In this episode of The CIO Chair, Sean Thompson and Hartej Singh are joined by Gerald Chen-Young, Chief Investment Officer of the National Public Pension Funds Association (NPPFA). Gerald oversees an internal portfolio while advising public pension systems representing police, fire, and teacher plans with nearly $1 trillion in combined assets.

Gerald reflects on his unusual career path, combining advanced training in economics and law. He explains how this combination has shaped his investment philosophy and fiduciary decision-making.

We explore asset-liability matching across different pools of capital, highlighting why each mandate requires its own investment framework. Gerald discusses the importance and limits of investment policy statements, arguing that IPSs should act as guidelines rather than rigid rulebooks. Drawing on the Global Financial Crisis and COVID-era market dislocations, he shares real-world examples where disciplined exceptions created long-term value.

Gerald also addresses diversification, private assets, and risk, cautioning against confusing reduced visibility with reduced volatility. He offers a nuanced view on ESG, responsible investing, and the political tensions surrounding these approaches in the US.

He shares his perspective as a newly appointed adjunct professor at Georgetown University, highlighting the importance of education in preparing the next generation of investment professionals.

We conclude with insights on global investing, emerging markets, academia’s role in developing future investors, and Gerald’s legacy as a CIO, defined by intellectual rigour, resilience under scrutiny, and work that stands the test of time!

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