Welcome back to The Sunstone Way.
As I’ve often said, government is a powerful driver of economic development. That’s especially true here in California—you’ve probably heard we have the fourth largest economy in the world!
But there’s always room to grow: more incentives, more support, more opportunity. Our friend, California State Treasurer Fiona Ma, understands this better than most. She knows the power of Public-Private Partnerships (P3) and is taking action that could be a real game-changer.
Show Her the Money
Treasurer Ma has focused on finance since the start of her career. After earning her degree in accounting and becoming a CPA, she was elected to the 1995 White House Conference on Small Business. That group produced a landmark report to Congress with 60 recommendations to help businesses thrive in the 21st century.
Her career in public service began in 2002 when she won a seat on the San Francisco Board of Supervisors. She then served in the State Assembly from 2006 to 2012. Her passion for finance continued when she was elected to the State Board of Equalization, where she served four years before becoming State Treasurer in 2018 — winning more votes than any other treasurer candidate in California history.
For the past seven years, she has essentially been California’s State Banker. Her office processes over $3 trillion in payments each year and manages an investment portfolio topping $150 billion — with about $34.8 billion of that belonging to local governments. She also oversees $93 billion in outstanding bonds that fund schools, roads, housing, recycling, hospitals, and other critical infrastructure.
Treasurer Ma chairs the California Alternative Energy and Advanced Transportation Financing Authority, which offers sales tax exclusions for electric vehicle makers, clean manufacturers, and more. She also serves on the board of the California Infrastructure and Economic Development Bank (IBank), part of the Governor’s Office of Business and Economic Development (GO-Biz). IBank helps finance both public infrastructure and private development.
Using P3
“Almost all of the financing in my office uses the P3 model,” Treasurer Ma shared recently. “The partnership between government and the private sector is key to getting expensive things done.”
Programs like IBank typically provide bonds or loan guarantees, while private partners assemble their financing packages to build projects. But even IBank has limits — it can’t fund infrastructure for housing, for example.
“There’s a great need for affordable housing,” Treasurer Ma said. “We need student and faculty housing at UC, CSU, and community college campuses. We also need more workforce and middle-income housing that doesn’t have many subsidies.”
A New Tool
To help fill these gaps, Treasurer Ma took the initiative to sponsor legislation creating a new financing option: the Golden State Infrastructure Fund, housed in the Treasurer’s Office.
The bill — SB 769, authored by Senator Anna M. Caballero who represents the western portion of the Central Valley, including Merced and western Fresno Countieshttps://en.m.wikipedia.org/wiki/Central_Valley_(California) – has already passed the State Senate and is now moving through the Assembly.
This new fund would have a wide range of tools to finance major infrastructure projects. It could work with private companies, cities, special districts, and public agencies — including state universities and community colleges.
Funding will come from several sources, including revenue bonds. According to the official fact sheet, the Golden State Infrastructure Corporation would help reduce the backlog of needed repairs and improvements while addressing disaster recovery, climate resilience, transportation, and sustainable energy.
And of course, all that building would give a boost to local economies.
Working Together
I’m lucky to call Treasurer Ma a friend. We share the same philosophy: that public-private partnerships can spark economic development and create lasting benefits for California communities.
We believe in investment, entrepreneurship, and community.
That’s the Sunstone Way.
And remember, always be a Sunstone!
Editor’s Note: Treasurer Ma is an announced candidate for Lieutenant Governor in the 2026 election.
John Keisler
CEO & Managing Partner
Sunstone Management, Inc.
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