Pursuant to N.C.G.S. § 147-65.1.(7), the North Carolina Retirement Systems include the Teachers’ and State Employees’ Retirement System, the Consolidated Judicial Retirement System, the Firefighters’ and Rescue Squad Workers’ Pension Fund, the Local Governmental Employees’ Retirement System, the Legislative Retirement System, the North Carolina National Guard Pension Fund, the Registers of Deeds' Supplemental Pension Fund, the Retiree Health Benefit Fund, and the North Carolina Teachers' and State Employees' Benefit Trust (collectively, “NCRS”).
The North Carolina Investment Authority ("NCIA"), created under N.C.G.S. § 147-71.1, is responsible for managing investment programs for the NCRS assets. The Board of Directors ("Board") of the NCIA, consisting of five members, governs the NCIA and appoints the Chief Investment Officer ("CIO"). The CIO is responsible for managing and directing the NCIA's investment functions under the oversight of the Board.
Asset Class Categories
| Portfolio | Investment Mandate | Examples |
|---|---|---|
| Corporate Equity | Invest in public and private corporate equity globally across long-only, long-biased, buyout, venture capital, growth equity, special situations, and hedge-fund-like structures. | Common and preferred stock; public equity strategies; private equity buyout, venture, growth; hedge funds with equity beta; co-investments and direct equity. |
| Real Asset Equity | Invest in equity with direct or indirect exposure to real estate, infrastructure, natural resources, commodities, and related operating companies. | Private real estate funds; REITs; infrastructure equity; natural resources equity; commodities-linked equity; joint ventures and co-investments. |
| Investment Grade Fixed Income | Maintain high-quality fixed income exposure for diversification, capital preservation, liquidity, and deflation protection. | U.S. Treasuries; agencies; investment-grade corporates; MBS; ABS. |
| Credit (Non-Investment Grade) | Generate long-term returns exceeding investment grade by taking compensated credit risk in sub-investment-grade corporate and structured credit markets. | Bank loans; high-yield bonds; distressed debt; mezzanine; private credit lending; CLOs; asset-backed debt. |
| Cash | Preserve capital, maintain liquidity for the total fund, and earn stable returns in high-quality short-duration instruments. | Money market instruments; short-term Treasuries; agency notes; AAA corporate obligations. |
| Multi-Strategy | Flexible, cross-asset investment program providing diversification, hedging, and opportunistic allocations. | Hedge fund multi-strategy; global macro; event-driven; relative value; tactical hedging and overlays; opportunistic allocations. |
The Cash Management Program is primarily responsible for managing the operating funds of the State. The main participants in this program are the State's General Fund and Highway Funds.
Assets invested under this program can be utilized at any time by the State, so it is imperative that the investment strategy is conducted in a very conservative manner. The majority of the assets of the Cash Management Program are invested through the Short-Term Investment Fund.
North Carolina Supplemental Retirement Plans
NC 401(k) & NC 457 Plans | My NC Retirement
The North Carolina Investment Authority has established an Ancillary Governmental Participant Investment Program, as authorized by North Carolina law, to help ensure your investments benefit from low cost professional management. NCIA has leveraged our existing relationship with BlackRock to offer two new funds in the program: a Bond Index Fund (BIF) and an Equity Index Fund (EIF). In addition, the Short Term Investment Fund (STIF) managed internally by NCIA is available in the program. You’ll have the opportunity to select and designate an allocation among the investment funds, based on your current investment authority.
The following funds or entities are among those eligible to invest in the AGPIP Funds:
- The specific funds listed in N.C.G.S. § 147-69.2(a), and
- Unless a specific statute indicates otherwise:
- Any official, board or commission of the State of North Carolina
- Any local government of the State of North Carolina
- Any other public authority of the State of North Carolina
- Any school administrative unit, charter school, local ABC board, or community college of the State of North Carolina
Enrollment Resources
AGPIP Overview
AGPIP Enrollment Instructions
Enrollment Documents
AGPIP Deposit and Withdrawal Forms
| AGPIP Deposit and Withdrawal Forms - State Agencies | AGPIP Deposit and Withdrawal Forms - Non State Agencies |
|---|---|
| AGPIP Deposit/Withdrawal Form | AGPIP Deposit/Withdrawal Form |
| Instructions to Complete the AGPIP Deposit/Withdrawal Form with Examples | Instructions to Complete the AGPIP Deposit/Withdrawal Form with Examples |
| AGPIP/Deposit/Withdrawal Form Instructional Webinar | AGPIP/Deposit/Withdrawal Form Instructional Webinar |
Other Resources
AGPIP FAQs for Charter Schools