| The Winners The Allocator Prizes | October 28, 2025 |  |
2025 Winners
Team of the Year
Police & Firemen's Retirement System of New Jersey, led by CIO Mark Schafer
For a hard exit with a safe landing. When the $33B NJ Police and Fire fund opted to pull out of the State investment pool, which also handled administration, some thought they'd backtrack. “With a hard deadline of March 31, 2024, the team launched a fully functional public pension plan. Benefit Administrator? Check. Public and Alternatives Investment Teams? Check. Transition Advisors/Managers? Check.” A group of pros who are pedigreed (BlackRock, Florida SBA) yet scrappy (it's NJ) came together in the final months and shipped out on time.
“They did a lot of things that were out of scope for a lot of teams, particularly with public fund resources: e.g., building an administrator," noted a judge. "For them to successfully hit all of the key milestones is really outstanding.”
Leader of the Year
Jack Mahler, CIO, Cystic Fibrosis Foundation
For expertly wielding the tools of capitalism to help seek a cure for a lethal genetic disorder. Mahler joined the $4.6B allocator as its first CIO in 2016. Alongside its broader portfolio, the Maryland-based foundation continues to evolve its venture philanthropy arm, which partners with VC firms on early-stage co-investments in cystic fibrosis treatments. An “under-the-radar guy,” as one of our judges put it, Mahler is a rare CIO who is also an MD: not a managing director, that is, but a trained medical doctor.
The Randy Kim Prize for Fiduciary of the Year
Kim Lew, President and CEO, Columbia Investment Management Co.
For fearless stewardship during an uncommonly challenging tenure. Since taking over Columbia’s endowment in 2020, she has been through four university presidents amid campus protests and pressure from the Trump administration.
“She’s an incredible leader,” one of our judges said. “Kim continues to be her authentic self, even in light of what’s been going on.” Another judge: “This has been a year of all years… and she’s not done.”
Investment Operations of the Year
State of Wisconsin Investment Board, led by Business Directors Chelsey Barczak & Ed Martinez
SWIB is “a tier above everybody else,” said a consultant for many elite nonprofits as well as public funds. “In shadow-accounting, they are ahead of us in picking up errors.” Leaders have been “very thoughtful about the architecture and data,” creating a system that’s “not just about bodies” and praised as “very pragmatic.
"The only mark against SWIB might be how good they are. “It’s an obvious and not-creative answer,” said one, “but SWIB is known for excellence because they are the best.”
Idea of the Year
Susan Ridlen, CIO, Eli Lilly & Co.
For educating D.C. lawmakers about arcane pension premium regulations, particularly around allowing plan sponsors to access their own surplus assets. “Susan has stepped up as a pro bono voice in Washington for the corporate defined-benefit model and community as going concerns, at a time when many of the core CIO cohort are retiring or winding down,” a nominator said. A judge added that she is “really good and courageously taking on these important issues.”
Adviser of the Year
Brian Pimentel, Principal/Consultant, Prime Buchholz
For consistently punching above weight as an advisor to institutions such as endowments and pension funds. Pimentel has been with Prime Buchholz since 2011, and one of our judges points to multiple situations where his team have “supplanted their bigger competitors and done a really good job.” He has been instrumental, the judge said, in having “put together a quality offering.”
Best Citizen
Carlos Rangel, CIO, W.K. Kellogg Foundation
For generally being “wonderful,” as our judges said. With Kellogg since 2010 and on the board of the Ewing Marion Kauffman Foundation since 2023, he’s “super well connected” and “always willing to help,” the judges observed. A member of the U.S. Department of Treasury’s Advisory Committee on Racial Equity, he also earns plaudits from the panel for his efforts on diversity.
Best Partner
NISA Investment Advisors
For being dauntless and broad-thinking as a strategic partner to asset owners, particularly to corporate pension plans. NISA is a “fabulous partner” that will do just about anything for a client, regardless of the revenue benefit to itself, one judge said. Another observed that beyond serving its clients well, NISA is also “really focused on serving the community.”
Institutional RIA of the Year
BBR
For steadily providing an institutional-caliber investment operation worthy of acclaim. “They have been absolutely terrific,” one of our judges said. “Manager selection is outstanding. They have a good macro person who is thinking about geopolitical moves. I’m a really big fan.”
2025 Winners
Team of the Year
Police & Firemen's Retirement System of New Jersey, led by CIO Mark Schafer
For a hard exit with a safe landing. When the $33B NJ Police and Fire fund opted to pull out of the State investment pool, which also handled administration, some thought they'd backtrack. “With a hard deadline of March 31, 2024, the team launched a fully functional public pension plan. Benefit Administrator? Check. Public and Alternatives Investment Teams? Check. Transition Advisors/Managers? Check.” A group of pros who are pedigreed (BlackRock, Florida SBA) yet scrappy (it's NJ) came together in the final months and shipped out on time.
“They did a lot of things that were out of scope for a lot of teams, particularly with public fund resources: e.g., building an administrator," noted a judge. "For them to successfully hit all of the key milestones is really outstanding.”
Leader of the Year
Jack Mahler, CIO, Cystic Fibrosis Foundation
For expertly wielding the tools of capitalism to help seek a cure for a lethal genetic disorder. Mahler joined the $4.6B allocator as its first CIO in 2016. Alongside its broader portfolio, the Maryland-based foundation continues to evolve its venture philanthropy arm, which partners with VC firms on early-stage co-investments in cystic fibrosis treatments. An “under-the-radar guy,” as one of our judges put it, Mahler is a rare CIO who is also an MD: not a managing director, that is, but a trained medical doctor.
The Randy Kim Prize for Fiduciary of the Year
Kim Lew, President and CEO, Columbia Investment Management Co.
For fearless stewardship during an uncommonly challenging tenure. Since taking over Columbia’s endowment in 2020, she has been through four university presidents amid campus protests and pressure from the Trump administration.
“She’s an incredible leader,” one of our judges said. “Kim continues to be her authentic self, even in light of what’s been going on.” Another judge: “This has been a year of all years… and she’s not done.”
Investment Operations of the Year
State of Wisconsin Investment Board, led by Business Directors Chelsey Barczak & Ed Martinez
SWIB is “a tier above everybody else,” said a consultant for many elite nonprofits as well as public funds. “In shadow-accounting, they are ahead of us in picking up errors.” Leaders have been “very thoughtful about the architecture and data,” creating a system that’s “not just about bodies” and praised as “very pragmatic.
"The only mark against SWIB might be how good they are. “It’s an obvious and not-creative answer,” said one, “but SWIB is known for excellence because they are the best.”
Idea of the Year
Susan Ridlen, CIO, Eli Lilly & Co.
For educating D.C. lawmakers about arcane pension premium regulations, particularly around allowing plan sponsors to access their own surplus assets. “Susan has stepped up as a pro bono voice in Washington for the corporate defined-benefit model and community as going concerns, at a time when many of the core CIO cohort are retiring or winding down,” a nominator said. A judge added that she is “really good and courageously taking on these important issues.”
Adviser of the Year
Brian Pimentel, Principal/Consultant, Prime Buchholz
For consistently punching above weight as an advisor to institutions such as endowments and pension funds. Pimentel has been with Prime Buchholz since 2011, and one of our judges points to multiple situations where his team have “supplanted their bigger competitors and done a really good job.” He has been instrumental, the judge said, in having “put together a quality offering.”
Best Citizen
Carlos Rangel, CIO, W.K. Kellogg Foundation
For generally being “wonderful,” as our judges said. With Kellogg since 2010 and on the board of the Ewing Marion Kauffman Foundation since 2023, he’s “super well connected” and “always willing to help,” the judges observed. A member of the U.S. Department of Treasury’s Advisory Committee on Racial Equity, he also earns plaudits from the panel for his efforts on diversity.
Best Partner
NISA Investment Advisors
For being dauntless and broad-thinking as a strategic partner to asset owners, particularly to corporate pension plans. NISA is a “fabulous partner” that will do just about anything for a client, regardless of the revenue benefit to itself, one judge said. Another observed that beyond serving its clients well, NISA is also “really focused on serving the community.”
Institutional RIA of the Year
BBR
For steadily providing an institutional-caliber investment operation worthy of acclaim. “They have been absolutely terrific,” one of our judges said. “Manager selection is outstanding. They have a good macro person who is thinking about geopolitical moves. I’m a really big fan.”