What levers are available to allocators seeking to adjust diversification and the overall risk profile of their portfolios? How can CIOs strengthen governance and investment operations as AI assumes a larger role across the team? In our latest Improving Alpha podcast, Kevin SigRist of the North Carolina Investment Authority joins us to explore these questions. Listen below.
Michael Oliver Weinberg, co-founder, Improving Alpha Podcast Series
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When examining sole fiduciary states, such as North Carolina, the direction of pension plans and other asset pools typically consolidates under a single elected official, typically the State Treasurer. Combine that setup with disappointing investment performance, and the stage begins to get set to reform both governance and investment operations. This is what happened in 2025 when Brad Briner, the Treasurer of North Carolina, began to implement reforms to adopt best practices in institutional investments and lay out the new organization known as the North Carolina Investment Authority.
For this episode of the Improving Alpha podcast, host Michael Oliver Weinberg welcomes Kevin SigRist, Chief Investment Officer, North Carolina Investment Authority, to discuss the $200B pension portfolio. Kevin covers not only the performance future of the plan, but the risk profile, governance, views on inflation, and other current allocator trends.
Additional key highlights include:
- How will the significant governance reforms of 2025 impact the pension for this year and beyond, and what does Kevin expect from the asset liability study being concluded in February?
- What is the biggest dial today that will change the pension's risk profile and reduce the conservative approach that the plan has taken in the past with regard to high-grade fixed income and cash?
- As the plan shifts from risk in manager selection to more of a market risk focus, how will diversification be impacted across the portfolio?
- Why are private market allocations so appealing, and why are co-investment levels getting the plan a lot of attention?
- How is AI being deployed for investment operations and improving collaboration across the team at the North Carolina Investment Authority?
- Why is manager alignment so important for future allocations?
- How are advanced modeling and portfolio scenario analysis looking at inflation for their pool of retirees?
- and more.
North Carolina Investment Authority
Kevin SigRist is Chief Investment Officer at the North Carolina Investment Authority, where he oversees the investment strategy for approximately $200 billion across pension, defined contribution, and state asset pools. He has spent decades in institutional investing, with prior roles including CIO positions at the North Carolina Department of State Treasurer, senior leadership at the Florida State Board of Administration, and work in global investing with SAMA’s investment subsidiary. Kevin’s background spans public markets, private markets, asset liability management, and governance reform, with a career focused on aligning long-term investment decisions with real funding and fiduciary objectives.
About Our Host: Michael Oliver Weinberg, CFA
For three decades Michael has invested directly at the security level and indirectly as an asset allocator in traditional and alternative asset classes. Most recently he was a Managing Director, Head of Alternative Alpha, on the Investment Committee, and a board member at APG, a Dutch pension provider. Previously he was the Chief Investment Officer at MOV37 and Protege Partners. Michael is also an Adjunct Professor of Economics and Finance at Columbia Business School, where he teaches Institutional Investing, an advanced MBA course that he created.
Michael is a published author, having written for The New York Times, international investment books, and other publications. Michael has been interviewed by the Wall Street Journal, Financial Times, CNBC, Bloomberg and Reuters. He is a frequent panelist, moderator and lecturer for investment banks, institutional and family office organizations, and business schools.
The information covered and posted represents the views and opinions of the guest and does not necessarily represent the views or opinions of Vidrio Financial, and/or our host, Michael Oliver Weinberg. The Content has been made available for informational and educational purposes only. The Content is not intended to be a substitute for professional investing advice. Always seek the advice of your financial advisor or other qualified financial service provider with any questions you may have regarding your investment planning.
