CalTRUST

What CalTRUST does

CalTRUST is a California Joint Powers Authority (JPA) established in 2003 by California public agencies to provide pooled investment management services for government entities. It operates three commingled fixed-income funds — a Liquidity Fund (same-day liquidity, max 60-day duration, S&P AAAm), a Short-Term Fund (next-day liquidity, 0–2 year duration, S&P AAf/S1+), and a Medium-Term Fund (next-day liquidity, 1–3 year duration, S&P AA-f/S1) — all managed by State Street Investment Management under an Investment Policy that is in full compliance with California Government Code 53601 and 53605. No leverage is permitted in any fund account.

Member participants include California counties, cities, special districts, county boards of education, public corporations, regional transportation commissions, federally recognized Indian tribes, and nonprofit corporations whose membership is confined to public agencies. Participation is frictionless by design — no minimum investment, no maximum investment, no fees to transfer between funds, and no city council or board resolution required to join the JPA. A 24-hour password-protected online participant portal (hosted via an Ultimus fund-administration login) provides account access, statements, and transfer capabilities.

The business model deducts all operating expenses from monthly fund yields rather than charging agencies out-of-pocket fees; consequently CalTRUST does not report traditional revenue and operates with a very small full-time staff (firmographic headcount 1–10) headquartered in Folsom, California. Governance rests with a Board of Trustees composed of experienced local agency treasurers and investment officers from member agencies, with Laura Labanieh Kitson serving as the first full-time CEO since 2019. The combined strategy — statutory JPA authorization, institutional asset management, S&P-rated fund quality, and zero-friction participation — is the basis for managing more than $6 billion of public-agency assets.

Name

CalTRUST

Legal name

CalTRUST

Website

https://caltrust.org

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

1–10 employees

Short description

CalTRUST is a California Joint Powers Authority created by and for California public agencies, offering three pooled fixed-income funds (Liquidity, Short-Term, Medium-Term) managed by State Street Investment Management to counties, cities, special districts, and other government entities, with over $6 billion in assets under management.

Ownership category

akta.pro rank

Product category

Public Agency Investment Management

NAICS

Other Investment Pools and Funds (5259)

SIC

Savings Institutions, Not Federally Chartered (6036)

akta.pro primary industry

Money Market Funds (FSAAAEAC)

Keywords

• Public agency investments
• Pooled investment funds
• Joint powers authority
• Government investment management
• California local agency investing

Headquarters

HQ city

Sacramento

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Investment Management Fees: All expenses associated with participation in CalTRUST are deducted from the yield. Expenses for each of the CalTRUST Funds are deducted from the net assets of the Funds on a monthly basis. A breakdown of the fees associated with each fund can be found in the CalTRUST Information Statement. There are no out-of-pocket costs for an agency to invest funds in CalTRUST.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

CalTRUST is a Joint Powers Authority that offers three pooled investment fund options (Liquidity, Short-Term, and Medium-Term) to California public agencies, with investments managed by State Street Investment Management. The funds invest in high-quality, fixed-income securities eligible under California Government Code 53601 and 53605, providing safety, liquidity, and yield tailored to public agency cash flow needs.

Product overview

CalTRUST is a Joint Powers Authority (JPA) created by California public agencies in 2003 that offers three pooled investment fund options: the Liquidity Fund (same-day liquidity, max 60-day duration), Short-Term Fund (next-day liquidity, 0-2 year target duration), and Medium-Term Fund (next-day liquidity, 1-3 year target duration). All three funds invest in high-quality, fixed-income securities eligible under California Government Code and are managed by State Street Investment Management. Participants can select account options that match their investment time horizon and cash flow needs, and easily reallocate among accounts as circumstances warrant. No leveraging is permitted in any of the CalTRUST accounts.

Differentiator

Problem solved

Functional benefit

Products and services

• Liquidity Fund A same-day liquidity pooled investment fund with a maximum 60-day duration, designed for California public agencies needing immediate access to their invested capital. S&P rated AAAm (highest rating). Managed by State Street Investment Management.
• Short-Term Fund A next-day liquidity pooled investment fund with a target duration of 0-2 years, offering slightly higher yields than the Liquidity Fund while maintaining short-term exposure. S&P rated AAf/S1+. Managed by State Street Investment Management.
• Medium-Term Fund A next-day liquidity pooled investment fund with a target duration of 1-3 years, offering the highest yields among CalTRUST funds while maintaining investment-grade quality. S&P rated AA-f/S1. Managed by State Street Investment Management.

Quantifiable outcome

• S&P Rating AAAm for Liquidity Fund (highest rating)
• +2 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• State Street Investment ManagementcoreStrategic or Co-development Partner · 1 January 2003State Street Investment Management serves as the investment manager for CalTRUST, providing portfolio management, research, and investment strategy. The CalTRUST Board works closely with State Street to ensure the Investment Policy complies with California Government Code 53601 and 53605. State Street brings exhaustive research, careful analysis, and market-tested experience to every investment decision. State Street is a pioneer in index and active investing, having created the first ETF in the US.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Regional players

• Texas Local Government Investment Pools (TexPool / TexSTAR): Texas operates multiple LGIP-style JPA pools for public entities. While regionally limited, TexPool and TexSTAR provide a useful structural template and competitor benchmark for any California LGIP such as CalTRUST.
• PLGIT (Pennsylvania Local Government Investment Trust): PLGIT is a multi-pool Pennsylvania LGIP operating under similar enabling legislation to CalTRUST. As a state-level JPA pool it provides a direct structural and regulatory analogue outside California.

Others

• Goldman Sachs Asset Management Liquidity Solutions: Goldman Sachs Asset Management operates a top-tier institutional liquidity fund franchise for governments, corporates, and financial institutions. While not a direct JPA competitor, it is an adjacent institutional cash-management option for sophisticated public agencies.

Direct peers

• California Asset Management Program (CAMP): CAMP is a California JPA pooled investment program serving cities, counties, and agencies with similar fixed-income, Government Code-compliant fund options. It is the closest direct competitor in the same California public-agency segment.
• Local Agency Investment Fund (LAIF): LAIF is the California State Treasurer's pooled investment vehicle for local governments and special districts, offering highly liquid, Government Code-compliant fixed-income exposure. It directly competes with CalTRUST for the same California public-agency deposits.

Broad incumbents

• Vanguard Federal Money Market Fund: Vanguard's Federal Money Market Fund is a widely used short-term government liquidity vehicle for institutional and individual clients. Its expense ratio discipline and scale make it a relevant alternative to the CalTRUST Liquidity Fund.
• State Street Global Advisors Liquidity Solutions: State Street Global Advisors runs one of the world's largest institutional liquidity fund families — administered in part by the same firm that manages CalTRUST. The product overlap and brand association make it the most directly comparable incumbent manager.
• BlackRock Liquidity Funds (FedFund / Treasury Trust): BlackRock operates one of the largest institutional government and treasury money market fund complexes globally. Its scale and distribution make it a competing option for treasurers evaluating pooled government cash vehicles versus CalTRUST.
• JPMorgan Prime / Government Money Market Funds: JPMorgan's liquid-assets business runs large government and prime money market funds used by public entities and corporations. These funds compete with CalTRUST for the same front-end cash allocations.
• Fidelity Government Cash Reserves: Fidelity's government money market funds are widely held by institutional and government cash-management clients seeking AAA-rated, same-day liquidity. Fidelity competes with CalTRUST's Liquidity Fund for government operating-cash balances.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@caltrustjpa7885
• LinkedInlinkedin.com/company/caltrust
• Xx.com/caltrust_jpa

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 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 CalTRUST