstar Capital
• Georgian Partners
• Gilde Buy Out Partners
• Goldman Sachs Asset Management (Climate Action 100+)
• Gores Group
• GTCR Golder Rauner
• H.I.G. Capital
• Hellman & Friedman
• Highland Capital Partners
• Hony Capital
• Index Ventures
• Insight Partners (Climate Action 100+)
• Institutional Venture Partners
• InterWest Partners
• Invesco Realty Advisors (NZAM)
• Investcorp Investment Advisers
• JEN Partners
• JMI Equity
• Kelso & Company
• Kepha Partners
• Keytone Ventures
• Kohlberg Kravis Roberts & Co.
• KPS Capital Partners
• Land and Buildings Investment Management
• LaSalle Investment Management (NZAM)
• LMCG Serenitas
• Longfellow Investment Management
• Loomis, Sayles & Co., LP
• Lord, Abbett & Company
• Lowell Minnick Partners
• M/C Venture Partners
• Madison Dearborn Capital Partners
• Marathon-London
• Markel CATCo Investment Management
• Medicxi Ventures
• Menlo Ventures
• Mondrian Investment
• Montagu Private Equity
• Montreux Equity Partners
• Mudrick Capital Management
• Mygale
• Nautic Partners
• New Century Advisors
• New Enterprise Associates
• Nordic Capital
• Odyssey Investment Partners
• Olympus Growth Fund
• Onex Corporation
• PAAMCO
• PAI Partners
• Permira
• PGIM
• PIMCO
• Polaris Partners
• PRIM Board
• Providence Equity Partners
• Providence Strategic Growth
• Pugh Capital Management
• Pzena Investment Management, LLC (NZAM)
• Quad-C Management
• Quantum Energy Partners
• RBC Global Asset Management (Climate Action 100+)
• Rembrandt Venture Partners
• Rhone Group LLC
• Riverbridge Partners
• RV Capital Management
• SAIF Partners
• SCP Vitalife
• Shenkman Capital Management
• Sherbrooke Capital
• Sightway Capital
• Silver Creek Adivsory Partners
• Sofinnova Ventures, Inc.
• Spark Capital
• Spectrum Equity Partners
• State Street Global Advisors (NZAM)
• Stockbridge
• Stone Point Capital (NZAM)
• Summit Creek Advisors
• Summit Partners
• Summit Partners Public Asset Management, LLC
• SV Health Investors
• T. Rowe Price (NZAM)
• TA Associates
• Tabor Asset Management
• Technology Crossover Ventures
• Tenaska Capital Management
• The Campbell Group
• Thoma Bravo
• Thoma Cressey Partners
• Thomas H. Lee Partners
• Thompson Street Capital Partners
• TimeSquare Capital Management
• Torquest Partners
• TowerBrook Capital Partners
• TPG Capital
• Trident Capital
• Union Square Ventures
• VantagePoint Partners
• Vestar Capital Partners
• Vista Equity Managers (NZAM)
• Voya
• Wasatch
• Waterland Private Equity
• Weston Presidio Capital
• WestView Capital Partners
• Xenon Private Equity, LTD
• Xponance

Governance and accountability

This section features information about the five-member board of trustees that oversees the Berkshire County Retirement System. The board is specific to oversight of the Berkshire County Retirement System and does not exercise oversight duties for other state funds.

Board selection method

The board of trustees that oversees BCRS is made up of five members. The board is composed as follows:

“ …the first member shall be elected by the other four members for successive 6–year terms. If the first member is not chosen by the other four members within 30 days of the expiration of his term, or of any earlier vacancy in his office, the public employee retirement administration commission shall appoint the first member. …the second member shall be a member of the regional retirement board advisory council, and shall be elected by a majority of those present and voting at a public meeting of said council, properly posted, called specifically for such election pursuant to paragraph (g), for successive three-year terms. …the third member shall be elected by the membership in accordance with paragraph (h) for successive three year terms. …the fourth member shall be elected by the membership in accordance with paragraph (h) for successive three year terms. The elected members shall be active or retired members of the regional retirement system or one whose retirement is being reimbursed by that system in accordance with the provision of paragraph (c) of subdivision (8) of section 3 of chapter 32. …A fifth member, who shall not, except as provided in this subparagraph, be an employee, retiree or official of the retirement system, or of any of its constituent governmental units, shall be chosen by the other four members and serve for a term of five years; provided, however, that in the first instance, the fifth member shall be the currently serving second member, whose term of office as second member shall expire on the date of transfer. Thereafter, the fifth member shall be chosen as provided in this subparagraph. If the fifth member is not chosen provided in this subparagraph within 30 days of the expiration of his term, or of any earlier vacancy in his office, the public employee retirement administration commission shall appoint the fifth member. ”

Board of trustees membership

A five-member board of trustees oversees the operation and administration of BCRS. The following individuals served on the board as of September 2024:

• Michael Ovitt, chairperson
• Sue Funk
• Mark Bashara
• Timothy Sorrell
• Beth Matson

See also

• Public pensions in Massachusetts
• Environmental, social, and corporate governance (ESG)
• Arguments about environmental, social, and corporate governance (ESG)
• Opposition to environmental, social, and corporate governance (ESG) investing
• Reform proposals related to environmental, social, and corporate governance (ESG)
• State legislative approaches opposing ESG investing
• State legislative approaches supporting ESG investing

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