As investors and markets struggle under the weight of massive changes — from tariffs and shifting global alliances to the loss of the U.S.'s AAA credit rating — it's time for the next generation to step up with fresh thinking.
Against that backdrop, Institutional Investor is proud to announce its picks for the 2025 Allocator Rising Stars. This year’s crop will be on the front lines, exploring how to better measure and plan around geopolitical risk, evaluate alternatives to “risk-free” U.S. government bonds, and determine whether tried-and-true investment strategies will continue to work.
The next generation profiled here represents the best in leadership: They have hard-won expertise and discipline, a sincere commitment to mentoring and creating a strong bench of professionals at their organizations, and the intellectual curiosity and stamina to explore new ideas, knowing that most won't pan out.
The editorial team of II Magazine independently selected the Allocator Rising Stars from nominations submitted by the industry and names surfaced through its own research and reporting. The Rising Stars will be recognized during II’s eighth annual Allocators’ Choice Awards on September 18 at the Mandarin Oriental in New York City. At the gala, II also will announce the winners in another eight categories, including CIO of the Year at public pension plans, corporate pensions, endowments/foundations, healthcare systems, insurance companies, and family offices. You can read about the finalists here.
II will also honor Dmitry Balyasny, legendary founder of Balyasny Asset Management, who is the 21st Hedge Fund Lifetime Achievement winner, as well as the recipient of the Allocator Lifetime Achievement award.
Look for more coverage on the rising stars’ backstories and strategies over the next few months at InstitutionalInvestor.com.
The 2025 Rising Stars
George Zhang, real estate investment associate at the Teacher Retirement System of Texas
Zhang has quickly established himself as a leader in the real estate sector, with a particularly strong impact on data centers and AI-driven digital infrastructure. He has helped his team identify $2 billion in approved real estate investments and has emerged as a champion of culture — even co-leading the summer internship program. Zhang has contributed to initiatives such as GP stakes where he helped develop new investment structures to back three managers that provide growth capital for real estate developers and operators, and has helped identify potential opportunities in AI-driven digital infrastructure by bringing together asset classes beyond real estate, including private equity and infrastructure.
Kirk Wolff, portfolio manager at State of Wisconsin Investment Board
A portfolio manager on the $23 billion private equity and current return team, Wolff has become integral to investment strategy at SWIB. Boasting all the qualities of a next-gen leader — commitment, analytical reasoning, and sharp financial insight — Wolff has developed expertise in both funds and co-investments and has been instrumental in evaluating and underwriting private equity and private credit investments, particularly in the healthcare sector. He is actively engaged in SWIB’s Investment Forum, helping to drive investment objectives and knowledge sharing.
Brenna Noble, portfolio manager at the Public School and Education Employee Retirement System of Missouri
Noble, a portfolio manager in alternatives, manages two large composites for the retirement system. She joined the system in 2020 following a seven-year stint at Goldman Sachs, relocating from New York to Missouri in the process, and has since thrown herself into recruitment and mentorship both internally and for the University of Missouri. Her fund performance has been excellent since joining, with the alpha overlay bringing impressive returns over a five-year period and outperforming third-party composites indexes. Noble has made a direct impact on the program through outstanding manager selection and portfolio construction.
Kevin Urban, director of investments at Villanova University
Only the second person to join Villanova’s investment office, Urban has played a crucial role in its development since 2017, helping to grow it from two to six individuals in that time. After he joined the endowment, he spearheaded a drive to restructure the hedge fund portfolio, bringing its management in-house and focusing it on high-conviction strategies. Uban helped whittle down the number of managers from around 50 to 15, improving efficiency and focus. He has made a particularly strong contribution to the Diversifying Assets composite, which includes hedge funds and niche strategies and has become well regarded in the industry, while helping Villanova to expand its endowment.
Kiran Patel, investor at KrisDan Management
One of the few rising stars on the list to invest for a single-family office, Patel stands out among his peers at pensions, endowments, and other institutions as an exceptional leader at KrisDan Management. He has become known for his intellectual curiosity, bringing rigor and conviction to every research project. His approach stands on par with even the most seasoned CIOs. Patel’s nominators point to his willingness to share his expertise and success with aspiring investors very early in their careers and coaching and inspiring them to remain committed to the industry long term.
Ryan Erickson, director of investments at Southern Ute Indian Tribe
Erickson has been a key part of the investing team at Southern Ute Indian Tribe for nearly nine years, securing a promotion to director of investments in the summer of 2024. In this time he has helped to lead the tribe’s permanent fund investments and gained the trust of the tribal leadership, helping to grow their investments and secure the future sovereignty of the entire tribe. Peers suggest he has managed the task with acumen and precision by leveraging his nuanced knowledge of hedge fund operations, derivatives management, and investment analytics.
Allen Huang, senior director of investments at Michigan State University
As senior director at Michigan State’s $4.4 billion endowment, which outperformed the Ivy League players in 2024 with a 15.1 percent return, Huang has led the private investments portfolio, which represents around 40 percent of total assets, since 2016. He has been involved in helping to redefine the endowment, striking a better balance between long-term wealth creation and near-term income. Known for his strength in strategic asset allocation, manager due diligence, and risk management, Huang works to ensure the endowment meets its spending rate while capturing long-term growth.
Cynthia Hardy Maasry, managing director of mission investments at Trinity Church Wall Street
Since joining in 2017 as part of the first team tasked with the Trinity Church’s endowment, Hardy Maasry has managed a large portfolio in a way that aligns the $6 billion endowment with its clear mission. She also sits on the board overseeing real estate holdings and is involved in impact investing, building on her time at Goldman Sachs in both London and New York. Several industry veterans noted that Hardy Maasry is the quintessential rising star who is on track to be a CIO who shapes whatever organization she ultimately leads and inspires her peers in the industry.
Kalib Simpson, investment officer at the Wyoming State Treasurer’s Office
One of Wyoming’s own, Simpson has worked for both the state treasurer’s office and the state retirement system as an investor, joining the former in 2016. He is the head of private credit, is portfolio manager of the internal low-duration fixed-income portfolio, and leads the state’s securities lending program. Previously holding the role of deputy CIO for the treasurer’s office, Simpson is tipped to become a CIO in the coming years.
Joyce Zhang, managing director of investments at the Wallace Foundation
Nominated for her excellence in mission-aligned investing, Zhang comes highly recommended by her bosses and peers, with one noting “a rare blend of intellectual rigor, thoughtful portfolio construction, and deep commitment to impact.” Nine years into her time at the Wallace Foundation, a New York-based philanthropic organization, she has demonstrated her talents by improving the investment process and driving long-term value. Zhang is responsible for the monitoring of investment managers, risk management, and analytical support, and joined the foundation following several years at the asset management arm of Chinese insurance firm Ping An. She is a Kauffman Fellow and was recently promoted by the foundation.
Marina Balobanova, investment officer at CalPERS
Balobanova has shown an impressive ascension in the industry and has been able to carve herself a niche in private equity, venture capital, and healthcare. A year and a half into her time at CalPERS, she oversees a $3 billion portfolio across funds, co-investments, and separately managed accounts, all aligned with the system’s fiduciary and sustainability goals. Her expertise in healthcare stems from her time as co-founder of Baseline Health, a medical practice management company, and at Health Innovation Capital, an early-stage healthcare venture capital firm.
Corey Beck Walker, director of investments at Smith College
One nominator described Beck Walker as “a superstar” and as “an incredibly hard worker who has the best combination of network and analytical abilities that I've seen.” In the three years since joining Smith College, Walker has worked on rebuilding the private markets sleeve of the $2.6 billion portfolio amid a difficult operating environment. Previous experience included time at Porta Management Family Office and on the investment team at Memorial Sloan Kettering Cancer Center in New York, where she also volunteered in the pediatrics center for four years.
