# Pennsylvania Treasury

Pennsylvania Treasury is a Pension Fund based in Harrisburg, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Harrisburg, United States
- **Region:** North America
- **Address:** Harrisburg, PA, United States
- **Founded:** 1729
- **Assets under management:** $170B+
- **Website:** patreasury.gov
- **LinkedIn:** https://www.linkedin.com/company/commonwealth-of-pennsylvania

## Regulatory record

- **Reports private funds:** No

## About

The Pennsylvania Treasury Department serves as the custodian of more than $170 billion in Commonwealth funds, responsible for receipt, deposit, investment management, and oversight of state monies. Treasury administers programs including PA 529, PA ABLE, and INVEST, and maintains the transparency portal OpenBookPA. It also manages unclaimed property, returning over $4.5 billion to rightful owners.

## Sectors

- Infrastructure
- Real Estate
- Private Equity
- Fixed Income
- Public Equities

## People

- Stacy Garrity — Pennsylvania State Treasurer

## Questions

### Who makes investment decisions for the Pennsylvania Treasury?

State Treasurer Stacy Garrity holds final authority over investment decisions, but the Treasury's professional investment staff executes the day-to-day portfolio strategy. The office does not have a standalone CIO; investment officers report to the Treasurer. The board of SERS and PSERS—which oversee the pension funds—are separate but coordinate with the Treasury.

### How does the Pennsylvania Treasury source proprietary deal flow?

The Treasury relies on relationships with state-approved asset managers, bank partners, and federally registered investment advisors. It issues RFPs for most external managers and does not actively source proprietary deals beyond infrastructure projects through PENNVEST.

### Does the Pennsylvania Treasury commit capital to external funds or only invest directly?

It does both. A large portion of its fixed-income and public equity exposure is through external fund managers, while private equity and infrastructure allocations include direct co-investments alongside GPs. The short-term investment pool uses primarily money-market and treasury securities, managed internally.

### What is the Pennsylvania Treasury's relationship with SERS and PSERS?

The Treasury manages the cash and investment pools that SERS and PSERS use for their portfolios. Those pension boards set their own asset allocation and hire external managers; the Treasury provides the custody, cash management, and some pooled funds. It does not control the pensions' investment strategies.

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Last updated: 2026-07-10T21:57:52.000Z

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