Commonwealth of Pennsylvania Treasury Department

Treasurer Stacy Garrity holds the ultimate decision-making authority as the elected principal. Day-to-day execution is handled by the Treasury's investment staff, which manages the short-term liquid asset pools internally. Longer-duration mandates — including private equity, venture capital, and real estate — are overseen by the Treasury in coordination with external managers and consultants, subject to the investment policy approved by the Board of Finance and Revenue.

The Treasury allocates across short-term fixed income, U.S. Treasury and agency securities, highly rated commercial paper, public equities, and a global REIT portfolio. Smaller allocations extend to private equity and venture capital. Treasurer Garrity has publicly advocated for expanding the permissible asset list to include Bitcoin and precious metals such as gold and silver as core reserve holdings.

The office manages roughly $160 billion in assets in aggregate, according to disclosures and public statements. This includes the Rainy Day Fund and the Liquid Asset Pool, which collectively exceed $40 billion, plus the PA 529 College and Career Savings Program, unclaimed property portfolios, and the operating cash of Commonwealth agencies. The Treasury does not release a single consolidated AUM figure annually, so the $160 billion estimate carries some variance.

The Treasury primarily uses external managers for private-market exposure, though it also holds direct interests in real assets — including the Treasury Building in Harrisburg — and has signaled willingness to custody physical commodities directly. The proposed Bitcoin strategic reserve implies a direct-holding structure rather than an ETF wrapper, distinguishing it from many institutional crypto allocations.

Stacy Garrity is one of a small number of U.S. state treasurers openly advocating for Bitcoin as a state reserve asset. She argues the Commonwealth has existing statutory authority to hold non-traditional assets and has proposed legislation to formalize a Pennsylvania Bitcoin Strategic Reserve. Her office also holds physical precious-metals coins and has inventoried unconventional stores of value such as precious-metals sponges, signaling an explicit hard-asset orientation that departs from the norms of public funds management.

Treasurer Garrity is an independently elected constitutional officer, answerable to Pennsylvania voters rather than appointed by the Governor. Investment policy is set by the Treasury in coordination with the Board of Finance and Revenue, which includes the Treasurer, the Auditor General, and the Secretary of Revenue. The Treasury reports annual investment data to the Governor and the General Assembly, creating a blended governance structure of executive discretion and legislative oversight.

Pool 993 is the Commonwealth's Rainy Day Fund, a statutorily created budget-stabilization reserve designed to cover revenue shortfalls. Pool 999 is the Liquid Asset Pool, the primary operating-cash vehicle for state agencies and authorities. Both are managed internally by the Treasury's investment professionals with a safety-of-principal and liquidity-first mandate, and together they account for over $40 billion in assets.