# Peter Madsen

Markdown copy of https://realalpha.app/people/peter-madsen/ on Real Alpha, the best minutes from long interviews with the people building AI. Cite and link the page, not this copy.

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.

- Role: Director & chief investment officer, Utah School & Institutional Trust Funds Office
- About: Transformed Utah’s $2 billion school trust portfolio into a sophisticated allocator across diverse investment strategies.

## What Peter Madsen said

- [Passive benchmarks can concentrate risk as small caps change](https://realalpha.app/s/passive-benchmarks-can-concentrate-risk-as-small-caps-change/)
  How I Invest · Dec 12, 2025 · 5 min
  > “They're sort of a active decision and that you chose to participate in passive. They tend to be momentum in nature” — Peter Madsen · [3:42](https://realalpha.app/v/-atCCMK1GYw/?t=222)
- [Smaller venture funds have a more achievable path to high returns](https://realalpha.app/s/smaller-venture-funds-have-a-more-achievable-path-to-high/)
  How I Invest · Dec 12, 2025 · 4 min
  > “even if you have a $100,000,000 fund, you kind of need five unicorns to get a five X, right?” — Peter Madsen · [18:48](https://realalpha.app/v/-atCCMK1GYw/?t=1128)
- [Co-invest structures can reduce private-market fee drag](https://realalpha.app/s/co-invest-structures-can-reduce-private-market-fee-drag/)
  How I Invest · Dec 12, 2025 · 4 min
  > “we're able to structure co invest accounts that are, with minimal expenses.” — Peter Madsen · [25:51](https://realalpha.app/v/-atCCMK1GYw/?t=1551)
- [SITFO used equal weights, then shifted small caps to private equity](https://realalpha.app/s/sitfo-used-equal-weights-then-shifted-small-caps-to-private/)
  How I Invest · Dec 12, 2025 · 4 min
  > “the Sharpe ratio is a perverse indicator. So I think if you're optimizing on Sharpe ratio” — Peter Madsen · [10:30](https://realalpha.app/v/-atCCMK1GYw/?t=630)
- [Factor analysis reveals risks hidden across asset classes](https://realalpha.app/s/factor-analysis-reveals-risks-hidden-across-asset-classes/)
  How I Invest · Dec 12, 2025 · 4 min
  > “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” — Peter Madsen · [14:10](https://realalpha.app/v/-atCCMK1GYw/?t=850)
- [AI gathers manager diligence while investment decisions stay human](https://realalpha.app/s/ai-gathers-manager-diligence-while-investment-decisions-stay/)
  How I Invest · Dec 12, 2025 · 5 min
  > “please don't give me an answer to a decision, but please highlight what the ownership structure looks like” — Peter Madsen · [29:53](https://realalpha.app/v/-atCCMK1GYw/?t=1793)

## The episode

- [How Sovereign Wealth Funds Create Alpha w/Peter Madsen](https://realalpha.app/v/-atCCMK1GYw/) · How I Invest · Dec 12, 2025