The South Carolina Retirement System Investment Commission announced Monday it achieved an 11.34% investment return for the 2025 fiscal year that ended June 30. Assets managed by the RSIC grew to $50.34 billion, up from $44.87 billion.
RSIC CEO Michael Hitchcock noted in a statement that performance in the fiscal year was driven by strong public equity returns.
“However, in times of strong market performance, it is incumbent upon us as long-term investors to focus our efforts on ensuring that the portfolio is well positioned for all market conditions,” Hitchcock said in the statement.
Over the past three, five and 10 years, RSIC assets returned 9.54%, 10.84% and 7.65% annualized, respectively.
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“Our strong relative performance highlights the team’s disciplined execution of our investment playbook,” RSIC Interim CIO Bryan Moore said in a statement. “The team remains energized to build on this momentum as we begin implementing our newly approved Strategic Asset Allocation that went into effect on July 1, 2025.”
The new asset allocation slightly increases the fund’s target allocation to private equity and private debt, while slightly reducing its target to public equity and bonds.
Under the previous policy, public equity had a 46% target, and bonds had a 26% target, while real assets, private equity and private debt had targets of 12%, 9% and 7%, respectively. The new policy reduces the target for public equity to 43% and the target for bonds to 25%, while increasing private equity to 12%, increasing private debt to 8% and leaving real assets unchanged.
RSIC announced in July that then-CIO Geoffrey Berg would depart the pension fund. Last week, he was named CIO of the University of Rochester endowment.
The RSIC manages assets of South Carolina’s public defined benefit pension plans, including the South Carolina Retirement System, the Police Officers Retirement System, the Judges and Solicitors Retirement System, the General Assembly Retirement System and the National Guard Retirement System.
In total, the RSIC manages assets for more than 700,000 beneficiaries.
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Tags: RSIC, South Carolina Retirement System Investment Commission
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