AGPIP and Investment Management Programs

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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

AGPIP Overview

AGPIP Enrollment Instructions

 

Enrollment Documents

AGPIP Enrollment Form and Terms of Participation BlackRock Tax Questionnaire
Deposit Agreement Sample Resolution for Local Governments - OPEB Trust for AGPIP
STIF Account Application Sample OPEB Trust Template for AGPIP
STIF Signature Card Sample Resolution for Local Governments - LEOSSA for AGPIP
W-9 Form Sample LEOSSA Trust Template for AGPIP

 

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

Frequently Asked Questions

AGPIP FAQs for Charter Schools

AGPIP Investment Policy Statement

AGPIP Contribution Deadlines Fiscal Year 2024-2025

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 Short-Term Investment Fund (STIF) is the internally managed portfolio of highly liquid fixed income securities. These securities are primarily money market instruments and short to intermediate treasuries and agencies. 
 
The primary objectives of the STIF are preservation of capital, liquidity and competitive relative returns. Since the funds in the STIF can be called at any time, it is necessary that a conservative investment strategy be utilized.
 
General Statute 147-69.1 governs what securities are eligible for purchase by the fund. The STIF Portfolio can invest in maturities ranging from overnight to five years.

 

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.

NCIF will make co-investments into portfolio companies, as well as maintain the potential to commit capital through other investment funds, such as private equity fund managers, that invest primarily in such companies. Companies can be in a diverse range of industries, including but not limited to, healthcare, clean energy and technology.
 
NCIF will target risk-adjusted rates of return while supporting the economic well-being of the State of North Carolina.
 
For more information visit the North Carolina Innovation Fund website.