Pension master trusts

About the data

Pension master trusts. A master trust pools the assets of one employer’s pension plans under a single trustee: the plans own shares of the trust, and the trust holds the investments, private funds among them. Most large corporate plans invest this way, so their partnership interests are reported here; plans that hold partnerships directly are listed separately as corporate and union pension plans. From the Department of Labor’s Form 5500 data sets (the “Latest” files for form year 2024: each filer’s latest filing, as received through 2026-09-24), joined on the filing’s ACK_ID: Form 5500 for the name, the kind of filer, the sponsor and its city and state; Schedule H for assets. Listed are direct filing entities of two kinds (Form 5500 line A and the entity code beside it), for a fiscal year that ended in 2024 or later, with at least $25 million on Schedule H line 1c(5), “Partnership/joint venture interests”, at the end of that year; total assets is line 1f. They have no participants of their own. That line is what the filer itself holds in partnerships and joint ventures whose underlying assets are not plan assets under 29 CFR 2510.3-101, at the value it reports. It is not only private equity or venture capital: hedge funds, private credit, real estate, infrastructure, energy and timber partnerships and limited liability companies are in it too, and the form does not break it down. It leaves out partnerships that file as 103-12 investment entities (line 1c(12)), anything held through a master trust, a common or collective trust or a pooled separate account (lines 1c(9) to 1c(11), so a plan invested through its sponsor’s master trust shows little or nothing on its own line 1c(5)), and private funds a filer put on line 1c(15), “Other”. Unfunded commitments are not reported. Derived here: the choice of form year (the latest whose Schedule H file is at least 90% the size of the year before’s), the mixed-case spelling of names, the link to each filing on the Department’s public disclosure site (built from the ACK_ID), and the rounded figures in the facts. Organizations only: administrators’, signers’ and preparers’ names are not read, and a filer whose name reads as a person’s is left out. This file: master trust investment accounts (code M: a trust, or one investment account of a trust, in which the plans of one employer or of employers under common control invest; a sponsor whose trust has several accounts has several entries) and 103-12 investment entities (code E: a pooled vehicle, often a group trust or a fund of funds, whose assets count as its investors’ plan assets and which files for itself); “Entity type” says which. Common and collective trusts and pooled separate accounts, which banks and insurers run for unrelated plans, are not listed. The plans that invest through an entity here report their share of it as an interest in a master trust or in a 103-12 entity (Schedule H lines 1c(11) and 1c(12)), not on their own line 1c(5): the corporate and union pension plan files list the plans that hold partnerships directly, so nothing is counted in both. Which plans invest in which trust is on the trust’s Schedule D, not read here. The sponsor is shown when the filing names one that reads as an organization and is not the entity itself. As of September 24, 2026. Source: US Department of Labor, Form 5500 data sets (2024 Form 5500 and Schedule H).

Organizations only: no individuals are listed. A listing is a public record, not a recommendation.

Data feed: every capital source as CSV.