Investment Team

PSPRS Investment Team

The task of managing the investment portfolios of PSPRS, CORP, and EORP is carried out by less than 10 professionals with a diverse background in economics, finance, endowments, mathematics and other fields of study. The award-winning team speaks a combined total of six foreign languages and includes members from three continents who are well-suited to work with investment experts from all over the world. Despite having complex academic backgrounds, the PSPRS investment team takes both an analytic and pragmatic real world approach to investing. 

For media inquiries regarding investment selections please contact PSPRS Communications Director Christian Palmer at

Katherine A. BoligitzPortfolio Analyst More InfoClose

Telephone: (602) 296-2555
Fax: (602) 255-5572

Originally from the east coast, Katie Boligitz joined PSPRS as a portfolio analyst in January 2020. At PSPRS, she conducts due diligence and monitoring activities for the contractual income asset class category. Katie most recently worked as a performance auditor for the Arizona Auditor General’s Office where she was employed for three years. There, she made state government more efficient and effective by completing program evaluations across agencies such as the Arizona Medical Board, the Department of Child Safety, the Department of Water Resources and the Department of Agriculture. Not a typical desk job, she was able to tour an earthen dam, shadow egg inspectors, conduct phishing calls for an IT audit, and measure well water depths. At the end of each audit, Katie and her team wrote quality reports with value-added recommendations for the agency to implement and the Legislature to focus resources accordingly. 

• Master of Economics (University of Arizona, Eller College of Management)
• Undergraduate Mathematics (La Salle University)
• Undergraduate Economics (La Salle University)

Jennifer Carlino(JD) Investment Counsel More InfoClose

Telephone:  (602) 296-2524
Fax: (602) 255-5572

Jennifer is the in-house Investment Attorney for the PSPRS. Previously, she was a partner in the Corporate Law Group of Quarles & Brady LLP in Phoenix, Arizona. Jennifer was recently selected as a finalist for the 2016 Arizona Corporate Counsel award presented by the AZ Business® magazine and, in 2012, was included among Southwest Super Lawyers® magazine’s 2012 Southwest Rising Stars.

• Undergraduate from Marquette University with honors, summa cum laude (1994)
• Law degree from Columbia University School of Law (1997), Harlan Fiske Stone Scholar
• Admitted to practice law in New York in 1999
• Admitted to practice law in Arizona in 2000

Kevin Chen(MS) Investment Accountant More InfoClose

Telephone:  (602) 296-2533
Fax: (602) 255-5572

Kevin joined the PSPRS investment team in 2017 and is responsible for accounting records management for the fund, which includes analyzing complex financial information to evaluate performance, creating reports, reconciling investment accounts, processing investment-related transactions, assisting with the monthly close activities, and maintaining the internal accounting records. He is interested in using numbers and statistics, primarily in a financial context, to explain a situation or a business. Using these skills, Kevin aspires to constantly improve himself and the PSPRS fund. Before Kevin joined PSPRS, his experience was in public accounting and consulting.

• Master of Accountancy (Washington University in St. Louis, Olin Business School)
• Undergraduate in Business (Johns Hopkins University)

Shan Chen(PhD – MBA) Lead Portfolio Manager More InfoClose

Telephone:  (602) 296-2561
Fax: (602) 255-5572

Shan has responsibility for investments in capital appreciation assets; public equity, private equity, opportunistic real estate and energy. He also analyzes portfolio risk and hedge funds. Prior to joining PSPRS in 2007, Shan had more than 15 years of experience in academic research, business, finance, and banking, including senior level consulting experience in information technology. Shan is a member of the internal Investment Committee.

• Ph.D. Chemistry (University of Louisville)
• M.S. Computer Science (DePaul University)
• MBA (University of Chicago)
• Undergraduate in Chemistry (Peking University)
• Fluent in Mandarin
• Experience in Asia

Rose CrutcherInvestments Paralegal More InfoClose

Telephone:  (602) 296-3733
Fax: (602) 255-5572

Rose joined the PSPRS team in 2015 and is responsible for contract administration, document management and legal support. She has more than 25 years of experience as a paralegal in the areas of public administration, litigation and medical malpractice. Rose lives in Phoenix with her husband of 32 years, is the mother of three children and is a proud Blue Star Mom to a U.S. Army combat veteran of Afghanistan and Iraq. She wears a red shirt each Friday to remember U.S. troops in harm’s way (Remember Everyone Deployed).

• Advanced Certified Paralegal (ACP) – Contracts Management/Contracts Administration (2016)
• Certified Legal Assistant (CP), National Association of Legal Assistants (2015)
• Tempe Elementary School Board (2000-2008)
• Master of Boardsmanship, Arizona School Board Association (2007)
• Paralegal Certificate, University of Phoenix (1995)

James Ko(CFA, CPA) Portfolio Manager More InfoClose

Telephone:  (602) 296-2521
Fax: (602) 255-5572

James joined the team in 2018 and manages the Trust’s diversifying trading strategies.  He has over a decade of experience in alternative investment management and portfolio construction.  Prior to PSPRS, James was a Senior Investment Analyst for the MIG Diversified Fund at MIG Capital, where he focused on building the investment program, asset allocation, manager selection, and leading the due diligence process.  James previously worked for Wedbush Securities, Roth Capital, and PricewaterhouseCoopers. 

• B.A. in Business-Economics (University of California, Los Angeles)
• CFA charterholder
• Fluent in Mandarin

Laura Long(PhD) Investment Analyst More InfoClose

Telephone:  (602) 296–2520
Fax: (602) 255-5572

Laura is an Investment Analyst covering all invested assets for PSPRS. Prior to joining the PSPRS in 2019, she led performance audits of state agencies for the Arizona Office of the Auditor General.

• Ph.D. in Philosophy (Temple University)
• B.A. in Philosophy; Minor in German (Arizona State University)

Vaida Maleckaite(PhD) Director of Investment Services More InfoClose

Telephone:  (602) 296-2546
Fax: (602) 255-5572

Vaida joined the PSPRS investment team in 2012 as an Investment Operations Analyst and is currently responsible for overseeing the financial and performance reporting, portfolio risk analytics, back-office document management and trading support functions for the trust. Her previous experience includes quantitative research and teaching activities in public finance and public administration, as well as various administrative and financial management roles in the non-profit sector.

• Ph.D. in Public Administration and Management/Public Finance (University of North Texas)
• Recipient of 2010 "Who is Who at the U.S. Universities Award"
• Master of Public Policy Administration (University of Missouri-St Louis)
• Undergraduate degree in Psychology (Vytautas Magnus University, Lithuania)
• Fluent in Lithuanian, Russian and French
• Experience with non-profit sector and community service

Mark Steed(MBA, MS) Chief Investment Officer More InfoClose

Telephone:  (602) 296-2531
Fax: (602) 255-5572

Mark is the Chief Investment Officer for the System. Starting as an intern in 2007, Mark earned an investment team position that included overseeing private equity and venture capital investments. He recently concluded a four-year project as a forecaster for the distinguished Good Judgment Project, led by prominent behavioral economist Phil Tetlock. Prior to joining PSPRS, Mark worked in banking for JP Morgan Chase. Mark lives in Gilbert with his wife and three children, and is a member of the acclaimed musical group Cinematic Pop.

• MS in Predictive Analytics (Northwestern University)
• MBA (Thunderbird School of Global Management, Jost Henkel Scholar)
• Undergraduate in Latin American Studies (Brigham Young University, Honors from Sigma Iota Rho)
• Named Asset Allocator of the Year by Institutional Investor
• Named among 2013 “Rising Stars of Public Funds” by Money Market Intelligence
• Previously lived in Latin America
• Fluent in Spanish

Bill Thatcher(CFA MBA) Portfolio Manager More InfoClose

Telephone:  (602) 296-2542
Fax: (602) 255-5572

Bill joined the team in 2016 and manages the Trust’s contractual income strategies; private lending, royalties, leasing and special situations. Bill has 20 years of experience in investments and banking. Previous positions include working as an investment consultant to endowments and foundations at Mercer Investment Consulting and Commonfund. He has also worked as a portfolio consultant at Charles Schwab and as a credit analyst at ABN AMRO Bank.

• MBA (Yale School of Management)
• MHSA (University of Michigan)
• Undergraduate in French (Brigham Young University)
• Member of the Phoenix Chartered Financial Analyst Society
• CFA Charterholder since 2001
• CAIA – Chartered Alternative Investment Analyst since 2007
• Author of articles published in The Journal of Investing and The Journal of Index Investing.

Jefferson B. Weston IV Investment Analyst More InfoClose

Telephone:  (602) 296-3735
Fax: (602) 255-5572

Jeff is an Investment Analyst covering all invested assets and primarily specializing in global affairs for PSPRS. Prior to joining the PSPRS in 2016, he taught English in Germany at the Hochschule für Leipzig.

• B.S. in Finance & Economics (Grand Canyon University)
• Certificate in Financial Modeling and Valuation (New York School of Finance)
• Working proficiency of German
• Experience in Europe

Owen Zhao(MS) Portfolio Analyst – Risk More InfoClose

Telephone:  (602) 296-3734
Fax: (602) 255-5572

Owen joined the PSPRS investment team in 2015 and is responsible for risk analysis for the trust portfolio, a duty that includes assessing market environments, forecasting volatility and value at risk, identifying and evaluating drivers of asset class risk and performing stress tests. He also oversees the PSPRS investment and banking transactions, financial data and performance calculations, and is also heavily involved in the PSPRS investment selection procedures. Prior to this position, Owen has worked in banking, wealth management and corporate finance. He is married and counts fitness and fixing electronics among his hobbies.

  • M.S. in Global Finance (Thunderbird School of Global Management)
  • M.S. in Data Analytics (Harrisburg University of Science and Technology)
  • Undergraduate in Finance and Management, and Small Business and Entrepreneurship certificate (Arizona State University)
  • Recipient of Roy & Pam Herberger Jr. Scholarship
  • Former member of the National Society of Collegiate Scholars
  • Fluent in Mandarin
  • Experience in Asia


PSPRS hires and uses several external investment consultants to provide industry knowledge across asset classes, research and assistance in identifying and vetting investment opportunities, as well as portfolio allocation guidance. Consultants serve PSPRS in an advisory capacity only and are selected based on recognized expertise and reputation.

Hedge Funds
Consultant:  Lincoln Smith

Private Equity
Stepstone Global
Consultant:  Jay Rose

Consultant:  Tom Cawkwell

Real Estate
ORG Real Property
Consultant:  Ed Schwartz

Total Fund
New England Pension Consultants (NEPC)
Consultant:  Allan Martin