# TruStage Investment Management

TruStage Investment Management is an Insurance based in Madison, United States.

## Overview

- **Organization type:** Insurance
- **Headquarters:** Madison, United States
- **Region:** North America
- **Address:** Madison, WI, United States
- **Founded:** 1935
- **Assets under management:** Undisclosed
- **Website:** trustage.com
- **LinkedIn:** https://www.linkedin.com/company/trustage

## Regulatory record

- **CRD number:** 105960
- **SEC file number:** 801-18140
- **Registration status:** APPROVED
- **Latest Form ADV filing:** 2026-03-27T05:00:00.000Z
- **Reports private funds:** Yes
- **Private funds reported:** 0
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/105960

## About

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.

## Sectors

- Real Estate
- Private Credit
- Infrastructure

## People

- Adam Pugh — Investment Professional
- Lee Kobza — Board Director, The Salvation Army (Dane County)

## Questions

### 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.

### 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.

## Related profiles

- [TruStage Financial Group](https://altss.com/profile/trustage-financial-group)
- [Trustbridge Hospice Foundation](https://altss.com/profile/trustbridge-hospice-foundation)

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

Canonical page: https://altss.com/profile/trustage-investment-management

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