2025 Elite Alts Allocators, Part 2

Stephen Biggs serves as managing director and head of alternative investments at The Mather Group (TMG), where he leads the firm’s private markets strategy and oversees the development and implementation of its first alternative investment platform. His work includes manager selection, fund due diligence, private market modeling, and advisor training for high-net-worth client solutions. Since joining TMG through its acquisition of HC Financial Advisors in 2022, Biggs has onboarded a range of private equity, credit, and real asset funds into the platform and authored educational content to scale alternative access across portfolios.

Biggs previously served as chief investment officer at HC Financial Advisors, where he grew the firm’s assets under management from $100M to $530M and introduced alternatives to client portfolios. Earlier in his career, he held senior research and portfolio roles at Zacks Investment Research, Manning & Napier Advisors, Wells Capital Management, as well as the Montana State Board of Investments, where he began allocating to private equity in the 1990s. He holds a Master of Science in finance and a Bachelor of Science degree in business administration from San Diego State University. Biggs is a Chartered Financial Analyst, Certified Financial Planner, and Chartered Alternative Investment Analyst.

Patrick McGowan is managing director and head of manager research and alternative investments at Sanctuary Wealth, a $50B platform serving independent advisors. He leads a team responsible for alternative investment sourcing, due diligence, selection, and monitoring across private equity, private credit, real assets, and hedge funds. McGowan is a member of Sanctuary’s investment council and chairs the firm’s alternative investment committee.

Prior to joining Sanctuary in 2022, McGowan held leadership roles in alternative investments at Azimut Alternative Capital Partners, where he focused on general partner-stakes strategies. He also worked at Invesco Ltd., focusing on institutional fund-of-funds and separate account mandates. Earlier in his career, he was part of The Carlyle Group in the private credit, OC Private Capital division, as well as at iCapital’s AI Insight and Altegris, where he focused on alternative investments.

McGowan earned a bachelor’s degree in science from Vanderbilt University and serves on the board of the Institute for Portfolio Alternatives and as a member of the Chartered Alternative Investment Analyst Association’s advisory board.

Jeremy Heer is managing director of investment research and engagement at the University of Illinois Foundation, where he supports thesis-driven investment research and outbound sourcing initiatives across the foundation’s portfolio. He also leads learning and engagement efforts within the investment office, helping advance the foundation’s long-term strategy.

Before joining the University of Illinois Foundation, Heer spent over a decade at the University of Chicago in senior portfolio management roles across strategy and private equity. He also held prior investment positions at Singer Partners and UBS Global Asset Management. He began his career in finance and operations roles at Morgan Stanley and Cargill Investor Services.

Heer earned his Master of Business Administration from New York University and a bachelor’s degree in science from the University of Illinois at Urbana-Champaign. He is a Chartered Financial Analyst and Chartered Alternative Investment Analyst and an active volunteer within both communities.

Carl Ludwigson is managing director at Bel Air Investment Advisors, where he oversees portfolio construction for ultra-high-net-worth individuals, foundations, and endowments. He also serves as chair of the firm’s investment committee and leads manager research efforts across public and private markets, with a focus on hedge funds, credit, and liquid alternatives.

Ludwigson joined Bel Air in 2012 after serving as associate director at Pacific Alternative Asset Management Co., where he managed hedge fund research and customized portfolio solutions for institutional clients across the U.S. and Europe. Prior to joining Bel Air, he held investment banking roles at Credit Suisse and Merrill Lynch in London.

He holds a Bachelor of Science degree in foreign service, with a concentration in international economics, from Georgetown University and a Master of Business Administration in finance from the UCLA Anderson School of Management. Ludwigson is a Chartered Financial Analyst and a mentor with the UCLA Anderson Fink Center for Finance.

Neal Graziano is managing director of private investments at the W.K. Kellogg Foundation, where he leads its private markets strategy in support of its mission to promote thriving children, working families, and equitable communities. Based in Battle Creek, Michigan, he partners with the chief investment officer and broader investment office on portfolio construction, manager selection, and long-term stewardship of capital.

Graziano joined the foundation in 2007 after serving as associate portfolio manager at Mastrapasqua Asset Management, where he co-managed a hedge fund and equity strategy. He began his career as an investment analyst at William Blair & Co., supporting institutional equity teams and leading client-focused research initiatives.

He holds a BA in finance from Michigan State University and an MBA from the University of Chicago Booth School of Business. He is a Chartered Financial Analyst, Chartered Alternative Investment Analyst, and a member of the CFA Society of West Michigan. Graziano also serves on advisory boards for several private capital fund strategies and is actively involved in the Institutional Limited Partner Association’s Diversity in Action initiative.

Kristina Koutrakos is director of portfolio strategy at the Virginia Retirement System (VRS), which manages over $120B on behalf of public sector employees across the Commonwealth. She is responsible for global asset allocation and cross-asset class strategies as well as developing thematic views and investment frameworks that guide the system’s long-term portfolio construction. She also serves on the VRS Management Committee.

Koutrakos has spent more than two decades in investment leadership, spanning asset allocation, manager research, and direct portfolio management. Prior to joining VRS in 2015, she founded Kyria Capital Management, an alternative investment firm focused on channeling capital to women-run hedge funds and private market managers. Earlier in her career, she was managing director at a multi-family office and held portfolio management roles at Western Asset Management and BlackRock Inc., where she specialized in structured credit and investment-grade fixed income.

She earned a bachelor’s degree in economics from the University of Virginia and a Master of Business Administration from Cornell University’s Johnson Graduate School of Management. A frequent speaker and advocate for women in finance, she also serves as a board member of the International Centre for Pension Management.

Allen Waldrop is deputy chief investment officer for private markets at the Alaska Permanent Fund Corp. (APFC). He joined the APFC in 2022 as director of private equity before being promoted to his current role in 2024. Waldrop brings more than two decades of experience investing across private equity, credit, real assets, and secondaries, with deep expertise in building and managing portfolios for public and corporate pensions, sovereign wealth funds, family offices, and endowments.

Prior to joining APFC, Waldrop was a managing director at Grafine Partners, where he sourced and executed investments in emerging private equity firms and co-investments. He previously served as global head of client operations for alternatives at Mercer and as managing director and head of North America for Pavilion Alternatives Group. Earlier in his career, he led LP Capital Advisors’ private equity advisory services, serving major institutional clients and participating on the investment committee. Waldrop began his career at KPMG, advising institutional investors and supporting industry groups such as the Private Equity Industry Guidelines Group and the Institutional Limited Partners Association.

Waldrop earned a Bachelor of Science in accounting from San Diego State University and is a Chartered Financial Analyst.

Jude Perez is deputy chief investment officer at the Los Angeles County Employees Retirement Association (LACERA). He joined LACERA in 2018 as a principal investment officer and was promoted to deputy CIO in 2023. In this role, he helps oversee strategy across a multi-asset portfolio, with experience spanning private equity, asset allocation, and capital markets.

Prior to joining LACERA, Perez served as deputy CIO at the New Mexico Public Employees Retirement Association, where he also held the role of asset allocation portfolio manager earlier in his career. He also worked in real estate development at KB Home and ran a successful retail business focused on youth sports in New Mexico.

Perez holds a bachelor’s degree in philosophy from the University of Nevada, Las Vegas and a Master of Business Administration from the University of New Mexico’s Anderson School of Management. He is a Chartered Alternative Investment Analyst charterholder.

Rob Mileff is managing director of alternative investments at Pitcairn, where he leads research and strategy across hedge funds, private equity, and other private market opportunities. He also serves on the firm’s Investment Strategy and Due Diligence Committees and plays an active role in educating clients and enhancing Pitcairn’s alternative investment platform.

Mileff has over two decades of experience in financial services, with senior roles at Fortigent LLC, EnTrust Global, and Monroe Vos Consulting Group. He has also led investment-focused consulting projects for financial technology firms, including SS&C Technologies Holdings Inc., Backstop Solutions Group, and CENTRL Inc., building deep expertise at the intersection of wealth management and technology.

He holds a Bachelor of Science degree in finance from the University of Oklahoma and is a Chartered Alternative Investment Analyst charterholder.

Shawn Winnie is managing director of private market investments at Eli Lilly and Co., where he oversees the pension plan’s illiquid asset portfolio. He joined Lilly in 2017 after founding Gluon Partners’ Consulting LLC, a firm advising limited partners on complex fund restructurings and general partner-led transactions.

Earlier in his career, Winnie served as senior portfolio manager at the Michigan Department of Treasury, where he managed a $12B alternatives portfolio and led more than $3B in new commitments across direct and fund investments. He also held prior roles as a biotech analyst and corporate attorney. Winnie earned his Juris Doctor from Georgetown University Law Center, graduating magna cum laude, and completed his undergraduate studies at the University of Michigan.