AGPIP and Investment Management Programs
North Carolina Department of State Treasurer (NCDST) has established an Ancillary Governmental Participant Investment Program, as authorized by North Carolina law, to help ensure your investments benefit from low cost professional management. NCDST has leveraged our existing relationship with BlackRock to offer two new funds in the program: a Bond Index Fund (BIF) and an Equity Index Fund (EIF). In addition, the Short Term Investment Fund (STIP) managed internally by NCDST is available in the program. You’ll have the opportunity to select and designate an allocation among the investment funds, based on your current investment authority.
The following funds or entities are among those eligible to invest in the AGPIP Funds:
- The specific funds listed in N.C.G.S. § 147-69.2(a), and
- Unless a specific statute indicates otherwise:
- Any official, board or commission of the State of North Carolina
- Any local government of the State of North Carolina
- Any other public authority of the State of North Carolina
- Any school administrative unit, charter school, local ABC board, or community college of the State of North Carolina
Enrollment Resources
Enrollment Documents
AGPIP Deposit and Withdrawal Forms
| AGPIP Deposit and Withdrawal Forms - State Agencies | AGPIP Deposit and Withdrawal Forms - Non State Agencies |
|---|---|
| AGPIP Deposit/Withdrawal Form | AGPIP Deposit/Withdrawal Form |
| Instructions to Complete the AGPIP Deposit/Withdrawal Form with Examples | Instructions to Complete the AGPIP Deposit/Withdrawal Form with Examples |
| AGPIP/Deposit/Withdrawal Form Instructional Webinar | AGPIP/Deposit/Withdrawal Form Instructional Webinar |
Other Resources
AGPIP FAQs for Charter Schools
The Investment Management Division manages assets of the Teachers’ and State Employees’ Retirement System, the Consolidated Judicial Retirement System, the Firemen’s and Rescue Workers’ Pension Fund, the Local Governmental Employees’ Retirement System, the Legislative Retirement System, and the North Carolina National Guard Pension Fund.
Asset Classes
| Portfolio | Investment Mandate | Examples |
|---|---|---|
| Investment Grade Fixed Income | Long Term Investments | Investment grade corporate securities, treasuries, agencies, and asset-backed securities |
| Public Equity Investment Portfolio | Equity Securities | Exchange traded securities managed by experienced equity investment professionals |
| Real Estate Core Investment Portfolio | Real Estate | Limited partnerships*, investment management agreements and real estate investment trusts managed by experienced real estate advisors |
| Real Estate Non-Core Investment Portfolio | Real Estate | Limited partnerships* and real estate investment trusts managed by experienced real estate advisors |
| Private Equity Investment Portfolio | Private Equity | Limited partnerships* managed by experienced equity advisors |
| Opportunistic Fixed Income Investment Portfolio | Opportunistic Fixed Income | A diversified mix of credit focused investment vehicles managed by experienced investment advisors |
| Inflation Sensitive Investment Portfolio | Inflation-Linked Investments | A diversified mix of inflation-linked investment vehicles managed by experienced investment advisors |
| Multi-Strategy Investment Portfolio | Tactical | A diversified mix of investment vehicles that serves as an uncorrelated strategy to diversify the plan’s risk managed by experienced investment advisors |
| Cash Management Investment Portfolio | Short-Term Investments | Internally managed portfolio of highly liquid fixed income securities; primarily money market instruments and short to intermediate treasuries and agencies |
* Limited Partnerships are the standard vehicle for investment in private equity and real estate funds with a main purpose of buying interests in investments that, in general, are not publicly traded. The partnership has a General Partner whose responsibilities include making, monitoring and ultimately exiting investments to generate returns on behalf of the investors. The investors are known as Limited Partners.
The Cash Management Program is primarily responsible for managing the operating funds of the State. The main participants in this program are the State's General Fund and Highway Funds.
Assets invested under this program can be utilized at any time by the State, so it is imperative that the investment strategy is conducted in a very conservative manner. The majority of the assets of the Cash Management Program are invested through the Short-Term Investment Fund.
The NC Innovation Fund (NCIF) is a $232.3 million diversified investment Partnership sponsored by the North Carolina Retirement Systems. NCIF intends to commit capital over a three to five year period, to invest in companies with significant operations in or a nexus to North Carolina.