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Native Hawaiian Trust Fund (Office of Hawaiian Affairs)

United States · North America · Founded 1978 · Sub-national permanent fund · Not an IFSWF member

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Focus

Office of Hawaiian Affairs: what it invests in

Financial servicesTechnologyReal estateEnergy: oil and gas
Public equitiesFixed incomeHedge funds and absolute returnPrivate equityVenture capitalReal estate

Geography Global

Scale

Office of Hawaiian Affairs: how big it is, and on what basis

USD 656M
Fund market valueAs of

In US dollars: about USD 0.656B. Market value of OHA financial assets, 30 September 2025; excludes Hawaii direct investments

1-year return 11.2% (gross, to September 2025)

Transparency

Office of Hawaiian Affairs: what it publishes

6.5 of 10 Band 4 of 5

Published 5 · Partly 3 · Not published 2

Our 10 item score. It measures what is public, not how well a fund is run.

Financial assets, Sep 2025S2
USD 656M
As of
1-year returnS2
11.2% (gross, to September 2025)
As of
Since 2003S2
8.9% a year (policy index 8.2%)
As of
Budget draw FY2025S4
USD 21.0M (5% of 20-quarter average)
As of
Public equity weightS2
52.8% (target 50%)
As of
Transparency scoreS2
6.5 of 10
As of

At a glance. The Native Hawaiian Trust Fund (NHTF) is the endowment of the Office of Hawaiian Affairs, the State of Hawaii body that serves Native Hawaiians. Its financial assets were USD 656 million at 30 September 2025, run by external managers to a policy mix of 50 percent public equity, 19 percent bonds, 15 percent hedge funds, 11 percent private equity and 5 percent real assets. Up to 5 percent of a 20-quarter average value funds the OHA budget each year. S2 S4

Key points

  • Financial assets of USD 656.0 million at 30 September 2025, excluding Hawaii direct investments such as land. S2
  • Returns to September 2025: 11.2 percent over one year, 10.1 percent a year over five years and 8.8 percent over ten years. S2
  • Since February 2003 the portfolio has returned 8.9 percent a year, ahead of its 8.2 percent policy index. S2
  • Spending rule: at most 5 percent of the 20-quarter rolling average value, about USD 21.0 million for fiscal 2025. S4
  • OHA also receives USD 21.5 million a year of Public Land Trust revenue set by the legislature in 2022. S4
  • Trustees approved a USD 136 million budget for fiscal 2026 to 2027, including USD 1.5 million for Kaka'ako Makai planning. S4

Interesting facts

  • OHA is often called the fourth branch of government in Hawaii. S1
  • A USD 107 million S&P 500 index fund is the largest single line in the portfolio. S2
  • OHA won a USD 2 million federal grant in 2025 to assess brownfield sites on its Kaka'ako Makai and Iwilei land. S2

Mandate and goals

The NHTF is invested for the long term to support OHA programmes for Native Hawaiians, with a spending cap that protects real value across generations. S4 S2

  • Fund part of the OHA operating budget through a capped annual draw. S4
  • Beat the OHA policy index and a CPI plus 5 percent goal over time. S2
  • Stay within approved ranges for each asset class. S2

How it invests

IndustriesFinancial services, Technology, Real estate, Energy: oil and gas. Sector agnostic S2
Asset classesPublic equities, Fixed income, Hedge funds and absolute return, Private equity, Venture capital, Real estate, Commodities and gold, Cash and money markets S2
StagesPublic markets, Credit, Buyout, Venture, Real estate S2
GeographyGlobal. Global portfolio led by US equity index funds S2
Direct / through funds / co-investNo / Yes / Yes S2
Ticket sizeNo ticket size is published; manager mandate values are reported quarterly. S2
Deal sizes seenMandates of about USD 5M to USD 107M (September 2025)
External managersState Street, JPMorgan, PIMCO, Commonfund and Natural Resources Partners, among others S2
Co-investment programmeA USD 15.0 million private equity co-investment sleeve sits within private equity S2

Published allocation ranges: Public equity 40 to 60% (target 50%), Fixed income 11 to 32% (target 19%), Hedge funds 6.4 to 19.2% (target 15%), Private equity 0 to 30% (target 11%), Real assets 0 to 11% (target 5%) (as of 2025-10-29) S2

Published criteria

  • Targets: public equity 50 percent (range 40 to 60), fixed income 19 (11 to 32), hedge funds 15 (6.4 to 19.2), private equity 11 (0 to 30), real assets 5 (0 to 11). S2
  • Benchmarks: OHA policy index, a 65/35 equity and bond mix, and CPI plus 5 percent. S2

Past investments

YearInvestmentTypeSectorStageAmount
2025State Street Equity 500 Index. Mandate value at 30 September 2025; 16.3 percent of assets, tracks the S&P 500. S2Fund commitmentMulti-sectorPublic marketsUSD 107.1M
2025State Street Aggregate Bond. Mandate value at 30 September 2025; core US bonds. S2Fund commitmentMulti-sectorCreditUSD 63.9M
2025State Street Global All Cap ex-US. Mandate value at 30 September 2025; international equity index. S2Fund commitmentMulti-sectorPublic marketsUSD 57.4M
2025JPMorgan US Equity. Mandate value at 30 September 2025; active US equity. S2Fund commitmentMulti-sectorPublic marketsUSD 41.0M
2025PIMCO Tactical Opportunities. Mandate value at 30 September 2025; diversifying strategy. S2Fund commitmentMulti-sectorCreditUSD 36.2M
2025State Street Real Assets. Mandate value at 30 September 2025; marketable real assets. S2Fund commitmentReal estatePublic marketsUSD 31.5M
2025Commonfund Global Absolute Alpha. Mandate value at 30 September 2025; hedge fund programme. S2Fund commitmentMulti-sectorPublic marketsUSD 30.5M
2025Commonfund Venture Capital. Mandate value at 30 September 2025; venture capital. S2Fund commitmentTechnologyVentureUSD 17.9M
2025Private equity co-investment. Mandate value at 30 September 2025; 13.4 percent a year over five years. S2Co-investmentMulti-sectorBuyoutUSD 15.0M
2025Natural Resources Partners X. Mandate value at 30 September 2025; private natural resources. S2Fund commitmentEnergy: oil and gasBuyoutUSD 6.6M

Case studies

Index core with diversifiers S2

  • What: Built a portfolio around low-cost State Street index funds, with hedge funds, private equity and real assets around it.
  • When: 2003 to 2025
  • Size: USD 656M
  • Why: A capped spending draw needs steady growth over decades.
  • Outcome: 8.9 percent a year since February 2003, above the 8.2 percent policy index.

Planning for Kaka'ako Makai S4

  • What: Set aside USD 1.5 million for planning, due diligence and a concept design for a cultural centre and mixed-use village.
  • When: FY2026 to 2027
  • Size: USD 1.5M
  • Why: The Honolulu waterfront land is OHA's main Hawaii direct investment.
  • Outcome: Paired with a USD 2 million federal grant for site assessments running to 2029.

Investment process

The nine-member elected Board of Trustees sets policy. Its Committee on Investment and Land Management reviews the NHTF every quarter against targets and ranges. S4 S2

CommitteeRole
Committee on Investment and Land ManagementReviews portfolio results, allocation and land assets S4
Committee on Resource Management and FinanceBudget and spending S4
  1. Trustees approve the investment policy, targets and ranges. S2
  2. External managers run each sleeve. S2
  3. Northern Trust reports returns and compliance each quarter. S2
  4. The budget draws up to 5 percent of the 20-quarter average. S4

How to approach: Managers are chosen by the trustees; no open submission route is published. S3

Size and returns

  • Headline size: USD 656M (Fund market value, as of 2025-10-29) S2
  • In US dollars: about USD 0.656B. Market value of OHA financial assets, 30 September 2025; excludes Hawaii direct investments
  • Implied 20-quarter average value, FY2025: USD 420.5M (Published estimate, as of 2025-06-30) S4
  • Return, year to 30 September 2025: 11.19 percent (gross of fees; policy index 13.26 percent) S2
  • Return, 5 years to September 2025: 10.06 percent a year S2
  • Return, 10 years to September 2025: 8.78 percent a year S2
  • Return, since February 2003: 8.89 percent a year (policy index 8.19 percent) S2

Leadership

NameTitle
Summer SylvaInterim Chief Executive Officer (Ka Pouhana Kuikawa) S5
Kaiali'i KaheleChairperson, Board of Trustees S4
K. Sean KekinaChief Operating Officer S5
Dhiren PatelChief Financial Officer S5

Governance and transparency

  • Legal basis: Hawaii State Constitution, as amended by the 1978 Constitutional Convention, and state law on Public Land Trust revenue S1 S4
  • Oversight: Nine trustees elected statewide; the Board appoints the Ka Pouhana (CEO) S4 S5
  • Board meetings are public and broadcast; quarterly portfolio reviews are posted. S4 S2
  • The annual report carries a budget summary and unaudited statements. S4

Transparency score: 6.5 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.

  • Published: total assets, annual return, asset allocation, named leadership, regular reporting schedule. S2 S5
  • Partly published: long-term returns, audited financial statements, governance and mandate documents. S2 S4
  • Not published: geographic or sector split, holdings or deal list. S2

History

DateEvent
1978Constitutional Convention creates OHA. S1
2003-02Portfolio return record begins. S2
2022Payment raised to USD 21.5 million a year. S4
2025-06USD 2 million federal brownfields grant awarded. S2
2025-09-30Financial assets reach USD 656 million. S2

For family offices

The NHTF invests through funds and does not run a public co-investment programme. Partners are external managers; OHA land plans may bring in development partners. S2 S4

  • Fund mandates with large asset managers and a private equity co-investment sleeve. S2

Reports

Common questions

How large is the Native Hawaiian Trust Fund?

USD 656 million of financial assets at 30 September 2025, not counting land. S2

How much does it pay out?

Up to 5 percent of a 20-quarter average value, about USD 21.0 million for fiscal 2025. S4

Who leads OHA?

Summer Sylva is Interim CEO; Kaiali'i Kahele chairs the trustees. S5

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Sources

  1. S1Wikipedia, Office of Hawaiian Affairs
  2. S2OHA Committee on Investment and Land Management, board packet, 29 October 2025
  3. S3Office of Hawaiian Affairs, Home
  4. S4OHA, Annual Report 2025
  5. S5OHA, Executive team

Disclaimer

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