Pennsylvania Local Government Investment Trust

What Pennsylvania Local Government Investment Trust does

The Pennsylvania Local Government Investment Trust (PLGIT) is a member-owned cooperative investment trust established in 1981 under Pennsylvania state law to serve the short-term investment needs of local government entities. The Trust operates exclusively for eligible public sector investors in the Commonwealth of Pennsylvania, including boroughs, townships, cities, counties, school districts, and municipal authorities. As of September 30, 2025, PLGIT serves more than 3,300 public entity investors and cooperatively invests more than $10.8 billion across multiple programs. Governance is exercised by a Board of Trustees composed of representatives from sponsoring statewide associations.

PLGIT's product suite comprises five core investment programs. PLGIT-Class and PLGIT/Reserve-Class Shares form the money market-like primary portfolio rated AAAm by S&P Global, with PLGIT-Class requiring no minimum balance and PLGIT/Reserve-Class requiring $50,000. PLGIT/PRIME is a variable rate portfolio also rated AAAm. PLGIT/TERM offers fixed-term investments from 60 days to one year with a $100,000 minimum. PLGIT-CD enables purchase of FDIC-insured certificates of deposit. Supporting programs include PLGIT/ARM (arbitrage rebate calculation), PLGIT-CAP (cash allocation), PLGIT/Emmaus Bond Pool Programs (variable rate bond financing), and a Pennsylvania Powercard P-Card program. Cash management services include check writing, direct deposit of state/federal subsidies, direct payment (taxes, PSERS), same-day wires, and next-day ACH transfers. The Connect online portal provides self-service account management.

Revenue mechanics are not publicly disclosed but operate through a subscription/recurring model: investment management fees on pooled assets, with shares distributed by U.S. Bancorp Investments, Inc. PFM Asset Management, a division of U.S. Bancorp Asset Management, serves as program administrator and investment adviser. The Trust does not pay compensation on the P-Card program and seeks to maintain a stable $1.00 NAV on its primary portfolios. Go-to-market is sales-led with regional relationship managers (Central, Eastern, Western Pennsylvania), association-based endorsements from seven statewide bodies, and a public website with investor resources, current yields, and monthly market commentary.

Name

Pennsylvania Local Government Investment Trust

Legal name

Pennsylvania Local Government Investment Trust

Website

https://plgit.com

Company type

Private

Founded year

1981

Operating status

Operating

Headcount range

101–250 employees

Short description

The Pennsylvania Local Government Investment Trust is a member-owned cooperative investment trust established in 1981 that serves more than 3,300 Pennsylvania local governments, school districts, and municipal authorities with $10.8 billion in cooperatively invested assets across multiple money market-style and fixed-term programs.

Ownership category

akta.pro rank

Product category

Public Sector Investment Management

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Other Investment Pools and Funds (5259), Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Government Investment Pools & Treasury Funds (FSAAAGAE)

akta.pro secondary industry

Real Assets — Social Infrastructure / PPP (Schools, Hospitals, Government Facilities) (FSAHAIAH)

Keywords

• Public sector investment pool
• Local government cash management
• Money market mutual funds
• Fixed income investments
• Government investment trust

Headquarters

HQ city

Harrisburg

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Investment Management Fees: PLGIT operates as a money market-like investment trust for public entities. Revenue is generated through management of pooled investments in short-term securities. The Trust seeks to maintain a stable NAV of $1.00 per share. While specific fee structures are not publicly disclosed, the Information Statement contains details on charges and expenses. Shares are distributed by U.S. Bancorp Investments, Inc.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

PLGIT is a member-owned Pennsylvania statutory trust that pools and invests public funds for Pennsylvania local governments, school districts, municipal authorities, and other public entities. It offers a diversified suite of managed investment portfolios (money market, variable-rate, fixed-term, CD, repurchase agreement, and capital reserves), bond pool programs, and operational cash management services including check writing, direct deposit, direct payment, and wire transfers.

Product overview

PLGIT is a member-owned investment trust providing short-term investment and cash management services exclusively to Pennsylvania public entities. The core offering consists of five investment programs operating as money market-like funds: PLGIT (with PLGIT-Class and PLGIT/Reserve-Class shares rated AAAm by S&P Global), PLGIT/PRIME (variable rate, AAAm rated), PLGIT/TERM (fixed-term), PLGIT-CD (FDIC-insured CD purchasing), and specialized programs including PLGIT/ARM and PLGIT-CAP. Cash management is enabled through check writing, direct deposit, direct payment, wire transfers, and ACH services. Additional financing is available through PLGIT/Emmaus Bond Pool Programs. All services are accessed through the Connect online portal administered by PFM Asset Management.

Differentiator

Problem solved

Functional benefit

Brands

• PLGIT-Class Shares: A flexible money market-like investment option requiring no minimum balance or initial investment with a one-day minimum investment period. Dividends paid monthly.
• PLGIT/Reserve-Class Shares
• PLGIT/PRIME
• PLGIT/TERM
• PLGIT-CD Purchase Program

Products and services

• PLGIT Money Market Portfolio A diversified, AAAm-rated money market portfolio offered to Pennsylvania public entities for daily liquidity and competitive yield on operating cash.
• PLGIT/PRIME A variable-rate investment portfolio paying a 1-day current yield, designed for public entities seeking short-term, floating-rate exposure.
• PLGIT/TERM A fixed-term investment portfolio with stated maturity, suited for public entities investing funds with a defined investment horizon.
• PLGIT-CD Purchase Program A pooled program that purchases certificates of deposit from multiple Pennsylvania banks and thrifts, providing members diversified CD exposure.
• PLGIT/ARM Program A repurchase agreement program offering collateralized short-term investments for PLGIT members.
• PLGIT-CAP Cash Allocation Program A specialized capital allocation program designed for placement of capital reserves by PLGIT's public entity members.
• PLGIT/Emmaus Bond Pool Programs Pooled bond investment programs offered under the PLGIT/Emmaus brand that provide members diversified exposure to longer-duration, investment-grade fixed-income securities.
• PLGIT P-Card Program (Procurement Card) A procurement card program that allows PLGIT members to make controlled purchases with built-in transaction tracking and controls.
• PLGIT Cash Management Services Operational cash management services integrated with PLGIT investment portfolios, including check writing, direct deposit, direct payment, and wire transfers.

Quantifiable outcome

• S&P Global AAAm rating for PLGIT money market portfolio - indicating strong safety of principal
• +2 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• PFM Asset ManagementcoreTechnology or IntegrationServes as program administrator and investment adviser to PLGIT. A division of U.S. Bancorp Asset Management Inc. that services public sector clients. Provides daily management, investment management, and operational services.
• U.S. Bancorp Investments, Inc.coreChannel Partner/ Reseller/ DistributorMember FINRA and SIPC. Serves as distributor of shares of the Trust's portfolios to eligible investors.
• Wells Fargo Bank N.A.coreTechnology or IntegrationProvides depository and banking services for PLGIT.
• U.S. Bank N.A.coreTechnology or IntegrationProvides custodian and banking services for PLGIT. U.S. Bancorp Asset Management, Inc. is a direct subsidiary of U.S. Bank N.A. and indirect subsidiary of U.S. Bancorp.
• Ernst & Young LLPcoreTechnology or IntegrationServes as auditor for PLGIT.
• Saul Ewing LLPcoreTechnology or IntegrationProvides legal services to PLGIT.
• Stradley Ronon Stevens & Young LLPcoreTechnology or IntegrationProvides legal services to PLGIT.
• PFM Financial Services LLCminorChannel Partner/ Reseller/ DistributorMarkets the P-Card MasterCard program to PLGIT investors. PFM Financial Advisors LLC is Program Administrator for bond pool programs.
• Emmaus General AuthorityminorStrategic or Co-development PartnerIssues Pool Bonds for PLGIT/Emmaus Bond Pool Programs, enabling PLGIT investors to access variable rate bond market and take advantage of historically lower interest rates.

Scale indicators4 records

Direct peers

• NYCLASS (New York Cooperative Liquid Assets Securities System): NYCLASS is a New York cooperative investment pool for local governments and public entities, offering money market and government securities portfolios — directly comparable to PLGIT in cooperative structure, product design, and municipal customer focus, but operating in New York.
• CalTRUST: CalTRUST is a California Joint Powers Authority operating pooled investment funds for California public agencies — directly comparable to PLGIT in serving public-sector investors through pooled money-market-like and term vehicles, but operating in California.
• FL CLASS (Florida Cooperative Liquid Assets Securities System): FL CLASS is Florida's cooperative investment pool for public entities, offering S&P-rated money market and enhanced cash portfolios — closely comparable to PLGIT in cooperative member-owned structure, AAAm-rated liquidity products, and government-only eligibility, but serving Florida.
• TexPool: TexPool is Texas's flagship cooperative local government investment pool, serving Texas public entities with money-market-like and prime portfolios — directly comparable to PLGIT's structure, product set, and target customer base, but serving Texas instead of Pennsylvania.
• Pennsylvania Treasury INVEST Program: The Pennsylvania Treasury's INVEST program offers short-term investment vehicles directly to the same Pennsylvania local governments, school districts, and authorities that PLGIT serves — a direct in-state competitor with the advantage of state sponsorship and direct government distribution channels.

Broad incumbents

• BlackRock Liquidity Funds: BlackRock operates a large family of institutional government and treasury money market funds used by public entities nationwide — competing with PLGIT for public-sector cash allocations, but at much larger scale and as part of a broad asset management portfolio rather than a state-specific pool.
• Goldman Sachs Asset Management — Financial Square Government Fund: Goldman Sachs Asset Management operates the Financial Square Government Fund family — institutional government money market funds used by public-sector treasurers — competing with PLGIT for the same short-term public-fund deposits but at national institutional scale.
• Vanguard Federal Money Market Fund: Vanguard's Federal Money Market Fund is one of the largest government-focused liquidity vehicles in the U.S., broadly used by public entities as a low-cost alternative to state-specific pools like PLGIT — comparable in product but competing on scale and fee efficiency.
• State Street Global Advisors Liquidity: State Street Global Advisors is one of the largest institutional cash and liquidity providers, with government and treasury money market funds used by public-sector investors — comparable to PLGIT in product offering, but operating nationally with institutional scale.
• Fidelity Investments Government Money Market Funds: Fidelity offers government and treasury money market funds used by institutional and government investors — directly competing for public-sector cash while offering national scale and a broader fund family, unlike PLGIT's Pennsylvania-only cooperative model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 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 Pennsylvania Local Government Investment Trust