Jack Mahler, CIO, Cystic Fibrosis Foundation

For expertly wielding the tools of capitalism to help seek a cure for a lethal genetic disorder. Mahler joined the $4.6B allocator as its first CIO in 2016. Alongside its broader portfolio, the Maryland-based foundation continues to evolve its venture philanthropy arm, which partners with VC firms on early-stage co-investments in cystic fibrosis treatments. An “under-the-radar guy,” as one of our judges put it, Mahler is a rare CIO who is also an MD: not a managing director, that is, but a trained medical doctor.

Emma Somers-Roy, CIO, Mass General Brigham

For taking over a $27B organization in her first-ever CIO role and engineering a “spectacular” turnaround, as a self-described initial skeptic who is now a “big fan” put it. “Emma’s working harder than anybody else, ”this fellow allocator said, adding, “ She had the mandate to fire anyone on that team, but she’s such a good human that she wanted to give everybody the chance to prove themselves.”

Liz Tulach, CIO, Boeing

For keeping a complicated $45.6B program gliding smoothly despite turbulence. She has gone through complete restructuring, cost-cutting, staff furloughs, compensation restrictions, multiple CEOs, and multiple changes of her boss, the CFO. And yet Tulach “kept it all going,” one of our judges said, “and continues to run an impressive investment program by all measures.”

Anca Ion, CIO, Texas Treasury Safekeeping Trust Company

For “the leadership, strategic vision and dedication that define excellence in institutional investing” across more than two decades at the $120B, Austin, Texas-based allocator. As CIO since 2021, she has overseen five distinct pools of capital, including a $3 billion new endowment created by legislative action early last year and which has already beaten its first-year benchmark. Despite constant change, a nominator said, she has shown “resilience, professionalism and optimism each step of the way.”

Kim Lew, President and CEO, Columbia Investment Management Co.

For fearless stewardship during an uncommonly challenging tenure. Since taking over Columbia’s endowment in 2020, she has been through four university presidents amid campus protests and pressure from the Trump administration. “She’s an incredible leader,” one of our judges said. “Kim continues to be her authentic self, even in light of what’s been going on.” Another judge: “This has been a year of all years… and she’s not done.”

Board of Trustees for the Public School & Education Employee Retirement Systems of Missouri

For being a board that “sets the model for what good governance in public pension administration looks like,” as one of the Jefferson City, Missouri-based body’s three nominators observed. The seven-member board has overseen top-quartile long-term investment returns, benefiting hundreds of thousands of participants. The trustees particularly draw kudos for their organization’s governance structure, which another nominator called “world-class.”

Kamehameha Schools, led by COO Chris Piccione

For the Columbia endowment alums’ “vendor-agnostic and pretty cool” system augmented with Bloomberg data, Preqin data, and other sources, a peer raved. “They’ve done it the right way and not gone into overkill as others have, where the ops-and-reporting tail starts wagging the dog.” Judges noted that Honolulu is paradise for vacation, and a “huge hurdle” when recruiting investment talent, making the success all the more impressive. “It shows their commitment to excellence.” In another's words, “These guys have their heads screwed on right.”

State of Wisconsin Investment Board, led by COO Rochelle Klaskin

SWIB is “a tier above everybody else,” said a consultant for many elite nonprofits as well as public funds. “In shadow-accounting, they are ahead of us in picking up errors. ”Leaders have been “very thoughtful about the architecture and data,” creating a system that’s “not just about bodies” and praised as “very pragmatic.”

The only mark against SWIB might be how good they are. “ It’s an obvious and not-creative answer,” said one, “but SWIB is known for excellence because they are the best.”

Muzzamil Mussani, VP, Investment Operations & Portfolio Analytics, The Hershey Trust Co.

For the “high-functioning” and high-quality investment ops department Mussani built within an “existing 100+ year-old investment program at the Hershey Trust Company — for which he also picked up and moved his family 700 miles to rural Pennsylvania,” says a nomination. From “haphazard” to “running like clockwork” in six months, judges say Hershey’s ops turnaround is a “compelling case.”

HarbourVest and the University of Texas/Texas A&M Investment Management Company

For UTIMCO’s HarbourVest Longhorn Program, a custom and highly integrated co-invest SMA “ where both parties benefit from each other’s sourcing capabilities and investment expertise. ” The partnership has deployed more than $1 billion of co-invest capital since inception in 2020. One of our judges hailed the team’s innovation and “ super high-quality people. ”

Texas Municipal Retirement System and GCM Grosvenor

Their co-investment partnership - known as Trinity River Holdings - established “ a novel investment vehicle that dramatically increased the commerciality with which TMRS faces the market for co-investments. ” The partnership features a single point of decision-making, a lone investment committee that approved about $600m across 10 investments and three asset classes in the first four months the vehicle was up and running. A judge said, “ They’re really focused on generating results with the idea. ”

Susan Ridlen, CIO, Eli Lilly & Co.

For educating D.C. lawmakers about arcane pension premium regulations, particularly around allowing plan sponsors to access their own surplus assets. “ Susan has stepped up as a pro bono voice in Washington for the corporate defined-benefit model and community as going concerns, at a time when many of the core CIO cohort are retiring or winding down, ” a nominator said. A judge added that she is “ really good and courageously taking on these important issues. ”

HarbourVest and the University of Texas/Texas A&M Investment Management Company

For UTIMCO’s HarbourVest Longhorn Program, a custom and highly integrated co-invest SMA “ where both parties benefit from each other’s sourcing capabilities and investment expertise. ” The partnership has deployed more than $1 billion of co-invest capital since inception in 2020. One of our judges hailed the team’s innovation and “ super high-quality people. ”

John Lake, Partner, Mercer

For being “ very proactive and engaged ” as a discretionary hedge fund advisor for Mercer’s custom alternatives mandates, in the words of one nominator. Lake has been with Mercer since its 2018 acquisition of Summit Strategies Group’s manager research team, which he originally joined in 2002. A judge who has personally seen him at work with clients said, “ He’s exceptional. ”

Brian Pimentel, Principal/Consultant, Prime Buchholz

For consistently punching above weight as an advisor to institutions such as endowments and pension funds. Pimentel has been with Prime Buchholz since 2011, and one of our judges points to multiple situations where his team have “ supplanted their bigger competitors and done a really good job. ” He has been instrumental, the judge said, in having “ put together a quality offering. ”

Dawn Blankenship, COO, Socorro Asset Management

For being “a real connector,” as one judge phrased it. With more than 18 years of institutional operational and business development experience before co-founding Socorro in 2019, she has built programs at several places. For all that, a managing director of a multi-billion-dollar institution said, “she’s a real straight shooter - you don’t have to sugarcoat it with her.”

Liza Scott, Managing Director, CornerStone Partners

For being “the most networked person I’ve ever met,” as one senior investment leader at a multi-billion-dollar institution observed. “I have always admired her willingness to help anybody,” the same person added of `the former Dominion Energy CIO. In a single word from our judges: “Terrific.”

Carlos Rangel, W.K. Kellogg Foundation

For generally being “wonderful,” as our judges said. With Kellogg since 2010 and on the board of the Ewing Marion Kauffman Foundation since 2023, he’s “super well connected” and “always willing to help,” the judges observed. A member of the U.S. Department of Treasury’s Advisory Committee on Racial Equity, he also earns plaudits from the panel for his efforts on diversity.

Neuberger Berman

For consistently meeting the moment as an investment service provider. “As far as our providers, they are far and away the best,” one senior investment manager at a multi-billion-dollar institution said. “I really view them as an extension of my team.” From our judges: “Neuberger has always been a great partner to me.”

Grey Rock Investment Partners

For a proven track record of building investment portfolios for allocators such as endowments. The Dallas-based private equity firm’s assets under management may be only a fraction of what the other finalists’ are, but our judges valued Grey Rock’s considered approach to energy investing. Indeed, the team is “so thoughtful about everything.”

NISA Investment Advisors

For being dauntless and broad-thinking as a strategic partner to asset owners, particularly to corporate pension plans. NISA is a “fabulous partner” that will do just about anything for a client, regardless of the revenue benefit to itself, one judge said. Another observed that beyond serving its clients well, NISA is also “really focused on serving the community.”

BBR

For steadily providing an institutional-caliber investment operation worthy of acclaim. “They have been absolutely terrific,” one of our judges said. “Manager selection is outstanding. They have a good macro person who is thinking about geopolitical moves. I’m a really big fan.”

SCS Financial

For being an institutional-quality allocator that still too often slips below the radar. The Boston-based multi-family office caters to high-end clients. In 2014, it hired CIO Lane McDonald, who’d most recently managed the family portfolio of Fidelity’s billionaire owners as CIO at FMR Diversified Investments. “Lane is amazing and a wonderful person,” one of our judges said, adding of SCS: “They do really good work and are thoughtful.”

Pathstone

For being the definition of an institutional RIA: an RIA buying an institution. With last year’s mega-deal for Hall Capital, New Jersey-based Pathstone racked up its 15th acquisition in 14 years. Perhaps more importantly, one of our judges called Pathstone the “best run” of its peers. “They’re centrally managing, which is not true for other aggregators,” the judge said. “Pathstone’s done a really nice job.”