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

National Grid USA Companies Final Average Pay Pension Plan

Corporate pensionBrooklyn, NY
Assets
$2.1B
Total assets, Mar 31, 2025 reported
Funded
99.0%
Apr 1, 2024
Private markets target
n/a
policy Mar 31, 2025
Commitments
24
2 managers on Schedule C
Plan sponsor: National Grid USA Service Company, Inc.
Allocation policy
Form 5500, as of Mar 31, 2025
Actual allocation lines without a target (as filed)
  • Interest-bearing cash 0.1%
  • Corporate debt instruments (other) 20.4%
  • Corporate debt instruments (preferred) 12.4%
  • U.S. Government securities 13.9%
  • Other investments 8.3%
  • Partnership/joint venture interests 21.7%
  • 103-12 investment entities 0.1%
  • Common/collective trusts 13.3%
  • Registered investment companies 7.3%
  • Common stock 0.0%
  • Preferred stock 0.2%
Consultants and advisers
6 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
24 rows, 0 dated closings
Disclosed holdings (from the plan’s performance or holdings report, as of the report date)
DateFundManagerBucketAmountVintageStatusSource
as of Mar 31, 2025Msci Acwi Ex USA Nl Fundcollective trustState Street Global Advisors TrustPooled vehicles$30.1M heldDisclosed holdingaskebsa.dol.gov
as of Mar 31, 2025EB Temporary Investmentcollective trustBNY MellonPooled vehicles$50.6M heldDisclosed holdingaskebsa.dol.gov
as of Mar 31, 2025US Total Market Index Nl Fundcollective trustState Street Global Advisors TrustPooled vehicles$52.0M heldDisclosed holdingaskebsa.dol.gov
as of Mar 31, 2025Hipep VII Emerging Mkts Feeder Fund103 12 ieHarbourvest Partners, LLCPooled vehicles$1.6M heldDisclosed holdingaskebsa.dol.gov
as of Mar 31, 2025Short Term Investment Fundscollective trustBlackrock Institutional TrustCash$141M heldDisclosed holdingaskebsa.dol.gov
as of Mar 31, 2025Harbourvest Partners Viii-Cayman Mz103 12 ieHarbourvest Partners Viii-Cayman Mezzanine and Distressed Debt FundPooled vehicles$67,894 heldDisclosed holdingaskebsa.dol.gov
as of Mar 31, 2024Bridgewater All Weather Prtflio II103 12 ieBridgewater Associates, LPPooled vehicles$21.1M heldDisclosed holdingaskebsa.dol.gov
as of Mar 31, 2024EB Temporary Investmentcollective trustBNY MellonPooled vehicles$38.7M heldDisclosed holdingaskebsa.dol.gov
as of Mar 31, 2024US Total Market Index Nl Fundcollective trustState Street Global Advisors TrustPooled vehicles$123M heldDisclosed holdingaskebsa.dol.gov
as of Mar 31, 2024Hipep VII Emerging Mkts Feeder Fund103 12 ieHarbourvest Partners, LLCPooled vehicles$2.0M heldDisclosed holdingaskebsa.dol.gov
as of Mar 31, 2024Short Term Investment Fundscollective trustBlackrock Institutional TrustCash$141M heldDisclosed holdingaskebsa.dol.gov
as of Mar 31, 2024Harbourvest Partners V Partnership103 12 ieHarbourvest Partners V Partnership FundPooled vehicles$38,256 heldDisclosed holdingaskebsa.dol.gov
as of Mar 31, 2024Harbourvest Partners Viii-Cayman Mz103 12 ieHarbourvest Partners Viii-Cayman Mezzanine and Distressed Debt FundPooled vehicles$69,860 heldDisclosed holdingaskebsa.dol.gov
as of Mar 31, 2024GMO Multi-Strategy Fund (onshore)103 12 ieGMO Multi-Strategy Fund OnshoreHedge / diversifiers$3.8M heldDisclosed holdingaskebsa.dol.gov
as of Mar 31, 2024Msci Acwi Ex USA Nl Fundcollective trustState Street Global Advisors TrustPooled vehicles$47.4M heldDisclosed holdingaskebsa.dol.gov
as of Mar 31, 2023EB Temporary Investmentcollective trustBNY MellonPooled vehicles$13.4M heldDisclosed holdingaskebsa.dol.gov
as of Mar 31, 2023US Total Market Index Nl Fundcollective trustState Street Global Advisors TrustPooled vehicles$108M heldDisclosed holdingaskebsa.dol.gov
as of Mar 31, 2023Hipep VII Emerging Mkts Feeder Fund103 12 ieHarbourvest Partners, LLCPooled vehicles$2.0M heldDisclosed holdingaskebsa.dol.gov
as of Mar 31, 2023Short Term Investment Fundscollective trustBlackrock Institutional TrustCash$171M heldDisclosed holdingaskebsa.dol.gov
as of Mar 31, 2023Harbourvest Partners V Partnership103 12 ieHarbourvest Partners V Partnership FundPooled vehicles$42,807 heldDisclosed holdingaskebsa.dol.gov
as of Mar 31, 2023GMO Multi-Strategy Fund (onshore)103 12 ieGMO Multi-Strategy Fund OnshoreHedge / diversifiers$7.0M heldDisclosed holdingaskebsa.dol.gov
as of Mar 31, 2023Msci Acwi Ex USA Nl Fundcollective trustState Street Global Advisors TrustPooled vehicles$72.1M heldDisclosed holdingaskebsa.dol.gov
as of Mar 31, 2023Harbourvest Partners Viii-Cayman Mz103 12 ieHarbourvest Partners Viii-Cayman Mezzanine and Distressed Debt FundPooled vehicles$246,553 heldDisclosed holdingaskebsa.dol.gov
as of Mar 31, 2023Bridgewater All Weather Prtflio II103 12 ieBridgewater Associates, LPPooled vehicles$69.0M heldDisclosed holdingaskebsa.dol.gov
Size and funding
33 readings
Total assets
$2.1B Mar 31, 2025 reported Form 5500
$2.0B (2024-03) · $2.1B (2023-03)
Plan assets
$1.8B Apr 1, 2024 reported Form 5500
$1.9B (2023-04) · $2.9B (2022-04)
Net assets
$1.9B Mar 31, 2025 reported Form 5500
$1.9B (2024-03) · $2.0B (2023-03)
Funded ratio
99.0% Apr 1, 2024 reported Form 5500
103.6% (2023-04) · 107.2% (2022-04)
Funding target
$1.6B Apr 1, 2024 reported Form 5500
$1.7B (2023-04) · $2.1B (2022-04)
Discount rate
5.12% Apr 1, 2024 reported Form 5500
5.24% (2023-04) · 5.40% (2022-04)
Participants
6,132 Apr 1, 2024 reported Form 5500
7,749 (2023-04) · 10,252 (2022-04)
Contributions
$0 Mar 31, 2025 reported Form 5500
$0 (2024-03) · $21.9M (2023-03)
Benefits paid
$93.2M Mar 31, 2025 reported Form 5500
$178M (2024-03) · $109M (2023-03)
Net investment income
$-11.1M Mar 31, 2025 reported Form 5500
$-98.1M (2024-03) · $-423M (2023-03)
Investment management fees
$2.4M Mar 31, 2025 reported Form 5500
$2.9M (2024-03) · $3.7M (2023-03)
Form 5500 filings
3 plan years
Plan yearParticipantsAssets (SB market)Funding targetFTAPTotal assets (H)Partnerships / JVMaster trustReal estate
2024 to Mar 31, 20256,132$1.8B$1.6B99.0%$2.1B$447Mn/an/a
2023 to Mar 31, 20247,749$1.9B$1.7B103.6%$2.0B$461Mn/an/a
2022 to Mar 31, 202310,252$2.9B$2.1B107.2%$2.1B$458Mn/an/a
Service providers and investment entities as filed (Schedule C and D, latest year first)
What changed
19 events
  • Mar 31, 2025Holding endedinference
    National Grid USA Companies Final Average Pay Pension Plan no longer reports Bridgewater All Weather Prtflio II (last held $21M at 2024-03-31; absent from the 2025-03-31 filing)
    with Bridgewater All Weather Prtflio IIaskebsa.dol.gov
  • Mar 31, 2025Holding endedinference
    National Grid USA Companies Final Average Pay Pension Plan no longer reports GMO Multi-Strategy Fund (onshore) (last held $4M at 2024-03-31; absent from the 2025-03-31 filing)
    with GMO Multi-Strategy Fund (onshore)askebsa.dol.gov
  • Mar 31, 2025Holding endedinference
    National Grid USA Companies Final Average Pay Pension Plan no longer reports Harbourvest Partners V Partnership (last held $38,256 at 2024-03-31; absent from the 2025-03-31 filing)
    with Harbourvest Partners V Partnershipaskebsa.dol.gov
  • Dec 31, 2024Manager relationship started
    Massachusetts Mutual Life appears on National Grid USA Companies Final Average Pay Pension Plan's Schedule C as investment manager (plan year 2024 vs 2023)
    with Massachusetts Mutual Life Insurance Companyaskebsa.dol.gov
  • Dec 31, 2024Manager relationship started
    Nisa Investment Advisors appears on National Grid USA Companies Final Average Pay Pension Plan's Schedule C as investment manager (plan year 2024 vs 2023)
    with Nisa Investment Advisors, LLCaskebsa.dol.gov
  • Dec 31, 2024Consultant changedinference
    K & L Gates no longer appears on National Grid USA Companies Final Average Pay Pension Plan's Schedule C as general consultant (plan year 2024 vs 2023)
    with K&l Gates LLPaskebsa.dol.gov
  • Dec 31, 2024Consultant changedinference
    Cliftonlarsonallen LLP no longer appears on National Grid USA Companies Final Average Pay Pension Plan's Schedule C as general consultant (plan year 2024 vs 2023)
    with Cliftonlarsonallen LLPaskebsa.dol.gov
  • Dec 31, 2024Consultant changedinference
    Pricewaterhousecoopers no longer appears on National Grid USA Companies Final Average Pay Pension Plan's Schedule C as general consultant (plan year 2024 vs 2023)
    with Pricewaterhousecoopers LLPaskebsa.dol.gov
  • Apr 1, 2024Funded status changed
    National Grid USA Companies Final Average Pay Pension Plan funded ratio 103.6% -> 99.0% (2023-04-01 to 2024-04-01)
    askebsa.dol.gov
  • Dec 31, 2023Manager relationship started
    Legal & General Investment appears on National Grid USA Companies Final Average Pay Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Legal & General Inv Mgmt Americaaskebsa.dol.gov
  • Dec 31, 2023Consultant changedinference
    The Bank of New York Mellon no longer appears on National Grid USA Companies Final Average Pay Pension Plan's Schedule C as general consultant (plan year 2023 vs 2022)
    with Bank of New York Mellonaskebsa.dol.gov
  • Dec 31, 2023Consultant changedinference
    Pricewaterhousecoopers appears on National Grid USA Companies Final Average Pay Pension Plan's Schedule C as general consultant (plan year 2023 vs 2022)
    with Pricewaterhousecoopers LLPaskebsa.dol.gov
  • Dec 31, 2023Manager relationship endedinference
    Ranger Investment Management no longer appears on National Grid USA Companies Final Average Pay Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Ranger Investment Management LPaskebsa.dol.gov
  • Dec 31, 2023Manager relationship endedinference
    Mondrian Investment Group (US) no longer appears on National Grid USA Companies Final Average Pay Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Mondrian Investment Group Inc.askebsa.dol.gov
  • Dec 31, 2023Manager relationship started
    J.P. Morgan Investment appears on National Grid USA Companies Final Average Pay Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with J.P. Morgan Investment Managementaskebsa.dol.gov
  • Dec 31, 2023Manager relationship endedinference
    Arrowstreet Capital, Limited no longer appears on National Grid USA Companies Final Average Pay Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Arrowstreet Capital, LPaskebsa.dol.gov
  • Dec 31, 2023Consultant changedinference
    K & L Gates appears on National Grid USA Companies Final Average Pay Pension Plan's Schedule C as general consultant (plan year 2023 vs 2022)
    with K&l Gates LLPaskebsa.dol.gov
  • Apr 1, 2023Funded status changed
    National Grid USA Companies Final Average Pay Pension Plan funded ratio 107.2% -> 103.6% (2022-04-01 to 2023-04-01)
    askebsa.dol.gov
  • Apr 1, 2023Assets changed
    National Grid USA Companies Final Average Pay Pension Plan plan assets $2.9B -> $1.9B (-34.1%, 2022-04-01 to 2023-04-01)
    askebsa.dol.gov
Board record: approvals, recommendations, searches, terminations and re-up prospects for this system.
Provenance
Identifiers: EIN-PN 041663150-003
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.