California Asset Management Program

What California Asset Management Program does

California Asset Management Program (CAMP) is a California Joint Powers Authority established in 1989 to deliver institutional-quality fixed-income investment management exclusively to California public agencies. The program operates three core products: the CAMP Pool, a daily-liquidity stable-NAV cash reserve portfolio rated AAAm1 by S&P Global with a weighted average maturity capped at 60 days; CAMP Term, a fixed-rate fixed-term option with maturities from 60 days to one year rated AAAf2 by Fitch, designed to match known cash flows with automatic sweep into the Pool at maturity; and Individually Managed Portfolios, which provide customized investment management and safekeeping services. Adjacent services include arbitrage rebate compliance tracking and calculation for tax-exempt bond proceeds, addressing a specialized federal compliance workflow. All services are administered by PFM Asset Management (a division of U.S. Bancorp Asset Management Inc.), with U.S. Bank N.A. as custodian, U.S. Bancorp Investments as distributor, and Ernst & Young as auditor; Nossaman LLP provides legal counsel. A Board of Trustees composed of sitting California public agency finance directors and treasurers sets program policy.

The program's technology backbone is a pooled fund accounting platform with electronic fund transfer capabilities (wire, ACH, check), fronted by the Connect self-service portal for subaccount creation, contact management, permissions, and transaction processing. CAMP is governed as a permitted investment under California Government Code Section 53601(p), which restricts eligibility to California local agencies and structurally anchors the addressable market. The program markets via its website, educational webinars, direct outreach by Program Representatives, and peer referrals through the Board of Trustees network, targeting finance directors and treasurers rather than retail audiences.

CAMP generates revenue through management fees on pooled and individually managed portfolios, paid to PFM Asset Management as investment adviser; specific fee schedules are not publicly disclosed, and the Pool is marketed as having zero out-of-pocket expenses to participants. Customers — California counties, cities, school districts, water districts, and special districts — participate either as Investors or as Participants (JPA members with voting rights and board eligibility). Revenue, AUM, fees, and headcount are not publicly disclosed, consistent with CAMP's status as a public-sector JPA rather than a conventional operating company.

Name

California Asset Management Program

Legal name

California Asset Management Trust

Website

https://camponline.com

Company type

Private

Founded year

1989

Operating status

Operating

Short description

California Asset Management Program (CAMP) is a California Joint Powers Authority established in 1989 that provides pooled and individually managed fixed-income investment services exclusively to California public agencies, administered by PFM Asset Management under California Government Code Section 53601(p).

Ownership category

akta.pro rank

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Investment Management Fees: CAMP generates revenue through management fees charged to investors/participants in the pooled investment portfolios. The program is administered by PFM Asset Management (a division of U.S. Bancorp Asset Management Inc.) which serves as investment adviser and administrator.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

California Asset Management Program (CAMP) is a California Joint Powers Authority that provides professional investment management services exclusively to California public agencies. Its core offerings are the CAMP Pool — a daily-liquidity, stable-NAV cash reserve portfolio rated AAAm1 by S&P Global — and CAMP Term, a fixed-rate, fixed-term portfolio with maturities from 60 days to one year rated AAAf2 by Fitch Ratings. The program also delivers Individually Managed Portfolios customized to agency cash flow needs and Arbitrage Rebate Compliance Services for tax-exempt bond proceeds, with self-service administration through the Connect online portal.

Product overview

California Asset Management Program (CAMP) is a California Joint Powers Authority established in 1989 to provide professional investment services to California public agencies. The program offers three core investment products: the CAMP Pool (a daily liquidity, stable NAV cash reserve portfolio), CAMP Term (fixed-rate, fixed-term investments with maturities from 60 days to one year), and Individually Managed Portfolios (customized investment management). Additionally, CAMP provides Arbitrage Rebate Compliance Services for bond proceeds. The Connect online portal enables self-service account management. All services are administered by PFM Asset Management, a division of U.S. Bancorp Asset Management Inc.

Differentiator

Problem solved

Functional benefit

Brands

• CAMP Pool: Daily liquidity, stable net asset value (NAV) investment option with AAAm1 rating from S&P Global, stresses daily liquidity and safety of principal.
• CAMP Term

Products and services

• CAMP Pool (Cash Reserve Portfolio) A daily liquidity, stable net asset value (NAV) investment option that emphasizes safety of principal and daily liquidity while earning a competitive yield. Dollar-weighted average portfolio maturity of 60 days or less, AAAm1 rated by S&P Global. Target users are California public agencies investing operating funds, bond proceeds, debt service funds, and reserve funds.
• CAMP Term A fixed-rate, fixed-term investment option for agencies with known cash flows seeking to optimize interest earnings. Securities have maturities ranging from 60 days to one year, rated AAAf2 by Fitch Ratings. Principal and interest are paid at maturity with automatic sweep back into the CAMP Pool. Target users are California public agencies with defined draw schedules such as bond proceeds or capital project funds.
• Individually Managed Portfolios Customized investment portfolios tailored to a public agency's specific liquidity needs or draw schedule, providing portfolio management services, third-party custody, and competitive shopping for securities. Available under separate agreement with the investment adviser. Target users are California public agencies with bespoke cash flow or investment-policy requirements not served by the commingled Pool or Term products.
• Arbitrage Rebate Compliance Services Compliance services for tracking bond proceeds for IRS arbitrage rebate compliance, including spending exception reports, yield restriction notifications, annual estimates of accrued liabilities, and rebate calculation reports. Administered by PFM Asset Management under separate agreement. Target users are California public agencies that have issued tax-exempt bonds and need ongoing arbitrage rebate calculation and reporting.

Quantifiable outcome

• AAAm1 rating from S&P Global for CAMP Pool (Cash Reserve Portfolio)
• +2 more outcomes

Named customers8 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core and minor.

• PFM Asset ManagementcoreImplementation/ SI/ Consulting PartnerServes as Program Administrator and Investment Adviser for CAMP. A division of U.S. Bancorp Asset Management Inc. with more than four decades of experience serving the public sector. Administers the CAMP Pool and Term portfolios, provides arbitrage rebate compliance services, and manages individually managed portfolios.
• U.S. Bank National AssociationcoreOthersServes as Custodian for CAMP assets. Part of the U.S. Bancorp ecosystem.
• Ernst & Young LLPminorOthersServes as independent auditor for the California Asset Management Trust.
• Nossaman LLPminorOthersProvides legal counsel services to the Program.
• U.S. Bancorp Investments, Inc.coreChannel Partner/ Reseller/ DistributorServes as the distributor of shares in the Trust. Member FINRA and SIPC. A subsidiary of U.S. Bancorp and affiliate of U.S. Bank N.A.

Scale indicators2 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Local Agency Investment Fund (LAIF): California State Treasurer's pooled investment vehicle serving California local agencies — the same customer base as CAMP. Competes head-to-head as the primary alternative for California public funds, with a fee-free structure making it the dominant comparator for operating cash.
• Florida PRIME: Florida Public Funds Investment Pool managed by the State Board of Administration — a major state-administered LGIP offering daily liquidity and term investment options to Florida public agencies.
• TexPool: Texas Local Government Investment Pool providing daily liquidity and term investment options to Texas public entities. Closely comparable LGIP model with similar pooled structure, public agency focus, and credit-rated portfolios.
• Meeder Investment Management: Independent registered investment adviser administering public sector investment pools and government money market funds (e.g., Ohio's STAR, other state LGIPs). Operates similar pooled investment vehicles with comparable structure to CAMP.
• NYCLASS: New York Cooperative Liquid Assets Securities System — a New York LGIP serving local governments with pooled investment products. Same institutional investment-pool business model as CAMP.

Broad incumbents

• BlackRock: World's largest asset manager with extensive government and treasury liquidity fund offerings (e.g., BlackRock Liquidity Funds). Public agencies frequently use BlackRock MMFs as alternatives to LGIPs like CAMP.
• PFM Asset Management: The investment adviser and program administrator for CAMP and a broader portfolio of public sector investment management mandates nationwide. Sister organization under U.S. Bancorp Asset Management — directly comparable business model and target market.
• Federated Hermes: Major operator of government and tax-exempt money market funds serving institutional public sector clients. Competes with CAMP for government operating cash and offers rated, daily-liquidity products.
• Hilltop Securities: Public sector investment advisory firm providing investment management, arbitrage compliance, and treasury services to state and local government clients nationwide — directly overlapping CAMP's service lines beyond California.

Regional players

• LOGIC (Local Government Investment Cooperative): Texas JPA-style LGIP providing pooled investment services to Texas local government entities — similar JPA governance structure to CAMP but serving a different state geography.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about California Asset Management Program