The Utah School & Institutional Trust Funds Office (SITFO) is an independent team of investors working to create a brighter future and more equitable present for Utah's education programs.

OUR HISTORY

A strong democracy is founded on education for all. That's the vision that Thomas Jefferson held over 200 years ago. To make this ideology a reality, Jefferson proposed that land be reserved in each new state for schools.

When Utah became a state in 1896, the U.S. Congress granted approximately six million acres of land to benefit public education in perpetuity. Since then, the management of these lands have raised billions for Utah schools.

To further benefit our children, the Utah School & Institutional Trust Funds Office (SITFO) was created to optimize these funds. The state assembled a team of investment professionals with significant financial experience in both government and the private sector.

SITFO is united with the education community, legislature, and state government. Together, they fulfill Jefferson's vision by managing and growing revenue for Utah schools, opening the door for a future of well-educated, successful citizens.

OUR MISSION

To responsibly maximize the return on the invested principal of the School and Institutional Trusts for the current and future benefit of Utah's education programs.

We are an independent team of outcome-oriented investors for the School and Institutional Trusts of Utah. We aim to carry this torch of fiduciary responsibility forward to create a brighter future and more equitable present for Utah's public education programs.

To that end, we ground our decision-making in objective research and sound portfolio theory. We value long-term growth over short-term gains, impartial analysis over conventional wisdom, and will always conduct investment decisions outside the reach of political influence and act with undivided loyalty to the schools, universities and state institutions for which we serve.

We consider education to be an invaluable public resource, and believe the School and Institutional Trusts are an enduring investment in our community as a whole.

The Team

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PETER MADSEN
Director, Chief Investment Officer

Peter Madsen has served as Chief Investment Officer of the Utah School & Institutional Trust Funds Office (SITFO) since 2015, leading its evolution from a passively managed, $2 billion portfolio into a sophisticated allocator across diverse strategies and opportunities. Under his leadership, SITFO supported two state constitutional amendments that enhanced the fund’s distribution policy in line with intergenerational equity principles and expanded the investment team to 12 members. He brings over two decades of investment management experience, including tenure as a Managing Director at Cube Capital in London and a Partner at RVK managing assets for global investors and allocators. He holds a BA from the University of Utah where he studied International Political Economy and Russian, and an MBA in International Finance from the Middlebury Institute of International Studies.

Rylan Kulig

ANGELIQUE PAPPAS
Deputy Chief Investment Officer

Angelique joined SITFO in 2025, bringing extensive experience in alternative investment research and institutional portfolio management. Prior to SITFO, she was a Principal and Associate Research Director at Fiducient Advisors, an investment consulting firm based in Chicago, where she was responsible for sourcing, underwriting, and monitoring investments across private equity, venture capital, real estate, secondaries, and private credit. Her previous roles include investment positions at Granite Associates, a New York-based single-family office, and at Utah Retirement Systems, where she supported due diligence across traditional and alternative asset classes. She holds a Bachelor of Arts in Finance from Westminster College and an MBA from Northwestern University Kellogg School of Management. Angelique is also a CFA charterholder.

Rylan Kulig

RYAN KULIG
Finance and Operations Officer

Ryan joined SITFO in 2016 to manage office operations, portfolio administration, and investment analysis. Before joining SITFO, he worked for Sax Angle Partners, specializing in fundamental and technical analysis of equity investment opportunities. Prior to that, he performed financial analysis of federal grant activity at MRK Advisors. Ryan holds a Bachelor of Business Administration in Global Business with an Emphasis in Finance and a Minor in Economics from the University of Portland and an MBA from the University of Southern California.

Rylan Kulig

JOHNNY LODDER
Investment Officer

Johnny joined SITFO in 2019 to support in the evaluation, due diligence and ongoing monitoring of investments. He previously performed manager research across a variety of alternative investment strategies for Aksia, an international alternatives consultant. Prior to that, Johnny spent time with Sorenson Impact where he collaborated with venture funds and foundations to identify and fund socially impactful businesses. Johnny earned a Bachelor of Science in Finance from the University of Utah.

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RAINEY CORNABY
Senior Finance and Operations Analyst

Rainey joined the SITFO team in 2024 to support portfolio finance and office operations. Prior to joining SITFO she worked for Utah-based technology companies, Pluralsight and RedIQ, gaining experience in business strategy, data analytics, and operations optimization. Additionally, Rainey spent time working for venture capital firm, Impression Ventures, where she applied her analytical skills to aid in investment decisions. Rainey holds a Bachelors of Science from Emory University, and a Masters of Business Administration from the University of Utah David Eccles School of Business.

Rylan Kulig

TATIANA DEVKOTA
Finance and Operations Analyst

Tatiana joined SITFO in 2021 to assist in portfolio finance and operations. She previously worked in finance operations at Goldman Sachs in support of client on-boarding, KYC (know your customer), and anti-money laundering initiatives. Prior to that, Tatiana worked in non-profit fundraising for the University of Utah and People Helping People. Tatiana holds a Bachelor of Arts in Political Science and a Minor in Public Policy from Georgia State University.

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RODNEY TRAN
Senior Investment Analyst

Rodney joined SITFO in 2024 to support in the evaluation, due diligence, and ongoing monitoring of investments. Prior to joining SITFO, he was an Investment Analyst Intern at Utah Retirement Systems. Rodney earned a Bachelor of Science in Finance and Management with minors in Data Analytics and MIS from Utah State University and a Master of Science in Finance degree from the University of Utah. He is also a CFA and CAIA charterholder.

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OLIVER SORENSEN
Senior Investment Analyst

Oliver joined the team in 2024 to support in the evaluation, due diligence, and ongoing monitoring of investments in the Private Equity portfolio. Prior to joining as an Investment Analyst, he worked at SITFO as an Investment Analyst Intern from 2023 to 2024, supporting due diligence across the Growth and Real Assets portfolios as well as portfolio reporting. Prior to joining SITFO, Oliver was selected to be an Analyst and a member of the Investment Committee of the BYU Silver Fund, making single-stock investments in the Russell 3000. Before the BYU Silver Fund, he worked as a Development Analyst Intern at Utah's largest multi-family developer, ICO. Oliver graduated from Brigham Young University, obtaining a Bachelor of Science in Finance.

Rylan Kulig

QUINN COLLINS
Investment Analyst

Quinn joined SITFO in 2025 to support the team in investment manager research. Prior to SITFO, he was an Investments Intern at the Arizona Public Safety Personnel Retirement System, where he worked on opportunities across real estate, private equity, and public equity. He holds a Bachelor of Arts in Plan II Honors and Economics from The University of Texas at Austin and a Master of Science in Finance from Bocconi University in Italy.

Rylan Kulig

WYLIE KIMBALL
Investment Analyst

Wylie joined the SITFO team in December 2024 to support analyst and research activities as an Analyst Intern. Prior to working with SITFO, Wylie spearheaded the K-12 operations and distribution efforts for Utah Refugee Connection, a local non-profit assisting local refugee, asylee, and other sponsored immigrant groups. There, his work was largely focused on the strategic implementation and administration of both monetary and in-kind donations to partner organizations. Prior to his non-profit work, Wylie worked as an Investment Analyst for Investable, a startup venture capital firm, where he supported managers in performing due diligence through various data collection and analysis procedures. He was also responsible for capital road-mapping efforts to ensure post-investment success. Wylie Graduated from the University of Utah with a Bachelor's degree in Economics and a minor in Documentary Studies.

Rylan Kulig

JESS ROWE
Administrative Assistant

Jess joined the team in 2024 to support office operations and administration. Prior to working at SITFO, she worked as a Customer Experience Specialist and Leasing Agent for Cottonwood Residential where she honed her office and people management skills. Jess graduated from Brigham Young University with her Bachelors of Science from the Marriott School of Business in Experience Design and Management. The major combines human psychology, intentional design, and business principles to maximize customer, employee, and other stakeholder experiences. She also has a minor in Family Life.

The Board

MARLO OAKS
Chair, Board of Trustees

Marlo was appointed Utah State Treasurer in 2021 after a 25 year career in investment banking and investment management. He oversaw institutional portfolios at Farmers Insurance Group ($24 billion) and Intermountain Healthcare ($7.5 billion). Marlo holds the CFA and CAIA credentials.

BONG CHOI
Vice Chair, Board of Trustees

Bong previously served as CIO of FJ Management. He has over 25 years of experience in investment management across all asset classes. Bong earned his MBA from Harvard Business School and his BA from Yale University. He is a CFA and CAIA charterholder.

DAVID F. ZUCKER
Board of Trustees

David is Managing Partner of Lead Lap Enterprises. He has 30 years of experience as an executive across multiple sectors and prominent companies such as Disney and ESPN. David also serves as board chair for a leading healthcare organization with a $4 billion foundation.

MARK SIDDOWAY
Board of Trustees

Mark is President of Cynosure Advisors, where he manages advisory team and investment process for $1.5 billion of client assets. He was previously the Head of Client Relations of Grandeur Peak Global Advisors, a Portfolio Manager and Asset Allocator in the Lehigh University Investment Office, and Deputy Chief Investment Officer at Utah Retirement Systems. He has an MBA from BYU and holds the CFA and CAIA credentials.

Rakhi Patel
Board of Trustees

Rakhi currently serves as Deputy General Counsel, Corporate and M&A, at GoodLeap, a fintech company in the renewable energy sector. She also provides legal counsel to GoodFinch, an affiliated investment firm with over $1 billion in assets under management, focused on solar energy and sustainable home improvement. Rakhi brings extensive experience in mergers and acquisitions, securities and corporate law, and investment fund management, having previously held legal roles at Tesla and Skadden Arps. A graduate of UCLA School of Law, where she served as Editor-in-Chief of the UCLA Law Review, Rakhi also holds degrees from Stanford University and Grinnell College. She studied international commerce at Seoul National University as a Rotary Ambassadorial Scholar.