The North Carolina Investment Authority recorded $206.84 billion of assets under management as of March, board members were told during a performance review today. That milestone continues a steady rise from its position of about $167 billion in June 2022, and current projections indicate further growth.
Of that total, the North Carolina Retirement Systems’ (“NCRS”) asset allocation totaled $147.4 billion on May 14. That is a record high and compares to $139.5 billion as of March 31. Most of the increase was due to profits gained from various equity holdings. Outside the NCRS, there was about $44.5 billion in cash management assets such as Treasury bills, notes and other money market investments; nearly $20 billion in the Supplemental Retirement Plans; and $3.2 billion in other categories.
Board members also approved a $40.4 million operating budget for fiscal year 2026-27. That is an increase from the current $23.6 million budget. The largest driver of that growth is staffing, which is projected to grow from 44 to 64 positions over the next 12-18 months, salary adjustments and potential performance-related incentive compensation. Legal expenses and investment support contracts also account for some of the rise.
“Price is what you pay, and value is what you get,” said State Treasurer Brad Briner, who chairs NCIA. “Right now, folks across the state are pretty positive about our outcomes and what it means for our state employees and retirees. People get the idea that if we can spend $40 million and get $25 billion over a year and a half it’s a good thing to do.”
A five-year strategic plan outlining five major initiatives for success and detailing top risks to be aware of was presented to board members. The overarching goal states:
“NCIA should compete as a market-leading investor and partner in public and private markets, through cycles and across decades. We will do that by being selective about where we invest, building the team and tools to invest well, and earning a reputation as the partner top investment managers seek out.”
To see an exhibit of select recent investment transactions highlighted for the board click here.