# Trust Fund for the People of the Federated States of Micronesia

Trust Fund for the People of the Federated States of Micronesia is a Pension Fund based in Washington, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Washington, United States
- **Region:** North America
- **Address:** 1849 C Street Northwest, Washington, DC, United States
- **Founded:** 2003
- **Assets under management:** 1037 (Altss estimate)
- **Website:** fsmcfatf.com

## Regulatory record

- **Reports private funds:** No

## About

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.

## Sectors

- Diversified
- Real Estate
- Infrastructure

## People

- John Brewer — Chairman of the Trust Fund Committee
- Anthony Costanzo — Executive Administrator
- Manny Mori — Committee Member
- Anna Mendiola — Committee Member

## Questions

### Who runs investment decisions at the Trust Fund for the People of the Federated States of Micronesia?

John Brewer chairs the Trust Fund Committee. Anthony Costanzo serves as executive administrator. The committee also includes Manny Mori and Anna Mendiola.

### How does the Trust Fund for the People of the Federated States of Micronesia source investments?

The fund commits to external managers such as HarbourVest Partners and Portfolio Advisors. It also holds positions in Mercer Private Investment Partners VII and Shenkman Capital Management.

### What asset classes does the Trust Fund for the People of the Federated States of Micronesia use?

Public equities, fixed income, private equity, real estate and hedge funds form the allocation mix. Real estate accounts for approximately 13 percent and hedge funds near 5.8 percent.

### Does the Trust Fund for the People of the Federated States of Micronesia use external advisors?

Cambridge Associates was appointed investment advisor in March 2025. State Street Bank has served as custodian since 2010.

## Related profiles

- [The Samuel Roberts Noble Foundation](https://altss.com/profile/the-samuel-roberts-noble-foundation)
- [Allen Family Philanthropies](https://altss.com/profile/allen-family-philanthropies)

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

Canonical page: https://altss.com/profile/trust-fund-for-the-people-of-the-federated-states-of-micronesia

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