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TruStage Investment Management
TruStage Investment Management is an SEC-registered investment adviser in Madison, WI, registered since 1983. The firm manages $39.5 billion in assets, $36.6...
TruStage Investment Management
TruStage Investment Management is an SEC-registered investment adviser in Madison, WI, registered since 1983. The firm manages $39.5 billion in assets, $36.6 billion on a discretionary basis. It has 62 employees and 41 investment advisers.
General information
Firm type
Insurance
Year founded
1935
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Madison
Corporate office
Madison, WI, United States
Principals
Adam Pugh
Investment Professional
Lee Kobza
Board Director, The Salvation Army (Dane County)
Sector focus
Frequently asked questions
Who runs investment decisions at TruStage Investment Management?
The firm operates as the captive investment advisor for CMFG Life Insurance Company, with investment professionals like Adam Pugh executing strategy for the general account portfolio. Specific CIO and portfolio-manager names are not publicly listed as of the latest available disclosures, consistent with an internal, single-client mandate that does not market to external investors.
Is TruStage Investment Management a third-party asset manager or a captive insurance investor?
It is a captive insurance asset manager — it invests exclusively for CMFG Life Insurance Company's general account, which backs policyholder obligations for TruStage's insurance lines. It does not raise outside capital or manage funds for external LPs.
What does the real estate portfolio look like?
TruStage holds a national commercial mortgage loan portfolio alongside direct equity positions. Confirmed direct equity includes 1000 Van Ness Avenue in San Francisco, a high-profile residential and retail asset in the Bay Area. The portfolio spans major US markets but is not publicly itemized beyond material filings.
How does TruStage access private markets beyond direct origination?
The firm participates in fund commitments, with Adam Pugh serving on the advisory committee of Yukon Partners, a Minneapolis-based mezzanine and structured equity firm. This relationship suggests an allocator posture toward private credit and middle-market structured capital via external managers.
What is the relationship between TruStage Investment Management and the TruStage Foundation?
The TruStage Foundation handles philanthropic activity separately from the investment arm. The foundation focuses on community giving, including organizations like The Salvation Army in Dane County, where TruStage executive Lee Kobza serves on the board. Investment staff and foundation operations are distinct.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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