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Peter Madsen
Director & chief investment officer, Utah School & Institutional Trust Funds Office
Transformed Utah’s $2 billion school trust portfolio into a sophisticated allocator across diverse investment strategies.
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Real Alpha has cut 6 moments of Peter Madsen (Director & chief investment officer, Utah School & Institutional Trust Funds Office) talking, from an interview on How I Invest published Dec 12, 2025.
What Peter Madsen said
- 2:01
Passive benchmarks can concentrate risk as small caps change Pro pick
“They're sort of a active decision and that you chose to participate in passive. They tend to be momentum in nature”
at 3:42 - 15:55
Smaller venture funds have a more achievable path to high returns Pro pick
“even if you have a $100,000,000 fund, you kind of need five unicorns to get a five X, right?”
at 18:48 - 23:00
Co-invest structures can reduce private-market fee drag
“we're able to structure co invest accounts that are, with minimal expenses.”
at 25:51 - 7:41
SITFO used equal weights, then shifted small caps to private equity
“the Sharpe ratio is a perverse indicator. So I think if you're optimizing on Sharpe ratio”
at 10:30 - 11:41
Factor analysis reveals risks hidden across asset classes
“we just wanna make sure that we have a holistic view of the portfolio, what risks we're bearing, and whether or not we want to bear them”
at 14:10 - 27:11
AI gathers manager diligence while investment decisions stay human
“please don't give me an answer to a decision, but please highlight what the ownership structure looks like”
at 29:53
- 2:01
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