Last verified 2026-10-01

Minnesota GERF — assets, returns and funding

Q: How much does Minnesota GERF have in assets?

Minnesota GERF reported $32.6bn in total assets for fiscal year 2025, as compiled by the Public Plans Database.

Q: What return did Minnesota GERF make on its investments?

Minnesota GERF reported a 10.9% one-year investment return for fiscal year 2025, and 8.9% a year over the past ten years, per the Public Plans Database.

Q: Is Minnesota GERF fully funded?

Minnesota GERF was 87.6% funded for fiscal year 2025 — above the ~80% mark many treat as reasonably sound. US public plans face no federal funding minimum, and actuaries add that the trend matters more than any single line (Public Plans Database).

Q: How is Minnesota GERF's money invested?

Minnesota GERF held 53.0% of its assets in public equities and 24.0% in fixed income (bonds), its largest sleeves for fiscal year 2025 (Public Plans Database).

Pensions: all tracked plans · Australian super in numbers · Private market performance · the PE statistics · what plans disclose · where they diverge

Newest reported year for this plan: fiscal year 2025 — public plans publish audited figures 6–12 months after year end, and the database compiles them in batches, so this is the current public record, not a stale copy.

Minnesota GERF (Minnesota) reported $32.6bn of assets for fiscal year 2025, a one-year investment return of 10.9%, and was 87.6% funded — around the ~80% mark the industry reads as sound.

Total assets (FY 2025)	$32.6bn
1-year return	10.9%
5-year return (annualised)	10.6%
10-year return (annualised)	8.9%
Funded ratio (GASB)	87.6%

How the money is invested (asset allocation)

Minnesota GERF held 53.0% of its assets in public equities and 24.0% in fixed income (bonds) for fiscal year 2025 — the largest of 4 sleeves it reports, with the rest below:

Public equities	53.0%
Fixed income (bonds)	24.0%
Private equity	23.0%
Hedge funds	0.0%

The plans most worth reading Minnesota GERF against — similar in size, or invested in the same managers — side by side, each with its own page for the detail:

Plan	Assets	1-yr return	Funded ratio	Why comparable
Minnesota Teachers	$31.3bn	10.9%	81.6%	Same state — Minnesota
Minnesota State Employees	$19.5bn	10.9%	95.0%	Same state — Minnesota
Minnesota Police and Fire	$13.1bn	10.9%	88.6%	Same state — Minnesota
St. Paul (MN) Teachers	$1.4bn	10.8%	69.7%	Same state — Minnesota
Minneapolis (MN) ERF	$936m	18.6%	82.0%	Same state — Minnesota
Duluth (MN) Teachers	$226m	18.3%	56.9%	Same state — Minnesota

Questions this page answers

How much does Minnesota GERF have in assets?

Minnesota GERF reported $32.6bn in total assets for fiscal year 2025, as compiled by the Public Plans Database.

What return did Minnesota GERF make on its investments?

Minnesota GERF reported a 10.9% one-year investment return for fiscal year 2025, and 8.9% a year over the past ten years, per the Public Plans Database.

Is Minnesota GERF fully funded?

Minnesota GERF was 87.6% funded for fiscal year 2025 — above the ~80% mark many treat as reasonably sound. US public plans face no federal funding minimum, and actuaries add that the trend matters more than any single line (Public Plans Database).

How is Minnesota GERF's money invested?

Minnesota GERF held 53.0% of its assets in public equities and 24.0% in fixed income (bonds), its largest sleeves for fiscal year 2025 (Public Plans Database).

Figures as reported for fiscal year 2025 · Data: Public Plans Database (Center for Retirement Research at Boston College / MissionSquare Research Institute / NASRA) — used with attribution under its non-commercial terms · Refresh: quarterly pull, annual figures · Limitations: public plans report with a lag — FY figures arrive months after year end; returns are as reported by the plan, net/gross basis varies by plan

See also: all tracked plans · how the private-equity funds these plans invest in have actually performed, from the plans' own disclosures: private market performance, and where plans' numbers diverge on the same fund.