2025 The Next Elite Part 3

James Del Gaudio is the Managing Director and Head of Private Markets at the Commonwealth of Pennsylvania, Public School Employees’ Retirement System (PSERS), overseeing the system’s entire Private Markets allocation, which targets 30% of PSERS’ total plan assets, estimated at $78 billion as of September 30, 2024. Since joining PSERS in 2015, he has managed Private Credit and Private Equity/Special Situations portfolios, earning a promotion to his current leadership role in early 2024.

Before PSERS, Del Gaudio served as a senior investment officer at the Office of the New York City Comptroller/Bureau of Asset Management, where he gained valuable experience in public pension fund management. He also worked in wealth management, leveraging his broad financial background to support institutional investors.

An accomplished musician, Del Gaudio earned a bachelor’s degree in music from the Manhattan School of Music in 2004, specializing in the bassoon. He attributes his creative thinking and strategic problem-solving abilities to his performing arts background, which he believes has enriched his investment career. Del Gaudio furthered his education by earning an MBA from CUNY/Baruch College – Zicklin School of Business in 2015, equipping him with a robust foundation in business and finance.

Thomas Kim is the Deputy Chief Investment Officer for the Maryland State Retirement & Pension System (MSRP), where he plays a pivotal role in strategic investment planning and organizational development. At MSRP, Kim has been instrumental in formulating a strategic plan for internal fixed income management, including leading the creation of a comprehensive execution and implementation blueprint. He authored the charter for the Climate Advisory Panel, advancing MSRP's sustainable and resilient long-term portfolio. Additionally, he oversees Investment Operations, including trading, collateral management, and cash management, while spearheading organizational structuring within the investment division to enhance retention, recruitment, equitable opportunities, and career development.
Kim also collaborates closely with the Equity team to enhance the investment process and evaluate external managers. He reviews private credit and private equity investments, overseeing due diligence and approval processes. Additionally, he established the investment policy for Maryland's Optional Retirement Plan and oversees the securities lending program, continuously assessing potential risks.

Prior to joining MSRP, Kim served in various leadership roles at the Tennessee Consolidated Retirement System (TCRS) from 2010 to 2024. He spearheaded the strategic restructuring of Tennessee’s $28 billion cash management investment process, optimized back-office operations for the State Pooled Investment Fund (SPIF) and Local Government Investment Pool (LGIP), and cultivated a forward-thinking compensation strategy aligned with TCRS's long-term goals. He also led a strategic initiative to enhance the investment process for managing $2.5 billion across endowments and trusts.

Kim played a key role in organizing the 24th annual conference for the National Association for State Investment Professionals in Nashville, managed strategic partnerships to formulate investment policies for trusts and endowments, and facilitated the seamless transition of custodians for the State Pooled Investment Fund. His influence extended to the broader industry, serving as a panelist at major conferences and contributing to discussions on Next Generation investment strategies and private credit market trends.

Kim also made significant contributions to TCRS's investment strategies, including developing a $1.5 billion portable alpha strategy using S&P 500 Futures and total return swaps, and implementing a liquidity measurement process for the TCRS pension plan. His leadership in fixed income investments resulted in substantial excess returns for TCRS's $13 billion fixed income portfolio, consistently outperforming benchmarks across 1, 3, 5, and 10-year periods.

Todd Mattina is the Asset & Risk Allocation, Chief Investment Officer, and Head Economist at the State of Wisconsin Investment Board (SWIB). In his role, Mattina leads strategic asset allocation, risk management, and economic forecasting, shaping the investment policies and long-term strategy for SWIB. He is known for his strategic thinking and innovative approach to asset and risk management.

Since joining SWIB, Mattina has developed a long-term framework for private market allocations, supporting a multi-year pacing plan that focuses on maintaining prudent total fund liquidity across various market environments. He also established a policy leverage framework that strategically adjusts the Policy Leverage target based on changes in the expected excess return of the fund relative to cash rates, optimizing leverage utilization.

Additionally, Mattina leads the Strategic Implementation Working Group, which evaluates the best implementation practices for major asset classes and investment strategies, balancing active versus passive management and internal versus external management approaches.
Before joining SWIB, Mattina served as Senior Vice President, Chief Economist, and Co-Lead of the Multi-Asset Strategies team at Mackenzie Investments in Toronto, where he was responsible for global asset allocation and macroeconomic strategy.

He previously held the role of Vice President of Portfolio Construction, Chief Strategist, and Chief Economist at the Investment Management Corporation of Ontario (IMCO). Earlier in his career, Mattina was the Deputy Division Chief at the International Monetary Fund (IMF) in Washington, D.C., where he focused on macro-fiscal policy. He also gained investment expertise as a Portfolio Manager of Emerging Market Currencies at the Canada Pension Plan Investment Board (CPPIB).

Mattina holds a PhD in Economics from Queen’s University, a Master of Arts in Economics from the University of British Columbia, and a Bachelor’s degree from Queen’s University. He is actively involved in academia as a board trustee at Queen’s University, where he also serves as Chair of the Investment Committee.

Vicky Erwin is the Managing Director of Public Investments and Acting Deputy Chief Investment Officer for Lilly’s Benefit Plan Investment Team, overseeing $32 billion in assets and exposures. In her role, Erwin leads strategy and investment activities for $20 billion across public equity and fixed income mandates, driving growth and optimizing financial outcomes for Lilly’s pension, savings, retirement health, and employee welfare plans.

Since joining Lilly, Erwin has transformed the Pension Plan public equity portfolio, leading innovative strategies that enhance risk-adjusted returns. She has also spearheaded asset liability studies to improve portfolio resilience and successfully evolved the Savings Plan portfolios, offering enhanced participant options and optimizing defined contribution strategies. Her strategic vision and leadership have significantly contributed to the financial security and growth of Lilly’s benefit plans.

Erwin is a recognized leader in the investment industry, particularly in defined contribution strategy, and is committed to delivering top outcomes for Lilly’s participants. She is a Chartered Financial Analyst (CFA) charterholder and actively contributes to the investment community by serving on several external investment boards and peer organizations. With her expertise in public equity and fixed income management, strategic asset allocation, and defined contribution innovation, Vicky Erwin continues to drive financial growth and value for Lilly’s Benefit Plan Investment Team.

Amanda Cogar is the Director of Pension Investments at Delta Air Lines, where she helps lead the management and oversight of the company’s defined benefit and defined contribution pension plans. In this role, Cogar focuses on governance, asset allocation, risk management, and implementation, ensuring the long-term financial health and stability of Delta’s retirement programs.

Before joining Delta in 2012, Cogar was an Assistant Vice President at Wilmington Trust, where she served as a portfolio manager for the firm’s real asset and private real estate funds. Earlier in her career, she was a portfolio administrator at Balentine & Company, which was later acquired by Wilmington Trust.

Cogar is a CFA Charterholder and an active member of the investment community. She serves on the Board of Trustees for CFA Society Atlanta and has previously held the position of Treasurer. Committed to the advancement of the investment profession, she has taught CFA exam review courses and volunteered as an exam grader and question writer for both the CFA Institute and the CAIA Association.

Cogar earned her MBA with a concentration in Finance from Georgia State University’s J. Mack Robinson College of Business and graduated cum laude from The University of the South with a bachelor’s degree in German. With her strategic leadership and dedication to excellence, Amanda Cogar continues to drive impactful investment outcomes for Delta Air Lines.