# City of Chattanooga OPEB Trust Fund

City of Chattanooga OPEB Trust Fund is a Trust / Investment Trust based in Chattanooga, United States.

## Overview

- **Organization type:** Trust / Investment Trust
- **Headquarters:** Chattanooga, United States
- **Region:** North America
- **Address:** Chattanooga, TN, United States
- **Founded:** 1839
- **Assets under management:** Undisclosed
- **Website:** https://chattanooga.gov
- **LinkedIn:** https://www.linkedin.com/company/city-of-chattanooga

## Regulatory record

- **Reports private funds:** No

## About

The City of Chattanooga OPEB Trust Fund was established to prefund other post-employment benefits (OPEB) for city retirees, reducing the city's unfunded liability. The fund is governed by a Board of Trustees that includes Daisy Madison, the City Finance Officer, as Chair, and Katie Reinsmidt, a Senior Vice President at CBL & Associates Properties, as Vice Chair. The trust's capital originates from city appropriations and pension system contributions, though the exact founding year is not publicly disclosed. The trust pursues a diversified investment strategy across multiple asset classes, including infrastructure, real estate, private credit, and hedge funds. It does not publicly disclose individual portfolio holdings or co-investment partners. The fund's geographic focus centers on North America, with exposure to both public and private markets. Given its role as a municipal trust, the fund avoids speculative or illiquid strategies that could compromise its ability to meet benefit obligations. The trust maintains a close relationship with the City of Chattanooga General Pension Plan, sharing the same Board of Trustees. The fund's professional staff is lean, relying on external managers and advisors. No recent operational events—such as leadership changes or major allocation shifts—have been publicly reported in the last 24 months. A structural differentiator of the City of Chattanooga OPEB Trust Fund is its explicit mandate: prefunding retiree healthcare benefits, rather than maximizing absolute returns. This liability-driven investment approach shapes all portfolio decisions, prioritizing capital preservation and consistent income streams. The fund's governance model, overseen by city officials, also introduces a public accountability layer uncommon among private family offices.

## Sectors

- Infrastructure
- Real Estate
- Private Credit
- Hedge Funds
- Energy Transition & Renewables

## People

- Daisy Madison — Board Chair and City Finance Officer
- Katie Reinsmidt — Board Vice Chair; Senior Vice President at CBL & Associates Properties, Inc.

## Questions

### Who makes investment decisions for the City of Chattanooga OPEB Trust Fund?

A Board of Trustees oversees the fund, chaired by Daisy Madison, the City Finance Officer. Katie Reinsmidt serves as Vice Chair. All investment decisions are subject to board approval.

### What is the fund's primary investment objective?

The trust exists to prefund other post-employment benefits (OPEB) for city retirees. Its goal is to generate investment returns that reduce the city's unfunded liability, not to maximize absolute returns.

### Does the fund disclose its portfolio holdings?

No. The fund does not publicly disclose individual portfolio companies, deal partners, or allocation figures. Its operating approach is shaped by municipal fiduciary obligations.

### What is the source of the fund's capital?

Capital comes from city appropriations and contributions from the municipal pension system, funded by Chattanooga taxpayers.

### Does the fund accept outside capital from other investors?

No. The fund is a municipal trust dedicated solely to the City of Chattanooga's retiree benefit liabilities. It does not accept external commitments from individuals or institutions.

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Updated: 2026-06-03T20:00:00.000Z

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