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

Black Hills Retirement Plan

Corporate pensionRapid City, SD
Assets
$272M
Total assets, Dec 31, 2024 reported
Funded
87.2%
Jan 1, 2024
Private markets target
n/a
policy Dec 31, 2024
Commitments
43
none on the tape
Plan sponsor: Black Hills Corporation
Allocation policy
Form 5500, as of Dec 31, 2024
Actual allocation lines without a target (as filed)
  • Other investments 2.8%
  • Common/collective trusts 96.5%
Consultants and advisers
5 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
Commitments
43 rows, 0 dated closings
Disclosed holdings (from the plan’s performance or holdings report, as of the report date)
DateFundManagerBucketAmountVintageStatusSource
as of Dec 31, 2024Jpmcb Strategic Property Fundcollective trustJ.P. Morgan ChaseReal estate$3.9M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024AON Multi-Asset Credit Fundcollective trustAON Trust Company LLCPrivate credit$7.6M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024AON Global Real Estate Fundcollective trustAON Trust Company LLCReal estate$952,810 heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024AON Long Credit Bond Fundcollective trustAON Trust Company LLCPrivate credit$159M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024AON Small Cap Equity Index Fundcollective trustAON Trust Company LLCPublic equity$3.7M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024AON High Yield Plus Fundcollective trustAON Trust Company LLCFixed income$785,329 heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024AON Large Cap Equity Index Fundcollective trustAON Trust Company LLCPublic equity$21.1M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024AON Non-Us Equity Index Fundcollective trustAON Trust Company LLCPublic equity$13.1M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024AON US Intermediate Governmentcollective trustAON Trust Company LLCPooled vehicles$406,948 heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024AON Long Government Bond Index Fundcollective trustAON Trust Company LLCFixed income$2.2M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024AON Global Equity Fundcollective trustAON Trust Company LLCPublic equity$12.7M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024AON Core Real Estate Fundcollective trustAON Trust Company LLCReal estate$11.0M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024NT Collective Short Term Investmentcollective trustNorthern Trust Collective Eafe IndeCash$5.4M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024Nisa Ultra Long Treasury Cifcollective trustGlobal Trust CompanyFixed income$6.3M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024Nisa Ultra Mid Treasury Cifcollective trustGlobal Trust CompanyFixed income$14.9M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023Jpmcb Strategic Property Fundcollective trustJ.P. Morgan ChaseReal estate$4.5M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023AON Multi-Asset Credit Fundcollective trustAON Trust Company LLCPrivate credit$6.8M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023AON Global Real Estate Fundcollective trustAON Trust Company LLCReal estate$166,432 heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023AON Long Credit Bond Fundcollective trustAON Trust Company LLCPrivate credit$193M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023AON Small Cap Equity Index Fundcollective trustAON Trust Company LLCPublic equity$2.9M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023AON High Yield Plus Fundcollective trustAON Trust Company LLCFixed income$719,245 heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023AON Large Cap Equity Index Fundcollective trustAON Trust Company LLCPublic equity$16.9M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023AON Non-Us Equity Index Fundcollective trustAON Trust Company LLCPublic equity$11.7M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023AON US Intermediate Governmentcollective trustAON Trust Company LLCPooled vehicles$181,117 heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023AON Long Government Bond Index Fundcollective trustAON Trust Company LLCFixed income$2.9M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023AON Global Equity Fundcollective trustAON Trust Company LLCPublic equity$11.0M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 202320+ Yr U S Treas Stripscollective trustAON Trust Company LLCPooled vehicles$31.4M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023AON Core Real Estate Fundcollective trustAON Trust Company LLCReal estate$11.9M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023NT Collective Short Term Investmentcollective trustNorthern Trust Collective Eafe IndeCash$6.6M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2022Jpmcb Strategic Property Fundcollective trustJ.P. Morgan ChaseReal estate$5.6M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2022AON Multi-Asset Credit Fundcollective trustAON Trust Company LLCPrivate credit$6.6M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2022AON Global Real Estate Fundcollective trustAON Trust Company LLCReal estate$149,191 heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2022AON Long Credit Bond Fundcollective trustAON Trust Company LLCPrivate credit$209M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2022AON Small Cap Equity Index Fundcollective trustAON Trust Company LLCPublic equity$3.0M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2022AON High Yield Plus Fundcollective trustAON Trust Company LLCFixed income$640,353 heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2022AON Large Cap Equity Index Fundcollective trustAON Trust Company LLCPublic equity$18.0M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2022AON Non-Us Equity Index Fundcollective trustAON Trust Company LLCPublic equity$12.6M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2022AON US Intermediate Governmentcollective trustAON Trust Company LLCPooled vehicles$173,618 heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2022AON Long Government Bond Index Fundcollective trustAON Trust Company LLCFixed income$2.1M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2022AON Global Equity Fundcollective trustAON Trust Company LLCPublic equity$11.4M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 202220+ Yr U S Treas Stripscollective trustAON Trust Company LLCPooled vehicles$23.7M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2022AON Core Real Estate Fundcollective trustAON Trust Company LLCReal estate$15.8M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2022NT Collective Short Term Investmentcollective trustNorthern Trust Collective Eafe IndeCash$6.4M heldDisclosed holdingaskebsa.dol.gov
Size and funding
33 readings
Total assets
$272M Dec 31, 2024 reported Form 5500
$311M (2023-12) · $323M (2022-12)
Plan assets
$311M Jan 1, 2024 reported Form 5500
$323M (2023-01) · $458M (2022-01)
Net assets
$272M Dec 31, 2024 reported Form 5500
$311M (2023-12) · $323M (2022-12)
Funded ratio
87.2% Jan 1, 2024 reported Form 5500
85.6% (2023-01) · 105.8% (2022-01)
Funding target
$341M Jan 1, 2024 reported Form 5500
$358M (2023-01) · $360M (2022-01)
Discount rate
5.07% Jan 1, 2024 reported Form 5500
5.20% (2023-01) · 5.36% (2022-01)
Participants
1,816 Jan 1, 2024 reported Form 5500
2,045 (2023-01) · 2,248 (2022-01)
Contributions
$1.8M Dec 31, 2024 reported Form 5500
$2.3M (2023-12) · $0 (2022-12)
Benefits paid
$39.1M Dec 31, 2024 reported Form 5500
$41.7M (2023-12) · $36.6M (2022-12)
Net investment income
$-38.9M Dec 31, 2024 reported Form 5500
$-12.3M (2023-12) · $-135M (2022-12)
Investment management fees
$362,189 Dec 31, 2024 reported Form 5500
$412,067 (2023-12) · $509,713 (2022-12)
Form 5500 filings
3 plan years
Plan yearParticipantsAssets (SB market)Funding targetFTAPTotal assets (H)Partnerships / JVMaster trustReal estate
2024 to Dec 31, 20241,816$311M$341M87.2%$272Mn/an/an/a
2023 to Dec 31, 20232,045$323M$358M85.6%$311Mn/an/an/a
2022 to Dec 31, 20222,248$458M$360M105.8%$323Mn/a$0n/a
Service providers and investment entities as filed (Schedule C and D, latest year first)
  • AON Consulting codes 16 50 $720,752 PY2024
  • AON Investments USA Inc codes 16 50 $335,970 PY2024
  • The Northern Trust Company codes 21 50 $56,284 PY2024
  • Deloitte & Touche LLP codes 10 50 $54,201 PY2024
  • Thompson Hine LLP codes 29 50 $29,015 PY2024
  • JP Morgan Investment Managment Inc codes 27 28 50 51 $26,219 PY2024
  • Ahgt High Yield Plus Bond Sched. D C $785,329 PY2024
  • Large Cap Equity Index Fd Sched. D C $21.1M PY2024
  • NON US Equity Index Sched. D C $13.1M PY2024
  • US Intermediate Government Bond Sched. D C $406,948 PY2024
  • US Long Government Bond Index Fd Sched. D C $2.2M PY2024
  • Global Equity Fund Sched. D C $12.7M PY2024
  • Jpmcb Strategic Property Fund Sched. D C $3.9M PY2024
  • Multi Asset Credit Class-I Sched. D C $7.6M PY2024
  • AGT Global Real Estate Sched. D C $952,810 PY2024
  • AGT US Long Fixed Active Credit Sched. D C $159M PY2024
  • AGT US Small-Mid Cap Active Eq Sched. D C $3.7M PY2024
  • AON 20+ Yr US Treas Strips Sched. D C PY2024
  • AON Core Real Estate- Classs I Sched. D C $11.0M PY2024
  • NT Collective Short Term Invt Fd Sched. D C $5.4M PY2024
  • Nisa Ultra Long Treasury Cif Sched. D C $6.3M PY2024
  • Nisa Ultra Mid Treasury Cif Sched. D C $14.9M PY2024
  • AON Consulting, Inc. codes 11 PY2024
  • AON Consulting codes 16 50 $524,197 PY2023
  • AON Investments USA Inc codes 16 50 $380,953 PY2023
  • The Northern Trust Company codes 21 50 $56,454 PY2023
  • Deloitte & Touche LLP codes 10 50 $51,720 PY2023
  • JP Morgan Investment Managment Inc codes 27 28 50 51 $31,114 PY2023
  • Thompson Hine LLP codes 29 50 $21,499 PY2023
  • Large Cap Equity Index Fd Sched. D C $16.9M PY2023
  • NON US Equity Index Sched. D C $11.7M PY2023
  • US Intermediate Government Bond Sched. D C $181,117 PY2023
  • AON Core Real Estate- Classs I Sched. D C $11.9M PY2023
  • Jpmcb Strategic Property Fund Sched. D C $4.5M PY2023
  • Multi Asset Credit Class-I Sched. D C $6.8M PY2023
  • AGT Global Real Estate Sched. D C $166,432 PY2023
  • AGT US Long Fixed Active Credit Sched. D C $193M PY2023
  • AGT US Small-Mid Cap Active Eq Sched. D C $2.9M PY2023
  • Ahgt High Yield Plus Bond Sched. D C $719,245 PY2023
  • NT Collective Short Term Invt Fd Sched. D C $6.6M PY2023
  • US Long Government Bond Index Fd Sched. D C $2.9M PY2023
  • Global Equity Fund Sched. D C $11.0M PY2023
  • AON 20+ Yr US Treas Strips Sched. D C $31.4M PY2023
  • AON Consulting, Inc. codes 11 PY2023
  • AON Consulting codes 16 50 $518,936 PY2022
  • AON Investments USA Inc codes 16 50 $449,018 PY2022
  • JP Morgan Investment Managment Inc codes 27 28 50 51 $60,695 PY2022
  • The Northern Trust Company codes 21 50 $60,150 PY2022
  • Deloitte & Touche LLP codes 10 50 $50,505 PY2022
  • Thompson Hine LLP codes 29 50 $7,512 PY2022
  • AGT US Small-Mid Cap Active Eq Sched. D C $3.0M PY2022
  • Ahgt High Yield Plus Bond Sched. D C $640,353 PY2022
  • Large Cap Equity Index Fd Sched. D C $18.0M PY2022
  • NON US Equity Index Sched. D C $12.6M PY2022
  • US Intermediate Government Bond Sched. D C $173,618 PY2022
  • US Long Government Bond Index Fd Sched. D C $2.1M PY2022
  • Global Equity Fund Sched. D C $11.4M PY2022
  • AON 20+ Yr US Treas Strips Sched. D C $23.7M PY2022
  • AON Core Real Estate- Classs I Sched. D C $15.8M PY2022
  • NT Collective Short Term Invt Fd Sched. D C $6.4M PY2022
  • Black Hills Master Retirement Trust Sched. D M PY2022
  • Jpmcb Strategic Property Fund Sched. D C $5.6M PY2022
  • Multi Asset Credit Class-I Sched. D C $6.6M PY2022
  • AGT Global Real Estate Sched. D C $149,191 PY2022
  • AGT US Long Fixed Active Credit Sched. D C $209M PY2022
  • AON Consulting, Inc. codes 11 PY2022
What changed
6 events
  • Dec 31, 2024Holding started
    Black Hills Retirement Plan first reports an interest in Nisa Ultra Long Treasury Cif: $6M at 2024-12-31
    with Nisa Ultra Long Treasury Cifaskebsa.dol.gov
  • Dec 31, 2024Holding started
    Black Hills Retirement Plan first reports an interest in Nisa Ultra Mid Treasury Cif: $15M at 2024-12-31
    with Nisa Ultra Mid Treasury Cifaskebsa.dol.gov
  • Dec 31, 2024Holding endedinference
    Black Hills Retirement Plan no longer reports 20+ Yr U S Treas Strips (AON Trust Company LLC) (last held $31M at 2023-12-31; absent from the 2024-12-31 filing)
    with AON Trust Company LLCaskebsa.dol.gov
  • Dec 31, 2024Assets changed
    Black Hills Retirement Plan total assets $311M -> $272M (-12.5%, 2023-12-31 to 2024-12-31)
    askebsa.dol.gov
  • Jan 1, 2023Funded status changed
    Black Hills Retirement Plan funded ratio 105.8% -> 85.6% (2022-01-01 to 2023-01-01)
    askebsa.dol.gov
  • Jan 1, 2023Assets changed
    Black Hills Retirement Plan plan assets $458M -> $323M (-29.5%, 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 460458824-006
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.