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North Carolina Retirement Systems
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The Department's mission is to preserve, protect and sustain North Carolina's pension and healthcare plans while generating investment returns exceeding those of comparable public pensions. It accounts for and reports on all funds deposited, invested, and disbursed through the Department, ensures financially sound debt issuance for state and local governments, and maintains the state's AAA bond rating. Its vision is to advance the performance and efficiency of the Department, with a focus on its duty of care to participants.
Source: firm website, verified Sep 27, 2026.
HQ
Raleigh, NC, US
Team · 1 people
from the firm's websiteBradford B. Briner· State Treasurer
Fund commitments · as a limited partner · 441
as of Jun 2024Private-fund positions this organization discloses in its own public filings and reports — $60.4B committed, $28.1B reported NAV. Returns are this LP's own position, net of fees.
| Fund | Manager | Vintage | Committed | NAV | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|---|---|
| LBA NC Core Industrial LP | Lba Realty | 2021 | $1.2B | $1.3B | 7.0% | 1.16x | — |
| Rockwood Multifamily Core Plus | Rockwood | 2021 | $1.1B | $1B | 0.1% | — | — |
| PAAMCO - Newport Burgundy | Pacific Alternative Asset Management Company | 2010 | $950M | $466.2M | 2.5% | 1.20x | 0.71x |
| Gresham TAP Flex | Gresham House | 2010 | $800M | $208.4M | 0.4% | — | — |
| Campbell Timber Fund III, LLC | Campbell Global | 2006 | $796.9M | $856.6M | 0.2% | — | — |
| DL Blue Diamond Fund | — | 2016 | $725M | $921.6M | — | — | — |
| AG Pisgah, L.P. | Angelo Gordon | 2016 | $600M | $457.1M | 7.9% | 1.54x | 0.78x |
| NorthRock Core Fund, L.P. | Northrock Capital | 2008 | $600M | $427.4M | 5.6% | 1.50x | 0.88x |
| BlackRock TIPS Index | BlackRock | 2015 | $500M | $67.4M | 0.9% | — | — |
| Blackstone Granite Fund - Class A - Resources Select | The Blackstone Group | 2011 | $500M | — | 0.6% | — | — |
| Blackstone Real Estate Partners X L.P. | The Blackstone Group | 2022 | $500M | $121.3M | — | — | — |
| Credit Suisse Enhanced | Credit Suisse | 2011 | $500M | — | 0.5% | — | — |
| NCL Investments II, L.P. - Outside Opportunities Series A | NCL Investments | 2018 | $500M | $487.9M | 18.6% | 2.27x | 0.55x |
| NCL Investments III LP - PE Opportunities Series A | NCL Investments | 2021 | $500M | $653.2M | 13.0% | 1.21x | — |
| BREP Edens Investment Partners L.P. | The Blackstone Group | 2013 | $487.5M | $511.5M | 4.1% | 1.41x | 0.35x |
| Marathon Currituck Fund, LP | Marathon | 2014 | $453M | $609.6M | 3.7% | 1.40x | 0.11x |
| Morgan Stanley Real Estate Fund VI, L.P. | Morgan Stanley | 2007 | $440M | — | 0.3% | — | — |
| Bayview Opportunity Offshore Fund IVb LP | Bayview Opportunity Master | 2014 | $400M | $4.7M | 3.3% | 1.53x | 1.52x |
| Blackstone Granite Fund - Class D - Bayview | The Blackstone Group | 2014 | $400M | $420.7M | 3.7% | 1.38x | — |
| Blue Sky Credit Fund LP | Blue | 2022 | $400M | $249.2M | 8.5% | 1.13x | 0.46x |
| MS Global RE Securities | Morgan Stanley | 2007 | $400M | $2K | 0.8% | 1.07x | 1.07x |
| NorthRock Fund II, L.P. | Northrock Capital | 2012 | $400M | — | 22.2% | 1.53x | 1.53x |
| NorthRock Fund II, L.P. - Core | Northrock Capital | 2016 | $400M | — | 6.9% | 1.31x | 1.31x |
| NorthRock Fund III, L.P. | Northrock Capital | 2015 | $400M | — | 3.4% | 1.14x | 1.14x |
| NorthRock Fund IV, L.P. | Northrock Capital | 2015 | $400M | $554.4M | 1.8% | 1.07x | 0.23x |
| Panther BCM | — | 2019 | $397.4M | $575M | 7.7% | 1.45x | — |
| Monarch Debt Recovery Fund | Monarch Alternative Capital | 2011 | $380M | $796.9M | 6.1% | 2.10x | — |
| NC Garnet Fund | — | 2016 | $375M | $512.3M | — | — | — |
| Blackstone SP NCRASMA | The Blackstone Group | 2014 | $371.2M | $70.7M | 1.1% | — | — |
| Anchorage Capital Partners | Anchorage Illiquid | 2011 | $350M | $91.9M | 5.7% | 1.82x | 1.57x |
| Centerbridge Special Credit Partners III | Centerbridge Partners, L.P. | 2016 | $350M | $17.3M | 9.5% | 1.31x | 1.18x |
| Centerbridge Special Credit Partners IV LP | Centerbridge Partners, L.P. | 2022 | $350M | $248.6M | 11.7% | 1.13x | 0.04x |
| HPS Cardinal Fund LP Series A | HPS Investment Partners, LLC | 2016 | $350M | $980.1M | 6.7% | 1.32x | 0.09x |
| Varde Fund XI, L.P. | The Varde | 2014 | $350M | $44.7M | 1.1% | — | — |
| Brigade LCS Fund | Brigade Capital Management | 2011 | $330M | — | 4.2% | 1.37x | 1.37x |
| BlackRock Developed | BlackRock | 2016 | $312.4M | — | 8.1% | 1.35x | 1.35x |
| JP Morgan Strategic Property Fund | General Atlantic | 2006 | $305.1M | — | 8.8% | 2.89x | 2.40x |
| Blackstone Property Partners | The Blackstone Group | 2014 | $300M | $411.8M | 6.6% | 1.49x | 0.69x |
| Blackstone Real Estate Partners IX LP | The Blackstone Group | 2019 | $300M | $332.7M | 14.3% | 1.37x | 0.35x |
| Blackstone Real Estate Partners VII | The Blackstone Group | 2011 | $300M | $46.4M | 14.9% | 1.84x | 1.69x |
| Centerbridge Special Credit Partners IV Co-invest | Centerbridge Partners, L.P. | 2023 | $300M | $120.8M | 14.8% | 1.09x | — |
| EIG Energy Fund XVII LP | EIG Global Energy Partners | 2017 | $300M | $199.8M | 0.7% | — | — |
| IFM Global Infrastructure Fund | IFM Investors | 2015 | $300M | $568.5M | 0.5% | 1.97x | 0.45x |
| Landmark Equity Partners XVI, L.P. | Landmark Partners | 2017 | $300M | $32.6M | — | — | — |
| LBA NC Core Industrial, L.P. (Legacy) | Lba Realty | 2016 | $300M | — | 16.7% | 1.97x | 1.97x |
| Lone Star Real Estate Partners II | Lone Star Japan Acquisitions | 2010 | $300M | $419K | 25.8% | 1.56x | 1.56x |
| NCL Investments II, L.P. - PE Series | NCL Investments | 2018 | $300M | $181.7M | 12.0% | 1.34x | 0.54x |
| NCL Investments III LP - RA Series | NCL Investments | — | $300M | — | — | — | — |
| Prime Storage NC LP | Prime Storage NC | — | $300M | $120M | — | — | — |
| Vermillion Celadon | — | 2011 | $300M | — | 0.8% | — | — |
| AG Global Debt Strategy Partners, L.P. | Angelo Gordon | 2008 | $279.9M | $785.4M | 8.4% | 2.83x | 0.02x |
| Claren Road Credit Fund, Ltd. | Claren Road Asset Management | 2011 | $260M | — | 1.0% | — | — |
| Benefit Street Partners Debt Funds IV LP | Benefit Street Partners | 2016 | $250M | $205.4M | 8.6% | 1.34x | 0.65x |
| Blackstone Core Equity Partners - NC LP | The Blackstone Group | 2017 | $250M | — | — | — | — |
| BLACKSTONE REAL ESTATE PARTNERS EUROPE IV LP | The Blackstone Group | 2013 | $250M | $35.4M | 11.1% | 1.43x | 1.28x |
| EIG Energy Fund XVI | EIG Global Energy Partners | 2013 | $250M | $115.5M | 0.7% | — | — |
| GSO Energy Partners - B LP | The Blackstone Group | 2013 | $250M | $19.8M | 1.1% | — | — |
| Landmark Equity Partners XV, L.P. | Landmark Partners | 2013 | $250M | $133.5M | 3.4% | 1.00x | — |
| Landmark Real Asset SMA, L.P. | Landmark Partners | 2014 | $250M | $115M | 6.6% | 1.16x | — |
| LBA NC Core Industrial II LP | Lba Realty | 2018 | $250M | — | 15.8% | 1.49x | 1.49x |
| MTP Energy Fund LP | Magnetar Capital | 2013 | $250M | — | 0.9% | — | — |
| MTP Energy Opportunities Fund II LLC | Magnetar Capital | 2015 | $250M | $1.5M | 1.0% | 1.34x | 1.33x |
| NCL Investments II, L.P. - RA Series | NCL Investments | 2018 | $250M | $152.1M | 1.0% | 1.38x | 0.52x |
| NCL Investments III LP - PE Overflow Series | NCL Investments | 2021 | $250M | $134.5M | 2.3% | 1.05x | 0.08x |
| NCL Investments III LP - PE Series | NCL Investments | 2021 | $250M | $73M | 18.7% | 1.21x | — |
| NCL Investments, L.P. - PE Series | NCL Investments | 2014 | $250M | $63.9M | 10.3% | 1.34x | 1.10x |
| NCL Investments, L.P. - RA Series | NCL Investments | 2014 | $250M | $140.2M | 0.8% | — | — |
| Panther BCM Series B | — | 2020 | $250M | $13.3M | 12.2% | 1.23x | 1.18x |
| Rockwood Development Partners | Rockwood | 2016 | $250M | $330M | 7.2% | 1.50x | — |
| GCM Grosvenor - NC Innovation Fund II | GCM Grosvenor | 2015 | $247.5M | $158.3M | 18.3% | 1.82x | 1.06x |
| Centerbridge Special Credit Partners III - Flex | Centerbridge Partners, L.P. | 2020 | $245M | $210.5M | 15.2% | 1.39x | 0.65x |
| CIGNA Realty Investors Open-End Fund | CIGNA Realty Investors | 1987 | $243.9M | — | 2.6% | 1.16x | 1.16x |
| Claren Road Credit Opportunities Partners, L.P. | Claren Road Asset Management | 2013 | $231.8M | — | 0.7% | — | — |
| GCM Grosvenor - NC Innovation Fund | GCM Grosvenor | 2010 | $230M | $50.3M | 19.6% | 1.97x | 1.75x |
| BR World REIT | — | 2016 | $227.2M | $1.1B | 2.7% | 1.12x | — |
| HC NCBR | — | 2017 | $226M | $442.5M | 10.7% | 1.95x | — |
| Apollo Investment Fund VIII | Apollo | 2013 | $220M | $65.4M | 9.0% | 1.44x | 1.15x |
| UBS Trumbull Property Fund | UBS Trumbull Property | 1984 | $215M | — | 8.6% | 2.11x | 2.11x |
| NCL Investments III LP - Outside Opportunities Series B | NCL Investments | 2021 | $210M | $20.5M | 0.0% | — | — |
| NorthCreek Fund, L.P. | — | 2011 | $205M | — | 21.3% | 3.03x | 3.03x |
| Prudential Property Investment Separate Account | Prudential Private | 2004 | $204.9M | — | 9.7% | 1.74x | 1.74x |
| AG Capital Recovery Partners VI, L.P. | Angelo Gordon | 2008 | $200M | — | 7.0% | 1.38x | 1.38x |
| BCP Special Opportunities Fund II, L.P. | BCP | 2020 | $200M | $182.5M | 10.2% | 1.21x | 0.24x |
| Blackstone Granite Fund - Class B - Commodity Pod | The Blackstone Group | 2014 | $200M | — | 1.0% | — | — |
| Blackstone NC Property Partners, L.P. | The Blackstone Group | 2014 | $200M | — | 1.0% | — | — |
| Blackstone Real Estate Partners Europe V, L.P. | The Blackstone Group | 2016 | $200M | $115.4M | 7.3% | 1.31x | 0.73x |
| Blackstone Real Estate Partners VI | The Blackstone Group | 2007 | $200M | $178K | 13.0% | 2.07x | 2.07x |
| BLACKSTONE REAL ESTATE PARTNERS VIII LP | The Blackstone Group | 2015 | $200M | $139.3M | 13.7% | 1.62x | 1.03x |
| Brookfield Infrastructure Fund II-B, L.P. | Brookfield Asset Management | 2013 | $200M | $171.1M | 1.0% | — | — |
| CVI Credit Value Fund II | CVI | 2013 | $200M | $2.6M | 8.8% | 1.46x | 1.45x |
| HG Saturn 3 Fund LP | Hg Capital | 2022 | $200M | $78.4M | 0.9% | 1.01x | — |
| Highbridge Principle Strategies Kitty Hawk Credit Fund LP | Highbridge | 2016 | $200M | $305.3M | 9.3% | 1.35x | 0.53x |
| Highbridge Specialty Loan Fund | Highbridge | 2016 | $200M | $65.5M | 9.6% | 1.24x | 0.96x |
| MTP Emerald Fund LLC - Series III | Magnetar Capital | 2023 | $200M | $33.2M | 0.1% | — | — |
| MW North Carolina Debt Fund, LLC | — | 2016 | $200M | $181.1M | 2.1% | 1.11x | 0.28x |
| NCL Investments II LP - Outside Opportunities Series B | NCL Investments | 2019 | $200M | $191.7M | 8.4% | 1.29x | 0.15x |
| NCL Investments II, L.P. - PE Overflow Series | NCL Investments | 2018 | $200M | $182.5M | 9.8% | 1.43x | 0.36x |
| North Star Investment Co-Invest | North | 2013 | $200M | $67.7M | 1.2% | — | — |
| North Star Investment Holdings LLC | North | 2012 | $200M | $21M | 1.4% | — | — |
| Northbound NCRS Fund, L.P. | North | 2015 | $200M | $231.8M | 14.8% | 2.10x | 0.78x |
Largest 100 of 441 disclosed positions. Source: NC NCRS Performance and Fee Report - performance_fee_report_fy2024. TVPI = total value / paid-in; DPI = distributions / paid-in.
Frequently asked questions
- Where is North Carolina Retirement Systems located?
- North Carolina Retirement Systems is headquartered in Raleigh, US.
Media · Podcasts & interviews
from their channelLocal Government Commission Meeting – September 1, 2026
NC DST
Manual Online Reporting Instructions
NC DST
N.C. Supplemental Retirement Board of Trustees Meeting – August 20, 2026
NC DST
Supplemental Retirement Board of Trustees Audit Subcommittee Meeting — July 13, 2026
NC DST
State Health Plan Decisions — July 10, 2026
NC DST
North Carolina Investment Authority Board Meeting — May 27, 2026
NC DST