Investment Management

Investments at a Glance

Treasury is responsible for many of the financial operations of state government, including managing and overseeing $75+ billion in assets

“We are proud to be keepers of the public’s money and always look to provide safety and liquidity as we invest and work to grow the funds to provide essential services to citizens.”

Treasurer David H. Lillard, Jr.

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Achieving optimal returns with low expense

The Tennessee Department of Treasury’s Investment Division is comprised of more than 30 professionals with extensive education, professional training, and designations to manage its investments. The department achieves investment returns consistent with its peers while maintaining an investment expense that is among the lowest in the southeast.

We support state initiatives with investment management and investment insight for a diverse set of programs.

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Selected funds managed internally by the Treasury Investment Division

Tennessee Consolidated Retirement System

The largest fund managed by Treasury is the Tennessee Consolidated Retirement System (TCRS), which is commingled within the Tennessee Retiree Group Trust.

Investment objectives for the trust are to obtain the highest available return consistent with preservation of the principal, while maintaining sufficient liquidity to react to the changing environment and pay beneficiaries in a timely manner.

As of June 30, 2019, the market value of the TCRS fund was approximately $52.1 billion.

Learn more about the TCRS View TCRS Annual Reports

Tennessee Consolidated Retirement System (TCRS) logo

Of every $100 paid to retirees by TCRS, $66 was made through investment earnings.

State Pooled Investment Fund and Local Government Investment Pool

The Treasury Department manages state and local governments’ short-term investments through a program known as the State Pooled Investment Fund (SPIF) and the Local Government Investment Pool (LGIP).

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The SPIF, with a June 30, 2019 balance of approximately $14.1 billion, includes the state’s cash, dedicated reserves and trust funds, and the balance of the LGIP of approximately $3.2 billion. The LGIP provides short-term cash management to local governments.

Treasury earned $143 million last year for the state and local governments that participate in the SPIF.

Download the Annual Report

View the annual financial statement

Learn About the LGIP

Tennessee Promise Endowment Trust

Treasury also manages the funds for the Tennessee Promise Endowment Trust. Established by the 108th General Assembly, Tennessee Promise provides students a last-dollar scholarship to cover tuition and fees not covered by the Pell grant, the HOPE scholarship, or TSAA funds.

View the annual financial statement

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Chairs of Excellence Trust

The Department of Treasury’s Investments Division manages investments for the Chairs of Excellence Trust, a program that provides funding for state colleges and universities to attract nationally-recognized instructors.

View the annual financial statement

Intermediate Term Investment Fund

The Intermediate Term Investment Fund is authorized to receive and invest any money in the custody of any department or agency of the state or from any other participant in the Local Government Investment Pool.

Learn more about the Intermediate Term Investment Fund

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