RALEIGH – North Carolina’s retirement fund is among companies and institutions caught up in the failures of Silicon Valley Bank and Signature Bank, having invested some $18 million in the two firms.
The North Carolina State Treasurer’s Office confirms that it owned $9.9 million in SVB stock and $7.8 million in Signature Bank shares.
The two banks were closed by regulators – SVB on Friday and Signature Bank on Sunday.
However, the $18 million represents only a small part of the plan’s assets which total well over $100 billion.
“As I understand it we have a small exposure through mostly index funds,” a spokesperson told WRAL News.
An index fund is a portfolio of stocks or bonds designed to mimic the composition and performance of a financial market index, according to Investopedia.
The North Carolina pension fund pays benefits to more than 354,000 people at the rate of $592 million a month as of December 2022, according to the North Carolina Retirement Systems.
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