DFX Intelligence

Allocator Intelligence

The capital-owner graph behind private markets. Who owns the capital, who decides, how much, under what policy, on whose advice, to which managers, and what changed, with a source and a date behind every row. A target is never an actual, a disclosed holding is never an approval, and an estimate says so.

Corporate pension

The Southern Company Pension Plan

Corporate pensionAtlanta, GA
Assets
$15B
Total assets, Dec 31, 2024 reported
Funded
99.3%
Jan 1, 2024
Private markets target
n/a
policy Dec 31, 2024
Commitments
16
18 managers on Schedule C
Plan sponsor: Southern Company Services, Inc.
Allocation policy
Form 5500, as of Dec 31, 2024
Actual allocation lines without a target (as filed)
  • Interest-bearing cash 1.7%
  • Non-interest-bearing cash 0.2%
  • Corporate debt instruments (other) 11.6%
  • U.S. Government securities 11.3%
  • Other investments 0.6%
  • Partnership/joint venture interests 14.8%
  • Common/collective trusts 13.0%
  • Pooled separate accounts 1.2%
  • Registered investment companies 12.4%
  • Common stock 29.4%
  • Preferred stock 0.1%
  • Real estate (other than employer real property) 2.1%
Consultants and advisers
7 firms
People
No investment staff or executives have been read for this allocator yet.
Manager roster
3 managers on the commitment tape
From the plan’s own commitment disclosures
From Schedule C (investment management, code 28)
Commitments
16 rows, 0 dated closings
Disclosed holdings (from the plan’s performance or holdings report, as of the report date)
DateFundManagerBucketAmountVintageStatusSource
as of Dec 31, 2024Rhumbline S & P 500 Index Fundcollective trustRhumbline Advisers CorpPooled vehicles$449M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024CG Long Duration Credit Trust UScollective trustCapital Guardian Trust CompanyPrivate credit$814M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024Aberdeen Emerging Markets Equity Fdcollective trustAberdeenPublic equity$358M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024The Small Cap Value Subtrustcollective trustDFA - the Small Cap SubtrustPublic equity$104M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024Arrowstreet Global Equity Acwi Citcollective trustArrowstreet GlobalPublic equity$271M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023Rhumbline S & P 500 Index Fundcollective trustRhumbline Advisers CorpPooled vehicles$402M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023CG Long Duration Credit Trust UScollective trustCapital Guardian Trust CompanyPrivate credit$799M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023Aberdeen Emerging Markets Equity Fdcollective trustAberdeenPublic equity$339M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023The Small Cap Value Subtrustcollective trustDFA - the Small Cap SubtrustPublic equity$96.2M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023Arrowstreet Global Equity Acwi Citcollective trustArrowstreet GlobalPublic equity$251M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2022Rhumbline S & P 500 Index Fundcollective trustRhumbline Advisers CorpPooled vehicles$279M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2022CG Long Duration Credit Trust UScollective trustCapital Guardian Trust CompanyPrivate credit$9.3M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2022CG Global High Inc Oppty Trust UScollective trustCapital Guardian Trust CompanyPooled vehicles$614M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2022Aberdeen Emerging Markets Equity Fdcollective trustAberdeenPublic equity$316M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2022The Small Cap Value Subtrustcollective trustDFA - the Small Cap SubtrustPublic equity$106M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2022Arrowstreet Global Equity Acwi Citcollective trustArrowstreet GlobalPublic equity$312M heldDisclosed holdingaskebsa.dol.gov
Size and funding
33 readings
Total assets
$15B Dec 31, 2024 reported Form 5500
$16B (2023-12) · $15B (2022-12)
Plan assets
$15B Jan 1, 2024 reported Form 5500
$14B (2023-01) · $17B (2022-01)
Net assets
$15B Dec 31, 2024 reported Form 5500
$15B (2023-12) · $15B (2022-12)
Funded ratio
99.3% Jan 1, 2024 reported Form 5500
105.5% (2023-01) · 107.4% (2022-01)
Funding target
$11B Jan 1, 2024 reported Form 5500
$11B (2023-01) · $11B (2022-01)
Discount rate
5.23% Jan 1, 2024 reported Form 5500
5.30% (2023-01) · 5.47% (2022-01)
Participants
57,548 Jan 1, 2024 reported Form 5500
56,866 (2023-01) · 56,660 (2022-01)
Contributions
$0 Dec 31, 2024 reported Form 5500
$0 (2023-12) · $0 (2022-12)
Benefits paid
$676M Dec 31, 2024 reported Form 5500
$704M (2023-12) · $642M (2022-12)
Net investment income
$-95.2M Dec 31, 2024 reported Form 5500
$500M (2023-12) · $-3.2B (2022-12)
Investment management fees
$57.8M Dec 31, 2024 reported Form 5500
$62.6M (2023-12) · $71.5M (2022-12)
Form 5500 filings
3 plan years
Plan yearParticipantsAssets (SB market)Funding targetFTAPTotal assets (H)Partnerships / JVMaster trustReal estate
2024 to Dec 31, 202457,548$15B$11B99.3%$15B$2.3Bn/a$325M
2023 to Dec 31, 202356,866$14B$11B105.5%$16B$2.1Bn/a$305M
2022 to Dec 31, 202256,660$17B$11B107.4%$15B$2.0Bn/a$241M
Service providers and investment entities as filed (Schedule C and D, latest year first)
What changed
52 events
  • Dec 31, 2024Manager relationship endedinference
    Edison Partners X no longer appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2024 vs 2023)
    with Edison Partners Xaskebsa.dol.gov
  • Dec 31, 2024Manager relationship endedinference
    Sentinel Continuation Fund I LP no longer appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2024 vs 2023)
    with Sentinel Continuation Fund I LPaskebsa.dol.gov
  • Dec 31, 2024Manager relationship started
    Aterien Investment Partners IV appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2024 vs 2023)
    with Aterien Investment Partners IVaskebsa.dol.gov
  • Dec 31, 2024Manager relationship endedinference
    Parkergale Capital no longer appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2024 vs 2023)
    with Parkergale Capitalaskebsa.dol.gov
  • Dec 31, 2024Manager relationship started
    Institutional Limit Partners appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2024 vs 2023)
    with Institutional Limit Partnersaskebsa.dol.gov
  • Dec 31, 2024Manager relationship endedinference
    Stockbridge Smart Markets no longer appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2024 vs 2023)
    with Smart Markets Fund, LPaskebsa.dol.gov
  • Dec 31, 2024Manager relationship endedinference
    Sun Capital V no longer appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2024 vs 2023)
    with Sun Capital Vaskebsa.dol.gov
  • Dec 31, 2024Manager relationship endedinference
    Pathlight Capital Fd I no longer appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2024 vs 2023)
    with Pathlight Capital Fd Iaskebsa.dol.gov
  • Dec 31, 2024Manager relationship started
    Quantum Capital Solutions II Co-Inv appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2024 vs 2023)
    with Quantum Capital Solutions II Co-Invaskebsa.dol.gov
  • Dec 31, 2024Manager relationship started
    Bain Capital Asia Fund IV appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2024 vs 2023)
    with Bain Capital Asia Fund IVaskebsa.dol.gov
  • Dec 31, 2024Manager relationship started
    HIG Advantage Buyout Fund II appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2024 vs 2023)
    with HIG Advantage Buyout Fund IIaskebsa.dol.gov
  • Dec 31, 2024Manager relationship endedinference
    AON Consulting, Inc. no longer appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2024 vs 2023)
    with Aonaskebsa.dol.gov
  • Dec 31, 2024Manager relationship started
    FTV IV LP appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2024 vs 2023)
    with FTV IV LPaskebsa.dol.gov
  • Dec 31, 2024Manager relationship started
    Resa Re Allegis appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2024 vs 2023)
    with Resa Re Allegisaskebsa.dol.gov
  • Dec 31, 2024Manager relationship started
    PWC Mgt Consulting Co Ltd appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2024 vs 2023)
    with Pricewaterhousecoopers LLPaskebsa.dol.gov
  • Dec 31, 2024Manager relationship started
    Ponoi appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2024 vs 2023)
    with Ponoiaskebsa.dol.gov
  • Dec 31, 2024Manager relationship started
    Edison Partners VII appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2024 vs 2023)
    with Edison Partners VIIaskebsa.dol.gov
  • Dec 31, 2024Consultant changedinference
    Bloomberg no longer appears on The Southern Company Pension Plan's Schedule C as investment adviser (plan) (plan year 2024 vs 2023)
    with Bloomberg L.P.askebsa.dol.gov
  • Dec 31, 2024Manager relationship started
    Aterian Investment Partner, IV LP appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2024 vs 2023)
    with Aterian Investment Partner, IV LPaskebsa.dol.gov
  • Dec 31, 2024Manager relationship endedinference
    Lead Edge Capital V no longer appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2024 vs 2023)
    with Lead Edge Capital Vaskebsa.dol.gov
  • Dec 31, 2024Manager relationship started
    Lion Industrial Trust appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2024 vs 2023)
    with Lion Industrial Trustaskebsa.dol.gov
  • Dec 31, 2024Manager relationship endedinference
    Private Equity Partners 2004 Direct no longer appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2024 vs 2023)
    with Private Equity Partners 2004 Directaskebsa.dol.gov
  • Dec 31, 2024Manager relationship endedinference
    S Fund LP no longer appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2024 vs 2023)
    with S Fund LPaskebsa.dol.gov
  • Dec 31, 2024Manager relationship endedinference
    UBS Trumbull Property no longer appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2024 vs 2023)
    with UBS Realty Investors LLCaskebsa.dol.gov
  • Jan 1, 2024Funded status changed
    The Southern Company Pension Plan funded ratio 105.5% -> 99.3% (2023-01-01 to 2024-01-01)
    askebsa.dol.gov
  • Dec 31, 2023Holding endedinference
    The Southern Company Pension Plan no longer reports CG Global High Inc Oppty Trust US (Capital Guardian Trust Company) (last held $614M at 2022-12-31; absent from the 2023-12-31 filing)
    with Capital Guardian Trust Companyaskebsa.dol.gov
  • Dec 31, 2023Manager relationship endedinference
    Dimensional Fund Advisors LP no longer appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Dimensional Fund Advisors, LPaskebsa.dol.gov
  • Dec 31, 2023Manager relationship started
    Private Equity Partners 2004 Direct appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Private Equity Partners 2004 Directaskebsa.dol.gov
  • Dec 31, 2023Manager relationship started
    CAP Partners V LP appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with CAP Partners V LPaskebsa.dol.gov
  • Dec 31, 2023Manager relationship started
    S Fund LP appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with S Fund LPaskebsa.dol.gov
  • Dec 31, 2023Manager relationship started
    Sentinel Continuation Fund I LP appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Sentinel Continuation Fund I LPaskebsa.dol.gov
  • Dec 31, 2023Manager relationship started
    Goldner Hawn Fund Viii LP appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Goldner Hawn Fund Viii LPaskebsa.dol.gov
  • Dec 31, 2023Manager relationship endedinference
    Falconhead Capital Partners II no longer appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Falconhead Capital Partners IIaskebsa.dol.gov
  • Dec 31, 2023Manager relationship endedinference
    Bain Capital Europe Fd IV no longer appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Bain Capital Europe Fd IVaskebsa.dol.gov
  • Dec 31, 2023Manager relationship started
    Sentinel Capital Partners Viii LP appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Sentinel Capital Partners Viii LPaskebsa.dol.gov
  • Dec 31, 2023Manager relationship endedinference
    SVB Capital Partners IV no longer appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with SVB Capital Partners IVaskebsa.dol.gov
  • Dec 31, 2023Manager relationship endedinference
    Bain Capital Asia Fund IV no longer appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Bain Capital Asia Fund IVaskebsa.dol.gov
  • Dec 31, 2023Manager relationship started
    Sentinal Junior Capital II LP appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Sentinal Junior Capital II LPaskebsa.dol.gov
  • Dec 31, 2023Manager relationship endedinference
    Capital International no longer appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Capital International, Inc.askebsa.dol.gov
  • Dec 31, 2023Manager relationship started
    Allegis appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Allegisaskebsa.dol.gov
  • Dec 31, 2023Manager relationship endedinference
    FTV IV. LP no longer appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with FTV IV LPaskebsa.dol.gov
  • Dec 31, 2023Manager relationship endedinference
    HIG Europe Capital Partners III no longer appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with HIG Europe Capital Partners IIIaskebsa.dol.gov
  • Dec 31, 2023Manager relationship started
    Edison Partners X appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Edison Partners Xaskebsa.dol.gov
  • Dec 31, 2023Manager relationship started
    Pathlight Capital Evergreen Fund appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Pathlight Capital Evergreen Fundaskebsa.dol.gov
  • Dec 31, 2023Manager relationship started
    Genstar Capital Partners Xi LP appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Genstar Capital Partners Xi LPaskebsa.dol.gov
  • Dec 31, 2023Manager relationship started
    Brookfield Senior Mezzanine Real Es appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Brookfield Senior Mezzanine Real Esaskebsa.dol.gov
  • Dec 31, 2023Manager relationship started
    Centerbridge Special Credit Partner appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Centerbridge Special Credit Partneraskebsa.dol.gov
  • Dec 31, 2023Manager relationship started
    Aterian Investment Partners III LP appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Aterian Investment Partners III LPaskebsa.dol.gov
  • Dec 31, 2023Manager relationship started
    Sentinel Capital Partners, VII appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Sentinel Capital Partners, VIIaskebsa.dol.gov
  • Dec 31, 2023Manager relationship started
    HIG Capital Partners VI, LP appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with HIG Capital Partners VI, LPaskebsa.dol.gov
  • Dec 31, 2023Manager relationship endedinference
    FTV V, L.P. no longer appears on The Southern Company Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with FTV V, L.P.askebsa.dol.gov
  • Jan 1, 2023Assets changed
    The Southern Company Pension Plan plan assets $17.2B -> $14.2B (-17.5%, 2022-01-01 to 2023-01-01)
    askebsa.dol.gov
Board record: approvals, recommendations, searches, terminations and re-up prospects for this system.
Provenance
Identifiers: EIN-PN 630274273-001
Cross-graph: no entry on another DFX graph
First observed Sep 15, 2026, last observed Sep 15, 2026. Classification confirmed. Every row above carries its source; a reported figure is the subject’s own, a derived one is arithmetic on reported figures, an estimated one is a model or a survey imputation and is never summed into a headline.