Trust Fund for the People of the Federated States of Micronesia

Trust Fund for the People of the Federated States of Micronesia

The Trust Fund for the People of the Federated States of Micronesia was established in 2003 under the Compact of Free Association. John Brewer serves as chairman while Anthony Costanzo acts as executive administrator. The structure channels contributions from the U.S. and FSM governments into a perpetual revenue source. Allocations include a 21.5 percent U.S. domestic equity portfolio, a 19.8 percent non-U.S. equity portfolio and a 17.8 percent fixed income portfolio as of FY22 reporting. Private equity commitments run through HarbourVest Partners, Portfolio Advisors and Mercer Private Investment Partners VII. Real estate holdings represent roughly 13 percent of assets and hedge fund exposure stands near 5.8 percent. The geographic reach covers the United States and global markets. The fund maintains 1037 million dollars in assets. It added Cambridge Associates as investment advisor in March 2025 after ending a twenty-year relationship with Mercer Investment Consulting. State Street Bank serves as custodian. Additional service providers include Bookminders for bookkeeping and Baker Tilly for audit. The fund operates under a sovereign mandate tied directly to the Compact of Free Association. Governance rests with a committee that includes former FSM President Manny Mori and FSM Development Bank CEO Anna Mendiola. This architecture separates investment decisions from direct government operations while preserving the revenue link to Micronesia's national budget.