# TruStage

TruStage is a Pension Fund based in Madison, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Madison, United States
- **Region:** North America
- **Address:** Madison, WI, United States
- **Founded:** 1935
- **Assets under management:** 414 (Altss estimate)
- **Website:** www.trustage.com
- **LinkedIn:** https://www.linkedin.com/company/trustage

## About

TruStage was established in 1935 as the investment arm of CMFG Life Insurance Company. It functions as the master trust for the CUNA Mutual qualified plans. The structure channels insurance-derived capital into a diversified book rather than a single-family mandate. The fund deploys into private equity, venture capital and public fixed income. Confirmed holdings include Arkatechture, Happy Money, Clerkies and Skyryse through TruStage Ventures. Public ETF holdings reported in Q3 2025 via Members Capital Advisors Inc. include IGSB, JAAA, JPST and HYG. Geographic reach centers on the United States with additional exposure noted in Kenya through conference participation. The team maintains a headquarters at The Lighthouse in Madison, Wisconsin, a LEED Gold building completed for operational use. TruStage Foundation, established in 1967, directs giving toward education and housing initiatives with $3.5 million in annual grants. In August 2025 the firm sponsored the Discovery 2025 Conference covering AI in finance and cyber risks. TruStage maintains a direct limited partner program through its venture vehicle rather than a traditional fund-of-funds wrapper. This allows targeted exposure to early-stage financial software and fraud detection companies alongside credit union distribution relationships that reach 93 percent of U.S. credit unions.

## Sectors

- Financial Services

## People

- Terrance Williams — President and CEO
- Amy Cameron — EVP, Chief Investment Officer

## Questions

### Who runs investment decisions at TruStage?

Terrance Williams serves as President and CEO. Amy Cameron holds the role of EVP and Chief Investment Officer.

### Does TruStage participate in fund commitments or only direct deals?

### What asset classes does TruStage allocate to?

Allocations include private equity at roughly 4 to 5 percent across reported sleeves plus public fixed income ETFs and venture holdings.

### Where does the underlying capital originate?

Assets derive from the CUNA Mutual 401(k) Plan and Pension Plan sponsored by CMFG Life Insurance Company.

### Which sectors appear in the venture book?

TruStage Ventures has taken limited partner positions in financial software, data analytics, fraud detection and aviation technology companies.

### How does TruStage source deal flow?

Sourcing occurs through credit union networks and direct venture relationships rather than broad fund-of-funds channels.

## Related profiles

- [Laurus Investment Counsel](https://altss.com/profile/laurus-investment-counsel)
- [Windstream](https://altss.com/profile/windstream)

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

Canonical page: https://altss.com/profile/trustage

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology