City of Chattanooga General Pension Fund

City of Chattanooga General Pension Fund

The Chattanooga General Pension Fund operates as the retirement plan for the City of Chattanooga's general employees, automatically enrolling all full-time, regular public workers who do not serve as firefighters or police officers. Administered by a Board of Trustees chaired by City Finance Officer Daisy Madison, the fund includes ex-officio representation from Mayor Tim Kelly. The board draws on professional expertise from outside directors, including Katie Reinsmidt, a senior vice president at CBL & Associates Properties, reflecting the fund's strategy of blending municipal finance experience with private-sector real estate acumen. The fund maintains a multi-asset portfolio with a pronounced tilt toward tangible assets and partnership structures. Real estate features prominently, spanning direct ownership of Chattanooga City Hall at 101 East 11th Street, the 702 Manufacturers Road residential property, and investments in commingled vehicles like TerraCap III and TerraCap V. The plan also commits to venture capital and private equity via co-investments and fund-of-funds structures, with confirmed interests extending to early-stage and distressed-debt strategies. Alongside these financial assets, the fund stewards a civic portfolio that includes the Public Art Chattanooga Collection and installations such as The Passage at Ross' Landing—blurring the line between pension management and public realm investment. The fund deploys capital across U.S. markets with a concentration in its home state. The Chattanooga Metropolitan Airport Authority participates as an affiliated employer, and the board has approved investments in housing initiatives like the Invest Chattanooga Housing Production Fund. Board members bring credentials from professional networks including the Government Finance Officers Association, where Madison has earned multiple awards for financial reporting, and the National Association of Real Estate Investment Trusts. The board's composition—a mix of city officials and private-sector executives—shapes a governance model that combines fiduciary oversight with direct market experience. What distinguishes the Chattanooga General Pension Fund from many municipal peers is its direct property portfolio and its willingness to operate as a limited partner in commingled real estate and venture vehicles—rather than relying solely on external consultants or commingled public-markets exposure. This hybrid posture, pairing hard assets with fund commitments, embeds the pension directly in the economic fabric of the city it serves. The separate funding structure for uniformed personnel further narrows the plan's liability profile relative to consolidated city pension systems.