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.


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 has raised approximately $2 billion (and counting) 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.


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

Peter Madsen Image

Director, Chief Investment Officer

Peter was brought on by SITFO in 2015, and has been critical in establishing the direction of the organization. Working in the investment management industry since 1999, his most recent experience includes Managing Director of Cube Capital, an investment group in London. His career includes a range of experience in global investing for large institutional clients such as pension funds and endowments, as well as permanent school fund experience from another state. Peter holds a Bachelor of Arts degree from the University of Utah in International Political Economy and Russian. He also holds an MBA focused in International Finance from the Middlebury Institute of International Studies.

Rylan Kulig

Investment Officer

Scott joined SITFO in 2020 to support asset allocation decisions, provide capital market and portfolio research, and perform manager due diligence. With over 25 years investment experience, his most recent experience includes serving as Managing Director at Goldman Sachs and Verus Investments where he was the OCIO for a $15 billion pension fund. Over the course of his career, he has led capital market investment strategy, developed and implemented asset allocation and capital market assumption studies, led public and private market manager due diligence, and internally managed $25 billion in global fixed income assets for Microsoft and $8 billion for the Employees Retirement System of Texas. Scott hold a Bachelor of Science in Accounting from George Mason University and received the Chartered Financial Analyst (CFA) designation in 2001.

Rylan Kulig

Finance and Operations Officer

Ryan joined SITFO in 2016 to help 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 earned his Bachelor of Business Administration in Global Business with an Emphasis in Finance and a Minor in Economics from the University of Portland.

Rylan Kulig

Johnny Lodder
Investment Analyst

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.

Rylan Kulig

Carson Monson
Investment Analyst

Carson joined SITFO in 2020 to support in the evaluation, due diligence, and ongoing monitoring of investments. He previously worked for Greenspring Associates, a venture capital-focused fund of funds, where he performed both manager and direct investment research and due diligence across a variety of sectors and geographies. Prior to that, Carson spent time with IDEA Fund Partners, a seed stage venture capital firm, and Fisher Investments, a public equities investment advisory firm. Carson holds a Bachelor of Arts Degree in European Studies with an emphasis in European Economics from Brigham Young University and an MBA focused on Venture Capital from the University of North Carolina.

Nathan Barnard Image

Assistant Administrative Analyst

Anna joined SITFO in 2017 to assist in managing office operations. Before joining SITFO, she worked as the marketing and content strategist for Simply Peanut Allergenic Solutions. Prior to that, Anna worked at Goldman Sachs for five and a half years as a Compliance officer developing risk and control self-assessments, establishing a regulatory updates and policy framework and monitoring employee conduct. Anna earned her Bachelors of Arts in International Politics and Russian from the Pennsylvania State University.

The Board

Chair, Board of Trustees

David became the Utah State Treasurer after serving seven years as the Chief Deputy State Treasurer. Previously, he lead treasury management efforts at AmericanWest Bank and U.S. Bank for almost 20 years. David is veteran of the U.S. Coast Guard, and holds a Certified Treasury Professional (CTP) credential.

Vice Chair, Board of Trustees

Kent serves as VP of Finance for the Great Salt Lake Council of the BSA. He managed $9 billion in benefits-related assets as the Chief Investment Officer of Desert Mutual Benefit Administrators (DMBA). Kent has an MBA in Business Administration, and operates Verapath Global Investing LLC.

Board of Trustees

David worked at Coopers & Lybrand and as Assistant Treasurer and Director of Global Investments at EDS, responsible for assets totaling $15 billion. David has an accounting MBA. His extensive international experience includes work in both developed and emerging markets and living in Colombia, Belgium, and England.

Board of Trustees

John serves on the investment committee for the $8 billion Utah Educational Savings Plan (UESP) and was board president of Utah Retirement Systems (URS), a $20 billion pension fund. He has an MBA in Finance and International Business and is the Founder and President of Lunt Capital Management, Inc.

Board of Trustees

Jason worked as head of secondary investments at Adams Street Partners with $30 billion of assets under management. He serves as a member of the BYU Cougar Capital Advisory Board and the BYU Marriott School National Advisory Board. Jason has an MBA from Yale.