USAA

Investment management operates under the Chief Investment Officer, who reports to the President and CEO. As of April 2025, Juan Andrade is the President and CEO; the CIO oversees the general account allocations across public equities, fixed income, real estate, and private markets. The exact CIO identity was not publicly confirmed at the time of this profile.

USAA is owned by its members — roughly 13 million military personnel, veterans, and their families — rather than public shareholders. That means the general account is not subject to quarterly earnings pressure. The captive, service-branch-linked membership base creates a sticky deposit franchise, allowing the investment team to operate with a genuinely long-duration horizon that publicly traded insurers rarely match.

In 2020, Paxion Capital acquired a controlling interest in the USAA Real Estate platform, which was subsequently rebranded as Affinius Capital. The entity now operates as an independent manager of a global commercial real estate portfolio spanning the US, Europe, and Mexico, though it retains ties to the USAA ecosystem.

Yes, through its Corporate Development arm, which is a member of the National Venture Capital Association. USAA has historically targeted fintech and enterprise software deals that align with its financial-services and insurance operations. One confirmed direct public-market holding is Coinbase Global, indicating comfort with crypto-native financial infrastructure exposure.

USAGX is an internally managed mutual fund that allocates capital to gold and mining equities. It represents USAA's long-standing exposure to the precious metals sector and is available both within the general account and to retail investors through USAA's asset management platform.

Yes. Two legally distinct entities — The USAA Foundation, Inc. and The USAA Educational Foundation, Inc. — handle charitable and educational giving. They are funded by the enterprise but operated independently, primarily supporting military families and communities connected to the member base.

The institution generates float through property-casualty premiums, life insurance premiums, and banking deposits from its member base. Because membership is restricted to military-affiliated individuals and families, the funding pool is unusually concentrated demographically but highly durable across economic cycles.