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 December 31, 2018, total assets of these programs were $116.6 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 2018
Short-Term Investment Fund (STIF) 17.41%​
Pension Fund Investment Program ​80.82%
Ancillary Investment Program   1.76%


Department Information

Main Phone Number:  (919) 814-4330 

Investment Management Contacts​
​Jeff Smith ​Interim CIO, Director of Fixed Income
​Christopher Morris ​​Interim CIO, Chief Risk & Operating Officer
Rhonda M. Smith Director of Public Equity
Craig Demko Director of Private Equity
​​Ronald Funderburk Director of Opportunistic Fixed Income/Inflation
​Matthew Krimm
​Director of Investment Operations and Risk