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Arizona State Treasurer's Office
Kimberly Yee directs Arizona's $33.3B Treasury — a hybrid state bank, institutional investor, and sole steward of the $11.1B Permanent Land Endowment.
Arizona State Treasurer's Office
Arizona established the State Treasurer's Office to centralize banking, investment management, and cash-distribution functions for the state's agencies and subdivisions. The 36th Treasurer, Kimberly Yee, took office in January 2019 after service in the Arizona State Legislature. The office is constitutionally distinct from Arizona's retirement systems and does not manage pensions, unclaimed property, or tax collections. Its investment mandate traces back to the Enabling Act of 1910, which transferred millions of acres of federal land into a Permanent Land Endowment — a perpetual trust whose proceeds are exclusively managed by the Treasurer. The Treasury deploys its $33.3 billion asset base across high-quality fixed-income products and equities, with an explicit safety-first credo that forbids volatility-seeking mandates. The largest single pool is the $6.2 billion in operating cash, which cycles continuously to fund state agencies, public schools, and local governments. Adjacent vehicles include the Local Government Investment Pool (LGIP), a short-term liquidity vehicle open to Arizona municipalities, and AZ529, the state's direct-sold education savings plan. Real-asset exposure enters through the Land Endowment: a $11.1 billion portfolio of Arizona State Trust Lands parcel-sold for commercial, residential, and agricultural use, generating income that the Board of Investment directs into the Permanent Land Endowment Trust Fund (PLETF) — a constitutionally protected corpus the Treasurer invests alongside other state assets. The Treasury operates from a single office in Phoenix and draws guidance from the Arizona Board of Investment, a statutory body chaired by Treasurer Yee. Board members include Mohave County Treasurer SueAnn Mello and L. Roy Papp & Associates Managing Partner Harry Papp, providing oversight on investment policy, asset allocation, and the PLETF's annual distribution formula. The office is a member of the National Association of State Treasurers (NAST) and its affiliate College Savings Plans Network. Since taking office in January 2019, Treasurer Yee's administration has overseen more than $5.96 billion in total investment earnings distributed to beneficiaries. The Treasury's defining structural feature is its exclusive, non-delegable management of the Permanent Land Endowment — a model few states replicate at this scale. Unlike the University of Texas/Texas A&M system or New Mexico's State Investment Council, Arizona concentrates both land-asset monetization and subsequent financial portfolio management inside a single elected official's office. This fusion creates an internally sourced, sovereign-wealth-like funding stream that buffers the Treasury from purely appropriation-based budget cycles, while the Board of Investment provides an external governance layer over the trust's corpus.
General information
Firm type
Government / Public Body
Year founded
—
AUM
$30-35B state treasury assets under management (per Arizona Treasury, 2025)
Location
Region
North America
Country
United States
City
Phoenix
Corporate office
1700 West Washington Street, #102, Phoenix, AZ 85007, United States
Principals
Kimberly Yee
36th Arizona State Treasurer
Altss tracks 2 additional named team members for this firm — including direct investment leads, IR, and operating principals not listed on the public website.
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Frequently asked questions
Does the Arizona Treasurer's Office manage state pension assets?
No. The Treasurer's Office explicitly does not manage or service pension issues. Arizona's public retirement systems — including the Arizona State Retirement System and the Public Safety Personnel Retirement System — are governed by separate boards and investment staffs. The Treasury's investment mandate covers operating cash, agency funds, the Local Government Investment Pool, and the Permanent Land Endowment Trust Fund.
What is the Permanent Land Endowment, and how does the Treasurer invest it?
The Permanent Land Endowment is a perpetual trust created at statehood from federally granted land. The Arizona State Land Department sells or leases trust lands, channeling proceeds into the Permanent Land Endowment Trust Fund. The Treasurer, under the supervision of the Board of Investment, invests the PLETF corpus in fixed-income and equity products alongside other state assets — making the office both the land-endowment monetization beneficiary and its sole investment manager.
How is the Arizona Treasury governed at the investment-policy level?
The Arizona Board of Investment serves as the statutory governing body for the state's investment activities. The board is chaired by Treasurer Kimberly Yee and includes county treasurers and private-sector members appointed by the Governor. It reviews asset allocation, approves investment policy, and acts as trustee for the Permanent Land Endowment Trust Fund, providing a layer of oversight distinct from the Treasurer's day-to-day management authority.
What investment vehicles does the Treasury offer to local governments?
The Treasury operates the Local Government Investment Pool (LGIP), a short-term liquidity vehicle that allows Arizona cities, counties, school districts, and special districts to invest their operating cash alongside the state's own funds. The LGIP prioritizes capital preservation and daily liquidity, investing in high-quality, short-duration fixed-income instruments.
Does the Arizona Treasurer's Office take direct equity stakes in private companies?
The office's disclosed investment posture is limited to high-quality fixed-income and equity products — language typically associated with public-market securities, not direct private-company stakes. There is no public record of the Arizona Treasury participating in venture capital, private equity co-investments, or direct startup financings.
How is the AZ529 Education Savings Plan related to the Treasurer?
The Treasurer's Office administers AZ529, Arizona's direct-sold education savings plan. The office selects the plan's investment managers, oversees the menu of investment options, and promotes the plan through financial-literacy initiatives. AZ529 assets are held in trust for account beneficiaries and are distinct from the Treasury's own investment portfolio.
What is the Treasurer's relationship to the Arizona State Land Department?
The State Land Department manages the surface and subsurface leasing and sale of Arizona State Trust Lands. The Treasurer's Office is the recipient and investor of the proceeds: when trust land is sold or leased, the net revenue flows to the Permanent Land Endowment Trust Fund, where the Treasurer and the Board of Investment manage it as a perpetual financial asset. The two agencies share a sequential pipeline but operate under entirely separate statutory authority.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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