Eli Lilly and Co. has selected Goldman Sachs Asset Management to provide outsourced chief investment officer (OCIO) services for its $25B U.S. and Puerto Rico defined benefit and defined contribution retirement plans.
The announcement follows the August retirement of Susan Ridlen, Eli Lilly’s long-time chief investment officer, who spent more than three decades with the company, including over 20 years as CIO. Ridlen also served as vice-president and assistant treasurer, overseeing roughly $30B in exposures across four trusts.
According to a news release, Goldman Sachs’ appointment followed a comprehensive review process by the Eli Lilly’s plan fiduciaries.
“We are proud to continue offering market-leading retirement benefits and are excited to collaborate with Goldman Sachs Asset Management to deliver these vital programs for our employees and retirees,” said Eric Dozier, Eli Lilly’s executive vice-president and chief people officer, in the release.
As of Sept. 30, 2025, Goldman Sachs managed $450B in OCIO assets under supervision globally, the release noted. Goldman Sachs said the mandate will draw on its expertise in risk management, liability-driven investing, and long-term portfolio construction across public and private markets through its open-architecture platform.
The transition to Goldman Sachs’ OCIO services is expected to be completed in the fourth quarter of 2025, ensuring continuity of investment operations for plan participants.
“Lilly’s commitment to providing comprehensive retirement benefits to its employees is impressive, and we are honored to be selected as their partner,” said Tim Braude, co-head of multi-asset solutions at Goldman Sachs Asset Management. “Our total portfolio solution allows our OCIO model to create flexible, customizable portfolios across asset allocation, portfolio construction, and risk management on behalf of Lilly’s plans.”
