SovereignWealthFunds.comUtah School and Institutional Trust Funds Office (SITFO)
SITFO: what it invests in
Geography Global
SITFO: how big it is, and on what basis
In US dollars: about USD 4.05B. Reported in US dollars.
Return, fiscal 2025 10.85% (Benchmark 8.82%)
SITFO: what it publishes
Published 8 · Partly 1 · Not published 1
Our 10 item score. It measures what is public, not how well a fund is run.
At a glance. SITFO invests Utah's school and institutional trust funds, built from about six million acres Congress granted at statehood in 1896. Net position was USD 4.05 billion at 30 June 2025. A ten-person team runs a diversified portfolio through external managers, returned 10.85 percent in fiscal 2025 and paid USD 118 million to 11 beneficiaries, mostly Utah public schools. S1 S2
Key points
- Net position USD 4,053.3 million at 30 June 2025, up from USD 3,656.6 million. S1
- Returned 10.85 percent in fiscal 2025, against 8.82 percent for its benchmark and 7.79 percent for CPI plus 5. S1
- Three-year annualised return of 8.74 percent for the School Fund. S1
- Record distributions of USD 117,977,375 in fiscal 2025, USD 111 million to the School Fund. S1
- Growth assets are 46.1 percent of the portfolio, including 14.5 percent private equity. S1
- A team of 10 full-time staff, growing to 12. S1
Interesting facts
Mandate and goals
SITFO aims to responsibly maximise the return on trust principal for the current and future benefit of Utah education programmes, with a primary objective of CPI plus 5 percent. S2 S1
How it invests
| Industries | Technology, Financial services. Sector agnostic S1 |
|---|---|
| Asset classes | Public equities, Private equity, Real estate, Infrastructure, Private credit, Fixed income, Cash and money markets S1 |
| Stages | Public markets, Buyout, Venture, Real estate, Credit S1 |
| Geography | Global S1 |
| Direct / through funds / co-invest | No / Yes / Not published S1 |
| Managed in house | 0 percent S1 |
| Ticket size | No ticket size or holdings list is published. S1 |
| External managers | Strategy-specific external managers; RVK and Albourne as consultants; Northern Trust as custodian S1 |
| Co-investment programme | Not published S1 |
Asset mix: Public equity 31.62%, Private equity 14.51%, Real assets 14.53%, Income 25.6%, Defensive 13.66% (as of 2025-06-30) S1
Published criteria
Past investments
The fund has not published a list of investments.
Case studies
Building an institutional office from scratch S1
- What: SITFO was created in 2014 to take over investment of trust land proceeds, hiring its first employee in 2015.
- When: 2014 to 2025
- Size: USD 4.05B by 2025
- Why: To bring professional, pooled management to 11 trusts with similar goals.
- Outcome: Northern Trust hired as custodian in 2016 and RVK and Albourne as consultants in 2020; fiscal 2025 return beat the benchmark by about 2 points.
Investment process
A Board of Trustees chaired by the State Treasurer sets policy and delegates some decisions to staff. SITFO staff, with RVK and Albourne, design the allocation and choose managers. S1 S2
| Committee | Role |
|---|---|
| Board of Trustees | Chaired by State Treasurer Marlo Oaks; sets investment policy S2 |
- The board approves the asset allocation and investment policies. S1
- Staff and consultants research and vet managers. S1
- External managers buy and sell securities; Northern Trust holds the assets. S1
- Performance and risk are tracked with consultant and in-house tools. S1
How to approach: Managers can find investment policies and contacts on the SITFO website. S2
Size and returns
- Headline size: USD 4.05B (Net assets or equity, as of 2025-06-30) S1
- In US dollars: about USD 4.05B. Reported in US dollars.
- Total assets: USD 4.21B (Total assets (balance sheet), as of 2025-06-30) S1
- Return, fiscal 2025 (to 30 June): 10.85 percent S1
- Return, 3 years (School Fund): 8.74 percent a year (School Fund only) S1
- Staff: 10 full-time professionals, expanding to 12 S1
- Size over time (USD billion): 2024-06 3.657, 2025-06 4.053 S1
Leadership
Governance and transparency
- Legal basis: Utah statutes passed in 2014 S1
- Oversight: Board of Trustees, with the State Treasurer as chair and delegated trustee S1
- Trust lands are managed separately by the Trust Lands Administration. S1
- Statements are audited, with reports on internal control and compliance. S1
Transparency score: 8.5 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.
History
| Date | Event |
|---|---|
| 1896 | Utah statehood; about six million acres granted for education. S2 |
| 2014 | Legislature created SITFO. S1 |
| 2015 | First employee, Peter Madsen, hired. S1 |
| 2016 | Northern Trust hired as custodian. S1 |
| 2020 | RVK and Albourne hired as consultants. S1 |
| 2025-06-30 | Fiscal 2025: USD 4.05B and 10.85 percent return. S1 |
For family offices
SITFO allocates to external managers and runs no co-investment programme. It is a peer allocator for managers rather than a partner for direct deals. S1
Reports
- Financial statements, fiscal 2025: https://sitfo.utah.gov/wp-content/uploads/2026/04/FY25-Financial-Statements.pdf S1
Common questions
How big is Utah SITFO?
USD 4.05 billion of net position at 30 June 2025. S1
What did it return?
10.85 percent in fiscal 2025, beating its 8.82 percent benchmark. S1
Who runs it?
Director and CIO Peter Madsen; the board is chaired by State Treasurer Marlo Oaks. S2
Who benefits?
Eleven trusts, led by the School Fund for Utah public schools, which received USD 111 million in fiscal 2025. S1
Related profiles
- Alaska Permanent Fund United States (Alaska) · USD 91.9B
- New Mexico State Investment Council (SIC) United States (New Mexico) · USD 74.63B
- Texas Permanent School Fund United States (Texas) · USD 60.6B
- Texas Permanent University Fund (PUF) United States (Texas) · USD 40.29B
- Alberta Heritage Savings Trust Fund Canada (Alberta) · C$31.9B
- North Dakota Legacy Fund United States (North Dakota) · USD 15.10B
All sovereign wealth funds in North America · All sub-national permanent funds · All funds in United States
Sources
Disclaimer
Informational only. SovereignWealthFunds.com is an independent public-source reference. It is not affiliated with or endorsed by any fund named on it, and it is not investment, legal or tax advice. Figures are as of the dates shown next to them and may have changed; please read each fund's official pages, linked on its profile. To report an error, use the contact page. Copyright SovereignWealthFunds.com. All rights reserved.
