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

Liberty Mutual Retirement Benefit Plan

Corporate pensionBoston, MA
Assets
$6.3B
Total assets, Dec 31, 2024 reported
Funded
100.1%
Jan 1, 2024
Private markets target
n/a
policy Dec 31, 2024
Commitments
15
none on the tape
Plan sponsor: Liberty Mutual Group Inc.
Allocation policy
Form 5500, as of Dec 31, 2024
Actual allocation lines without a target (as filed)
  • Interest-bearing cash 0.0%
  • Corporate debt instruments (other) 23.6%
  • Corporate debt instruments (preferred) 13.9%
  • U.S. Government securities 1.3%
  • Other investments 3.2%
  • Partnership/joint venture interests 26.1%
  • Common/collective trusts 18.6%
  • Pooled separate accounts 0.1%
  • Registered investment companies 10.2%
  • Common stock 0.0%
Consultants and advisers
6 firms
People
No investment staff or executives have been read for this allocator yet.
Manager roster
3 managers on Schedule C
From Schedule C (investment management, code 28)
Commitments
15 rows, 0 dated closings
Disclosed holdings (from the plan’s performance or holdings report, as of the report date)
DateFundManagerBucketAmountVintageStatusSource
as of Dec 31, 2024Msci Emerging Markets Free Fundcollective trustBlackrock Institutional Trust Co, N.A.Public equity$115M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024Blackrock Msci US Equity Index Fundcollective trustBlackrock Institutional Trust Co, N.A.Public equity$775M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024Msci Acwi Ex-Us Imi Russia Index Fdcollective trustBlackrock Institutional Trust Co, N.A.Pooled vehicles$949 heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024Msci World Ex-Us Index Fund acollective trustBlackrock Institutional Trust Co, N.A.Pooled vehicles$272M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024Short-Term Investment Fundcollective trustBlackrock Institutional Trust Co, N.A.Cash$5,050 heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023Msci Emerging Markets Free Fundcollective trustBlackrock Institutional Trust Co, N.A.Public equity$109M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023Blackrock Msci US Equity Index Fundcollective trustBlackrock Institutional Trust Co, N.A.Public equity$649M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023Msci Acwi Ex-Us Imi Russia Index Fdcollective trustBlackrock Institutional Trust Co, N.A.Pooled vehicles$250 heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023Msci World Ex-Us Index Fund acollective trustBlackrock Institutional Trust Co, N.A.Pooled vehicles$279M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023Short-Term Investment Fundcollective trustBlackrock Institutional Trust Co, N.A.Cash$5,050 heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2022Msci Emerging Markets Free Fundcollective trustBlackrock Institutional Trust Co, N.A.Public equity$94.3M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2022Blackrock Msci US Equity Index Fundcollective trustBlackrock Institutional Trust Co, N.A.Public equity$511M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2022Msci Acwi Ex-Us Imi Russia Index Fdcollective trustBlackrock Institutional Trust Co, N.A.Pooled vehicles$232 heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2022Msci World Ex-Us Index Fund acollective trustBlackrock Institutional Trust Co, N.A.Pooled vehicles$241M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2022Short-Term Investment Fundcollective trustBlackrock Institutional Trust Co, N.A.Cash$5,050 heldDisclosed holdingaskebsa.dol.gov
Size and funding
33 readings
Total assets
$6.3B Dec 31, 2024 reported Form 5500
$6.9B (2023-12) · $6.8B (2022-12)
Plan assets
$6.8B Jan 1, 2024 reported Form 5500
$6.9B (2023-01) · $9.1B (2022-01)
Net assets
$6.2B Dec 31, 2024 reported Form 5500
$6.8B (2023-12) · $6.8B (2022-12)
Funded ratio
100.1% Jan 1, 2024 reported Form 5500
97.6% (2023-01) · 107.5% (2022-01)
Funding target
$6.7B Jan 1, 2024 reported Form 5500
$6.8B (2023-01) · $6.3B (2022-01)
Discount rate
5.14% Jan 1, 2024 reported Form 5500
5.28% (2023-01) · 5.44% (2022-01)
Participants
81,337 Jan 1, 2024 reported Form 5500
85,750 (2023-01) · 79,024 (2022-01)
Contributions
$0 Dec 31, 2024 reported Form 5500
$136M (2023-12) · $0 (2022-12)
Benefits paid
$583M Dec 31, 2024 reported Form 5500
$643M (2023-12) · $613M (2022-12)
Net investment income
$-563M Dec 31, 2024 reported Form 5500
$55.9M (2023-12) · $-2.7B (2022-12)
Investment management fees
$6.8M Dec 31, 2024 reported Form 5500
$4.7M (2023-12) · $8.6M (2022-12)
Form 5500 filings
3 plan years
Plan yearParticipantsAssets (SB market)Funding targetFTAPTotal assets (H)Partnerships / JVMaster trustReal estate
2024 to Dec 31, 202481,337$6.8B$6.7B100.1%$6.3B$1.6Bn/an/a
2023 to Dec 31, 202385,750$6.9B$6.8B97.6%$6.9B$1.6Bn/an/a
2022 to Dec 31, 202279,024$9.1B$6.3B107.5%$6.8B$1.6Bn/an/a
Service providers and investment entities as filed (Schedule C and D, latest year first)
What changed
7 events
  • Dec 31, 2024Consultant changedinference
    Grant Thornton no longer appears on Liberty Mutual Retirement Benefit Plan's Schedule C as pension consultant (plan year 2024 vs 2023)
    with Grant Thornton, LLPaskebsa.dol.gov
  • Dec 31, 2024Manager relationship endedinference
    Cardinal Investment Advisors, LLC no longer appears on Liberty Mutual Retirement Benefit Plan's Schedule C as investment manager (plan year 2024 vs 2023)
    with Cardinal Investment Advisorsaskebsa.dol.gov
  • Jan 1, 2024Funded status changed
    Liberty Mutual Retirement Benefit Plan funded ratio 97.6% -> 100.1% (2023-01-01 to 2024-01-01)
    askebsa.dol.gov
  • Dec 31, 2023Manager relationship started
    Cardinal Investment Advisors, LLC appears on Liberty Mutual Retirement Benefit Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Cardinal Investment Advisorsaskebsa.dol.gov
  • Dec 31, 2023Consultant changedinference
    Pricewaterhousecoopers LLP no longer appears on Liberty Mutual Retirement Benefit Plan's Schedule C as general consultant (plan year 2023 vs 2022)
    with Pricewaterhousecoopers LLPaskebsa.dol.gov
  • Jan 1, 2023Funded status changed
    Liberty Mutual Retirement Benefit Plan funded ratio 107.5% -> 97.6% (2022-01-01 to 2023-01-01)
    askebsa.dol.gov
  • Jan 1, 2023Assets changed
    Liberty Mutual Retirement Benefit Plan plan assets $9.1B -> $6.9B (-24.4%, 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 043583679-001
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.