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The Investment Management Division serves as the investment arm for the Department of State Treasurer. This Division employs more than 20 investment professionals that provide the expertise for state government investing.  At the end of the fiscal year ending June 30, 2016, total assets of these programs were $104.77 billion.

The Investment Management Division is responsible for the management of:

The Short-Term Investment Fund (STIF)

Responsible for managing the operating funds of the State. The main participants in this program are the State’s General Fund and Highway Funds. For more information on the investment of these assets, please visit the Cash Management Overview page.

The Pension Fund Investment Program

The majority of the assets managed by the Investment Management Division belong to the various pension funds administered by the State Treasurer. Collectively, these systems and funds are referred to as the North Carolina Retirement System and each has a proportionate share of the Equity Fund, Fixed Income Fund, Real Estate Fund, Alternative Fund, and Credit and Inflation Protection Fund. For more information on the investment of these assets, please visit the Pension Fund Overview page.

The Ancillary Investment Programs

As authorized by the General Assembly, responsible for managing assets for the Escheats Fund, Public Hospital Funds, the Local Government Other Post-Employment Benefits Fund, Local Government Law Enforcement Special Separation Allowance Fund, and other Non-Pension assets invested in the core fixed income portfolio. 

For more detailed information, visit the Ancillary Governmental Participant Investment Program (AGPIP) page.


Program Percentage of Total Assets in 2015​
Short-Term Investment Fund (STIF)
Pension Fund Investment Program ​82.31%
Ancillary Investment Program ​1.97%


Department Information

Main Phone Number:  (919)  814-4330 

Investment Management Contacts​
​Kevin SigRist ​​Chief Investment Officer
Rhonda M. Smith Public Equity Director
Jeff Smith​ Investment Grade Fixed Income Director
Alison Garcia ​Real Estate Director
​Craig Demko Private Equity Director
​Christopher Morris ​Risk and Asset Allocation Director
Ronald Funderburk​ ​Opportunistic Fixed Income/Inflation Director
​Tarik Dalton ​Multi-Strategy Director
​Arlene Jones-McCalla ​Investment Operations, Director



 Investment Policies


 Annual Report


 Annual Report Supplements


 Recent Reports


 Contact Us


​Main Number:
(919) 814-4330