Markets Group is proud to present the 2025 Elite ALTS Allocators list, recognizing the most impactful institutional investors advancing the field of alternative investments across North America. This list highlights senior professionals from Public Pension Funds, Endowments, Foundations, Insurance Groups, and Private Wealth Firms who are leading the way in allocating to private equity, venture capital, real assets, hedge funds, and other alternative asset classes.
Part of our broader Elite Series, this recognition celebrates individuals who demonstrate leadership, innovation, and strategic depth in navigating the evolving alternatives landscape. Each allocator featured has played a pivotal role in shaping their institution’s approach to portfolio diversification, risk-adjusted returns, and long-term value creation.
This list was developed through direct industry engagement—drawing on peer recommendations, institutional insights, and demonstrated influence in alternative investments.
We invite you to explore the list and join us in celebrating the allocators driving innovation and impact across the alternatives space.
Employees’ Retirement System of the State of Hawaii (HIERS) Public Pension Fund
Aaron Au serves as investment officer for illiquid markets at the State of Hawaii Employees’ Retirement System (HIERS), where he...
Aaron Au serves as investment officer for illiquid markets at the State of Hawaii Employees’ Retirement System (HIERS), where he oversees the pension’s allocations to private equity, venture capital, real estate, real return, and other non-public investments. He leads manager sourcing, due diligence, and portfolio construction efforts across these asset classes.
Au joined HIERS in 2014 after more than six years as senior trust investments officer at Central Pacific Bank. Earlier in his career, he worked in the wealth management group at First Hawaiian Bank and spent 19 years at Kamehameha Schools, where he held several leadership roles including director of the financial assets division.
He holds a bachelor’s degree from the University of Hawaii at Manoa and an MBA in finance from Chaminade University.
AUM
$23 B
LOCATION
Honolulu
REGION
Pacific Islands
TIME AT FUND
11 year(s)
Chris Maxey
Wealthspire Advisors Wealth Manager
Chris Maxey serves as managing director and chief market strategist at Wealthspire Advisors, where he helps shape the firm’s investment...
Chris Maxey serves as managing director and chief market strategist at Wealthspire Advisors, where he helps shape the firm’s investment outlook and provides strategic insights on portfolio construction, asset allocation, and market trends. He works closely with advisors to develop customized investment strategies and strengthen client outcomes across the firm’s platform.
Maxey joined Wealthspire (formerly Bronfman Rothschild) in 2018 to deepen its internal research capabilities, drawing on more than 15 years of experience in investment strategy, manager due diligence, and risk oversight. He previously served as senior portfolio manager at Steben & Company, where he co-managed multi-manager strategies and mutual funds, and spent nearly a decade at Fortigent, leading the development of alternative investment model portfolios and conducting diligence across hedge fund strategies.
He is a frequent speaker and contributor on market trends, investment education, and alternative investments. He holds a BS in finance from American University and is a Chartered Alternative Investment Analyst (CAIA) charterholder.
AUM
$30 B
LOCATION
Vienna
REGION
Mid-Atlantic
TIME AT FUND
5 year(s)
Adam Phillips
EP Wealth Advisors Wealth Manager
Adam Phillips is managing director of investments at EP Wealth Advisors, where he leads portfolio strategy and contributes to investment...
Adam Phillips is managing director of investments at EP Wealth Advisors, where he leads portfolio strategy and contributes to investment policy as a member of the firm’s Investment Committee. Based in Southern California, he also plays a key role in advising clients on portfolio construction, asset allocation, and market positioning.
Phillips joined EP Wealth Advisors in 2014 and has held several senior roles across the investment organization, including overseeing the firm’s overall portfolio strategy function. Before that, he spent nearly nine years at City National Rochdale as a senior portfolio manager, responsible for managing more than $700 million in customized portfolios for high-net-worth individuals, foundations, and trust clients.
He holds the Chartered Financial Analyst, Chartered Alternative Investment Analyst, and Certified Financial Planner designations.
AUM
$32 B
LOCATION
Torrance
REGION
Southern California
TIME AT FUND
11 year(s)
Rafael Castilla
University of Michigan Investment Office Endowment
Rafael Castilla is director of investments and structuring at the University of Michigan Investment Office, where he helps manage the...
Rafael Castilla is director of investments and structuring at the University of Michigan Investment Office, where he helps manage the university’s $18B endowment and leads “MINTS,” its direct venture capital program investing in startups founded at the university. He also serves as an adjunct faculty member at the University of Michigan Law School, lecturing on investment management law.
Prior to joining the university in 2008, Castilla worked as assistant general counsel at JPMorgan Chase, advising on equity division activities including structured products and proprietary trading. He also spent several years as a senior associate at Baker & McKenzie advising hedge funds, investment companies, and broker-dealers on regulatory and transactional matters. Earlier in his career, Castilla held investment roles at SUN Capital Partners in Moscow and Merrill Lynch in London, where he focused on emerging markets structured equity.
Castilla holds a J.D. from Yale Law School, an A.B. in applied mathematics and economics from Harvard University, and is a CFA charterholder.
AUM
$12 B
LOCATION
Ann Arbor
REGION
Michigan
TIME AT FUND
16 year(s)
Ghiané Jones
Teachers’ Retirement System of the State of Illinois Public Pension Fund
Ghiané Jones is deputy chief investment officer at the Teachers’ Retirement System (TRS) of the State of Illinois, a $74...
Ghiané Jones is deputy chief investment officer at the Teachers’ Retirement System (TRS) of the State of Illinois, a $74 billion public pension plan serving more than 457,000 members. Based in Chicago, she oversees the TRS city office and leads the investments department, reporting to the executive director and CIO. Jones works closely with the TRS Board to refine investment strategy and strengthen operational performance.
Since joining TRS, she has led several key initiatives, including the triennial asset allocation and asset liability review, the redesign of performance reporting and analytics, and the restructuring of the hedge fund portfolio. She has also enhanced training programs and recruitment processes to build a high-performing investment team.
Prior to TRS, Jones was a managing principal and investment consultant at Meketa Investment Group, where she advised Taft-Hartley, public, and nonprofit clients. She held leadership roles on the Diversity Leadership, Emerging & Diverse Manager, Endowment & Foundation, and Executive Committees. Earlier in her career, she worked at Invesco, Northern Trust Asset Management, and Goldman Sachs.
