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Discover how Utah built a resilient sovereign wealth fund by challenging conventional equity allocation in favor of innovative multi-asset diversification.
Peter Madsen is the CIO for the $5B Utah School and Institutional Trust Funds Office or SITFO.
We discussed his formative years in the capital markets and how they contributed to his current philosophy of managing risk and return for this permanent fund: circumspect about equity beta, deep sensitivity to drawdown risk, finding alpha in up and down markets, and ensuring each strategy is contributing to the total portfolio goals.
Finally, we discussed the inherent benefits of being located in Utah's Silicon Slopes and its burgeoning venture ecosystem.
Chartered Alternative Investment Analyst Association
CAIA Association is a global network of forward-thinking investment professionals, redefining the future of capital allocation in a world where traditional and alternative investments are converging at an unprecedented pace. United by a commitment to improving investment outcomes, we lead with authority, educate to inspire, and connect people who turn insight into action. CAIA Association creates dynamic and captivating learning experiences designed to engage investment professionals at every level. Its programs – the CAIA Charter and the CAIA.nxt™ platform – offer critical levels of access to a comprehensive curriculum that equips the investment community with the skills and knowledge needed to build modern portfolios. CAIA Association is a global member-driven community of more than 14,000 professionals, united by a shared commitment to improving investment outcomes and building a more aligned, principled capital market system.
CIO for the $5B Utah School and Institutional Trust Funds Office
Peter Madsen is the chief investment officer and director of the Utah School & Institutional Trust Funds Office (SITFO), where he leads the management of Utah's permanent school fund. SITFO was established in 2015, and Madsen was selected to build and lead the organization from inception, creating a modern institutional investment platform designed to steward permanent capital across generations. In his role, Madsen oversees asset allocation, manager selection, governance, and risk management for a multi-billion-dollar sovereign-style portfolio with a long-term mandate. His investment philosophy emphasizes disciplined portfolio construction, structural efficiency, and thoughtful use of private and public markets, with a strong focus on governance and alignment. Prior to joining SITFO, Madsen was a managing director and partner at Cube Capital, where he helped institutionalize the firm's investment process, served on the risk committee, and led global business development efforts. Earlier in his career, he was a principal at R.V. Kuhns & Associates, advising large pension plans, endowments, and foundations on asset allocation, manager research, and investment governance. He also held roles at Parametric Portfolio Associates and Blue Heron Consulting & Research, focusing on quantitative analysis, portfolio construction, and investment process design. Madsen holds a Master of Business Administration degree in finance from the Middlebury Institute of International Studies at Monterey and a Bachelor of Arts in Russian from the University of Utah. He brings a rare combination of public-sector leadership, institutional investing experience, and business-building expertise to his role overseeing Utah's permanent capital.