Eli Lilly and Co. has decided to transfer the management of its $25 billion U.S. and Puerto Rican retirement assets to Goldman Sachs. This move, reported on October 17, 2025, marks a significant strategic shift for the pharmaceutical company, as it moves away from its well-regarded in-house investment team. The transition to an outsourced chief investment officer (OCIO) model follows the retirement of longtime CIO Susan Ridlen. The mandate covers both defined benefit and defined contribution plans and is one of Goldman Sachs' largest corporate pension wins. The full transition of the portfolio, which had a notable allocation to alternatives under Ridlen's leadership, is anticipated to be finalized by the end of 2025.