DFX Intelligence

Allocator Intelligence

Hawaii Employees' Retirement System

State retirement systemstate general· Hawaii

State retirement system, based in Hawaii, reporting $24B in assets, for 156,904 participants.

Composed from this allocator's classification, location and filed figures.

Assets
$24B
Fund commitments
366
Managers
108
View relationshipsAsk DFX about this allocator
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Investment staff
Open searchesPlans backing its top managerSimilar plans, same strategyCommitments (366)Allocation policyManagers
As of · the latest dated event for this allocator; each figure carries its own filing or report date

What may matter next

A pattern DFX replayed against history, using only what was known on each date, points at this record. The rate belongs to the pattern, not to this entity; what already happened is below.

Allocators · Re-upWindow to Sep 2027

Hawaii Employees' Retirement System

Emerging

Watch for: commits to the successor fund by Sep 2027.

What DFX sees in the record
  • DerivedHawaii Employees' Retirement System holds a named organisation 18, L.P. and the manager's next fund in that series, a named organisation 19, L.P., is open (fundraising).
  • DerivedNo commitment to the new fund appears on the plan's filings yet.
Why it matters

This allocator committed to the prior fund of a series that now has a successor fund. Existing LPs are the first calls in any raise, so this is the re-up list for the GP, and for a competing GP it shows whose capital may be in play.

Who this is for

GPs raising a successor fund, placement agents, and competing GPs in the same strategy.

Can you reach them

Decision maker identified; on file: LinkedIn.

Read with care: the rate belongs to the pattern, not to this one; it is not a forecast.

How the pattern measured, and every other entity on it: re-up prospects.
Allocators · Re-upWindow to Sep 2027

Hawaii Employees' Retirement System

Emerging

Watch for: commits to the successor fund by Sep 2027.

What DFX sees in the record
  • DerivedHawaii Employees' Retirement System holds a fund and the manager's next fund in that series, a fund, is open (newly closed).
  • DerivedNo commitment to the new fund appears on the plan's filings yet.

Why it matters, who it is for and how to reach them: as on the card above.

Read with care: the rate belongs to the pattern, not to this one; it is not a forecast.

How the pattern measured, and every other entity on it: re-up prospects.
Allocators · Re-upWindow to Sep 2027

Hawaii Employees' Retirement System

Emerging

Watch for: commits to the successor fund by Sep 2027.

What DFX sees in the record
  • DerivedHawaii Employees' Retirement System holds a fund and the manager's next fund in that series, a fund, is open (fundraising).
  • DerivedNo commitment to the new fund appears on the plan's filings yet.

Why it matters, who it is for and how to reach them: as on the card above.

Read with care: the rate belongs to the pattern, not to this one; it is not a forecast.

How the pattern measured, and every other entity on it: re-up prospects.
Allocators · Re-upWindow to Sep 2027

Hawaii Employees' Retirement System

Emerging

Watch for: commits to the successor fund by Sep 2027.

What DFX sees in the record
  • DerivedHawaii Employees' Retirement System holds a fund and the manager's next fund in that series, a fund, is open (fundraising).
  • DerivedNo commitment to the new fund appears on the plan's filings yet.

Why it matters, who it is for and how to reach them: as on the card above.

Read with care: the rate belongs to the pattern, not to this one; it is not a forecast.

How the pattern measured, and every other entity on it: re-up prospects.
Allocators · Re-upWindow to Sep 2027

Hawaii Employees' Retirement System

Emerging

Watch for: commits to the successor fund by Sep 2027.

What DFX sees in the record
  • DerivedHawaii Employees' Retirement System holds a named organisation 5, L.P. and the manager's next fund in that series, a named organisation 6, L.P., is open (fundraising).
  • DerivedNo commitment to the new fund appears on the plan's filings yet.

Why it matters, who it is for and how to reach them: as on the card above.

Read with care: the rate belongs to the pattern, not to this one; it is not a forecast.

How the pattern measured, and every other entity on it: re-up prospects.

What matters now

  1. 7
    re-up prospects

    7 re-up prospects were flagged in the last twelve months: managers it backed raising a successor fund.

    Managers it already backs are raising again; a re-up decision is coming.

    Inferencea successor fund observed for a manager the plan backsRe-up prospects →

105 more managers, 363 more commitments and 374 more dated events

Every figure, date and source on this page is shown. The names behind them, and every related record, open with the complete profile.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Capital path

who backs this record, through what, into what; each name opens its own path
Who decides
Hawaii Employees' Retirement System
Funds committed to
All 283
Managers
All 108

Relationship network

430 connected entities200 observed commitments39 repeat counterparties$7.5B disclosed commitments (200 commitments)15 dated commitments shown here, 2025

From board minutes, annual reports, Form 5500 filings and public records of commitments, consultants and staff in the allocator graph. Commitment amounts are those the allocator disclosed; many are not printed, and none is estimated.

Some relationships on this record are counted rather than named here. They open with the full profile.

Click any name or line for the commitments and sources behind it. Line weight is commitments together; dashed lines are inferred.

What stands out
Reading the network
  • Sponsor
  • Fund or vehicle
  • Service provider
  • Person
›How strength and recency are read

Managers, funds and consultants are read from the commitments: three or more is a strong observed relationship, two a repeat counterparty. No consultant link is marked current on the source, so none is labelled current or former here. Related plans, people and plan service providers are ordered by what the filing shows.

Darker lines were active in the last 24 months or are current; lighter lines are older or undated.

Size, funding, policy and commitments, with their basesState retirement systemShow
State retirement system
Assets
$24B
Total assets, Jun 30, 2024 derived
Funded
not on record
not filed
Private markets target
0.0%
policy Jun 30, 2024
Commitments
366
96 managers on Schedule C

Allocation policy

ACFR, as of Jun 30, 2024
Asset class (as printed)BucketTargetRangeActualGapBasis
Opportunities / OtherOther0.0%reported ers.ehawaii.gov
Policy periods on the tape: Jun 30, 2024 (ACFR), Jan 1, 2024 (ACFR), Jul 1, 2022 (ACFR). Target changes between periods are on the what changed list.

Consultants and advisers

2 firms

People

2 roles
Chief investment officer
Kristin Varela
Chief Investment Officer (Jun 30, 2024) ers.ehawaii.gov
KRISTIN VARELA, Chief Investment Officer

Manager roster

108 managers on the commitment tape
From the plan’s own commitment disclosures

+105 more managers received commitments

Every name, record and relationship behind this count, with the source on each.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

What changed

379 events
  • Sep 24, 2026re up prospect resolvedreport dateinference
    Re-up prospect for Resolute Fund VII, L.P.: condition no longer holds; not judged
    with TJC LP
  • Sep 24, 2026re up prospect resolvedreport dateinference
    Re-up prospect for Threshold Ventures V, L.P.: condition no longer holds; not judged
    with Threshold Management, LLC
  • Sep 24, 2026re up prospect resolvedreport dateinference
    Re-up prospect for GTCR Fund XV/B LP: condition no longer holds; not judged
    with Gtcr LLC
  • Sep 24, 2026Re-up prospectreport dateinference
    Hawaii Employees' Retirement System holds U.S. Venture Partners VII, L.P. ($6M); the manager is raising: U.S. Venture Partners XIV, L.P. (fundraising, seen 2026-09-24); no commitment to it on the graph; 6 fund(s) of the series between them not held either
    with U.S. Venture Partners
  • Sep 24, 2026Re-up prospectreport dateinference
    Hawaii Employees' Retirement System holds Spark Capital VIII, L.P. ($15M); the manager is raising: Spark Capital IX, L.P. (fundraising, seen 2026-09-24); no commitment to it on the graph
    with Spark Capital

+374 more dated events

Every name, record and relationship behind this count, with the source on each.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Board record: approvals, recommendations, searches, terminations and re-up prospects for this system.

Commitments

366 rows, 0 dated closings
DateFundManagerBucketAmountVintageStatusSource
as of Dec 31, 2025Kaala Commonfund Capital, L.P.CF Private Equity, Inc.Venture$200M2022Disclosed holdingers.ehawaii.gov
as of Dec 31, 2025Charterhouse Capital Partners XII, L.P.unresolvedPrivate equity$104M2025Disclosed holdingers.ehawaii.gov
as of Dec 31, 2025Stone Point Fund X, L.P.unresolvedPrivate equity$100M2025Disclosed holdingers.ehawaii.gov

+363 more commitments

Every fund and manager this allocator committed to, with the amount, date and source on each.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Size and funding

46 readings
Total assets
$24B Jun 30, 2024 derived Census ASPP
$22B (2023-06) · $22B (2022-06)
Fiduciary net position
$24B Jun 30, 2024 reported ACFR
$22B (2022-06)
Long-term investments
$23B Jun 30, 2024 reported Census ASPP
$22B (2023-06) · $21B (2022-06)
Total pension liability
$13B Jun 30, 2022 derived Census ASPP
Discount rate
7.00% Jun 30, 2024 reported Census ASPP
7.00% (2022-06)
Participants
156,904 Jun 30, 2024 derived Census ASPP
128,213 (2023-06) · 152,127 (2022-06)
Active members
65,337 Jun 30, 2024 derived Census ASPP
64,243 (2023-06) · 64,234 (2022-06)
Beneficiaries
55,820 Jun 30, 2024 reported Census ASPP
54,973 (2023-06) · 53,990 (2022-06)
Benefits paid
$1.9B Jun 30, 2024 reported Census ASPP
$1.8B (2023-06) · $1.7B (2022-06)
Investment expense
$174M Jun 30, 2024 reported Census ASPP
$154M (2023-06) · $213M (2022-06)

Provenance

Identifiers: Census PID6 226219
Cross-graph: no entry on another DFX graph
First observed Sep 15, 2026, last observed Oct 1, 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.

Not yet on record: funded ratio, private markets allocation target.

Capital chain

Hawaii Employees' Retirement System sits on 717 traced paths of capital across the graphs.

Allocator to PE fund to manager to companyAllocator to VC fund to manager to company

DFX traced 717 paths of capital through this record

Every record on each path, what it committed or lent, and as of when.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.

Checking your plan…

Record history

380 dated events on the change ledger, latest event first
  • Re up prospect resolved
    2026-09-24
  • Re up prospect resolved
    2026-09-24
  • Re up prospect resolved
    2026-09-24

+377 more changes on this record's ledger

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.

›Connections

every published relationship on the graph

+381 connections on the graph

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.