# North Carolina Department of State Treasurer

North Carolina Department of State Treasurer is a Pension Fund based in Raleigh, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Raleigh, United States
- **Region:** North America
- **Address:** Raleigh, North Carolina, United States
- **Founded:** 1941
- **Assets under management:** Undisclosed
- **Website:** nctreasurer.gov
- **LinkedIn:** https://www.linkedin.com/company/north-carolina-department-of-state-treasurer
- **Wikidata:** Q136485396

## Regulatory record

- **Reports private funds:** No

## About

The North Carolina Department of State Treasurer, established in 1941, is a government agency that manages the state's pension and healthcare plans, oversees the issuance of debt for local governments, and safeguards unclaimed property through its Escheat Fund. The Treasurer serves on the state's Council of State, a body of elected executive officials, and is advised by an Investment Advisory Committee. Brad Briner is the current Treasurer, succeeding Dale Folwell. The department's investment strategy is heavily weighted toward buyout funds, complemented by allocations to real estate, private credit, and inflation-sensitive instruments. Its real assets exposure reaches globally: the portfolio includes the BlackRock and JP Morgan global real estate fund series, alongside domestic commercial plays like BREP Edens Investment Partners and LEM Real Estate Mezzanine Fund II. The Treasurer's office also operates GCM Grosvenor-managed North Carolina Innovation Funds, signaling a conduit for venture and growth-stage exposure. The Short-Term Investment Fund handles in-state cash management for local governments. The system operates from Raleigh and draws on institutional networks including the Institutional Limited Partners Association. While total assets under management and internal headcount are not publicly disclosed, the office's borrowing authority and debt-issuance role underpin North Carolina's triple-A credit rating. Brad Briner was sworn in as Treasurer in January 2025, marking the most recent leadership transition. The structure is unusual among US public pensions: the Treasurer's office fuses investment management with direct government banking and unclaimed-property administration. This bundling creates a single balance-sheet authority that can cross-collateralize short-term state liquidity with long-term private market commitments, a different governance profile from peer systems where the pension fund and treasury functions are legally separated.

## Sectors

- Real Estate
- Private Credit
- Infrastructure

## People

- Brad Briner — State Treasurer of North Carolina
- Dale Folwell — Former State Treasurer of North Carolina (2017-2025)
- Janet Cowell — Former State Treasurer of North Carolina (2009-2017)

## Questions

### Who runs investment decisions at the North Carolina Department of State Treasurer?

The State Treasurer is the elected sole fiduciary. Brad Briner has held the office since January 2025. The Treasurer is advised by the Investment Advisory Committee but retains ultimate authority over asset allocation and manager selection.

### Does the North Carolina Treasury invest directly or through fund commitments?

It uses a hybrid model. The portfolio is anchored by fund commitments across buyout, real estate, and private credit vehicles, but also participates through direct co-investment sleeves, such as the GCM Grosvenor-managed North Carolina Innovation Funds. The Short-Term Investment Fund provides direct cash management for in-state municipalities.

### What role do the North Carolina Innovation Funds play?

The Innovation Funds are a state-specific economic development and venture investment program managed externally by GCM Grosvenor. They are designed to direct capital to North Carolina-based growth companies, giving the pension system a conduit for in-state venture exposure that sits alongside its traditional buyout commitments.

### How is the Treasurer's office related to the state’s AAA bond rating?

The office directly oversees the issuance of debt for state and local governments and is explicitly tasked with maintaining the state's AAA credit rating. The investment and debt management functions sit under the same elected official, linking the liability management and asset allocation decisions.

### What investment sectors does the department's real asset portfolio cover?

The real asset sleeve includes global mixed-use vehicles from BlackRock and JP Morgan, US-focused commercial properties through BREP Edens, and a mezzanine debt real estate strategy with LEM. The department also maintains a separate Inflation Sensitive Investment Portfolio.

## Related profiles

- [North Atlantic States Carpenters Guaranteed Annuity Fund](https://altss.com/profile/north-atlantic-states-carpenters-guaranteed-annuity-fund)
- [North Carolina Retirement Systems](https://altss.com/profile/north-carolina-retirement-systems-ncrs)

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Last updated: 2026-06-03T20:00:00.000Z

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