Investment Committee
The NC State Investment Fund Investment Committee is responsible for setting NCSIF Investment Fund’s asset allocation policies, approving investment manager selection, and recommending changes in the Investment Policy Statement.
Management of the day-to-day investment decisions relating to the Fund shall be delegated to the Chief Investment Officer of NC State University (“the Manager”). The Manager shall have the full and exclusive authority to direct funds to existing and new investment managers and fiscal agents on behalf of the Fund in accordance with the Investment Policy Statement.
The number of Investment Committee Members shall not be less than five nor more than nine as fixed by the Members Board. They are elected to serve one four-year term, beginning the calendar year after the annual meeting in which they are elected. Committee Members may be elected for two terms, and at no point should have served for more than eight years as a member. Despite the expiration of a member’s term, the member may be asked to serve until a successor is elected. Investment Committee members shall be elected primarily for professional knowledge and experience in investments and consideration shall be given to a demonstrated interest in the University and its mission. The chair of the Investment Committee shall be appointed by the Members Board and will serve a (2) two-year term or (4) one year terms.
Investment Committee Bios
[Investment Committee Org Chart]
Mr. Alex Wallace, Chair | Committee Member, 2020
Term expires 2026
Alex Wallace is a 30-year veteran of the municipal securities industry, recently serving as a Managing Director at Loop Capital Markets. He possesses extensive experience across various facets of municipal finance. Previously, Mr. Wallace spent 11 years at U.S. Bank, where he founded the U.S. Bancorp Municipal Products Group and led the Public Finance Group. Prior to that, he was Co-Head of the Municipal Securities Group at Wachovia Securities (1996-2008). He began his career working for the State of North Carolina’s Department of Revenue and State Treasurer’s Office. .Mr. Wallace is actively engaged in industry governance, serving on the Board of Directors for the Bond Dealers of America (BDA) and advisory boards for municipal finance centers at the University of Chicago and the University of Texas. He holds a Master of Public Administration (MPA) in Public Finance and two BA degrees from North Carolina State University.
Ms. Rhonda Smith, Vice Chair | Committee Member, 2024
Term expires 2027
Ms. Smith is a graduate of North Carolina State University (College of Humanities and Social Sciences) and is currently employed with the North Carolina Department of State Treasurer within the Investment Management Division where she has served since 2002. With over 20 years of institutional investment experience, as Director of Public Equity, Ms. Smith has a proven track record in designing, implementing and managing investment portfolios, as well as performing manager search and selection, investment and operational due diligence and portfolio risk and asset allocation analysis for the more than $40 billion in internal and external equity assets within her oversight. Ms. Smith also serves as Treasurer and member of the Investment Committee for the Board of Trustees of FHI Foundation.
Mr. Randall Dishmon | Committee Member, 2023
Term expires 2026
Randall Dishmon is a successful former Senior Portfolio Manager at Invesco, where he managed the Global Focus Strategy for 18 years. During his tenure, he grew the fund’s assets from $\$2$ million to over $\$7$ billion. His strategy was recognized with four Lipper awards and five IBD awards for best fund performance across multiple return periods. Prior to his portfolio management role, Mr. Dishmon co-managed other global funds and served as a senior research analyst at Invesco/Oppenheimer Funds. His diverse background includes experience as a management consultant at Booz Allen and Hamilton and leadership positions at UtiliCorp and KCI Technologies. He holds an MBA from the University of Michigan, an MS from Johns Hopkins University, and a BS from North Carolina State University.
Mr. Ty Huggins | Committee Member, 2023
Term expires 2026
Mr. Huggins is a vice president in the Private Wealth Management Group of Goldman, Sachs & Co., where he advises institutions, wealthy individuals, family groups and foundations. For the last 18 years, Mr. Huggins and his team have been advising clients located throughout the United States; concentrated in the Southeast. Prior to Goldman Sachs, Mr. Huggins was responsible for business development and technical sales with Ciba Specialty Chemicals, a Swiss conglomerate where he served large manufacturing clients. Mr. Huggins joined Goldman Sachs after earning his MBA from Vanderbilt University’s Owen Graduate School of Management in 2000. He also has a BS in Textile Chemistry from the Wilson College of Textiles. Mr. Huggins has demonstrated his personal commitment to philanthropy and service to the NC Textile Foundation and the Wilson College by serving on the Investment Committee and building an endowed scholarship – The Huggins Family Endowed Scholarship Fund.
Mr. Craig Demko | Committee Member, 2018
Term expires 2026
Mr. Demko has extensive experience in institutional investment management and research. He has been the Director of Private Equity for the North Carolina Department of State Treasurer Investment Management Division since 2010, having initially joined in 2005 as the Portfolio Manager of Alternative Investments. Mr. Demko has participated in expanding the portfolio with more than 100 fund transactions across Venture Capital, Growth Equity, Buyout, Secondary and Co-Investment strategies. Prior to joining North Carolina, he developed an extensive background in institutional equity research with Oppenheimer & Company Inc., HC Wainwright & Co. and Josephthal and Co. Mr. Demko attended the University of Massachusetts, Amherst where he received a BA in Economics.
Mr. Richard Speers | Committee Member, 2024
Term expires 2027
Mr. Speers is a co-founder and an Investment Advisor Representative with Private Wealth Management of NC. Prior to working with Private Wealth Management of NC, he was an independent contractor with Raymond James Financial Services from 1999-2009. Mr. Speers graduated with a B.A. in History from North Carolina State University and earned his Juris Doctorate degree from the University Of North Carolina School Of Law. Mr. Speers is former President of the North Carolina Services for Dentists Board of Directors and former Chairman of the North Carolina Heart Association planned giving program. Mr. Speers currently holds his series 65 license and in his free time, he enjoys bowling.
Ross Cowan | Committee Member, 2025
Term expires 2029
Ross Cowan brings over 26 years of investment management experience, primarily in real estate, having founded Cowan Company LLC in 2018 and previously serving as a Senior Managing Director at Northwood Investors, where he helped grow assets under management to over $7.0 billion and directly managed over $3.2 billion in gross capitalization across diverse real estate sectors. His educational background includes a B.S. in Civil Engineering from NC State University and an MBA from UNC Kenan Flagler School of Business.
Alex Darden | Committee Member, 2025
Term expires 2029
Alex Darden has over 25 years of investment management experience , with a specialization in the Infrastructure Asset Class. He is currently a Partner and Head of EQT Infrastructure – Americas, where he has played a key role in raising over $55 billion across seven funds and has personally led over $10 billion in investments and subsequent monetizations. Before EQT, Mr. Darden was a Senior Vice President at GE Energy Financial Services and has served on a total of 13 boards throughout his career. Mr. Darden has a B.S. in Business Administration from NC State University.
Call for Nominations
The Office of Investments is pleased to issue a Call for Nomination for the NCSIF Investment Committee. The nomination form will be open annually from April to June. Please submit names of individuals with investment experience for consideration.