NC Investment Authority reports more than $219 billion under management
RALEIGH — The North Carolina Investment Authority reported more than $219 billion in assets under management as of June, including $150 billion held by the North Carolina Retirement Systems.
The figures were presented Friday during the authority’s quarterly board meeting. The authority said total assets have increased from $190.5 billion in December 2024.
The retirement systems crossed the $150 billion mark on Aug. 18, according to the authority. State officials attributed most of the increase during the previous year to gains from equity investments.
The remaining assets included approximately $45.6 billion in cash-management holdings, such as Treasury bills, notes and other money-market investments. Supplemental retirement plans accounted for $21.5 billion, while approximately $3.3 billion was held in other categories.
The authority reported that the state retirement systems earned a net return of 12.41% for the year ending in June. That result exceeded the fund’s 6.5% annual performance benchmark.
A one-year return provides information about recent investment performance but does not by itself establish whether the pension system is meeting its long-term funding and investment objectives. Pension funds generally evaluate results across longer periods because annual market performance can fluctuate substantially.
The board reviewed the retirement systems’ asset allocation, recent investment activity and two asset classes during Friday’s meeting.
The General Assembly created the Investment Authority through the 2025 State Investment Modernization Act. The legislation shifted investment oversight from a structure in which the state treasurer served as the sole fiduciary to a board-governed authority chaired by the treasurer.
The authority assumed responsibility for managing state retirement, cash-management and supplemental retirement assets in 2026.
State Treasurer Brad Briner, who chairs the authority, said the agency is continuing to develop its administrative infrastructure while looking for ways to improve pension returns.
The authority previously reported $206.84 billion under management as of March. The new June total represents an increase of more than $12 billion from that figure, although asset totals may change because of investment returns, contributions, benefit payments and transfers among the state-managed funds.
The retirement systems provide benefits for teachers, state employees, local government workers and other eligible public employees. Investment performance is one factor affecting the systems’ long-term financial position and the contributions required from public employers.
Editor’s note:
This article was drafted with the assistance of artificial intelligence and was reviewed and fact-checked by a member of the NC Political News editorial team before publication.
