Panelist Bios for September 16, 2020 Asset Management Advisory Committee Meeting

Panel on Private Investment Returns

Noel O’Neill, Cambridge Associates

Noel is President and Head of Global Investing, overseeing the collective efforts of the 

firm’s core investment practice areas and global research team to help drive 

outperformance for our clients based on their unique investment objectives.

Noel joined Cambridge Associates in 1995 and has more than 25 years of investment 

experience. Prior to his current role, Noel was Head of Global Investment Research 

where he oversaw our global research platform and was responsible for the alignment 

between investment ideas and capital market and asset allocation views. Noel has also 

worked with a number of endowments, private clients, and pension funds based in the 

US, Europe, and the Middle East.

Prior to joining Cambridge Associates, Noel was a Manager at Bain & Company, Inc. 

where he led strategy projects for multinational corporations globally. Prior to attending 

graduate school, Noel was a Mechanical Engineer with General Electric Power Systems 

division. Noel worked on gas turbine and combined cycle power plant construction and 

commissioning projects in the Middle East, North Africa, Venezuela, Indonesia, and 

Norway.

Education: MBA, graduated with Distinction and Edward Tuck Scholar, Tuck School of 

Business, Dartmouth College; BE, Mechanical Engineering, University College Dublin.

Bryan Jenkins, Hamilton Lane

Bryan serves as Head of Hamilton Lane’s Private Market Analytics Group, where he 

oversees Hamilton Lane’s proprietary data and analytics, portfolio strategy, market 

analysis, and investment risk assessment. He advises clients on the construction of 

private asset portfolios and develops analysis to support investment strategy and due 

diligence. Bryan holds a B.S. in Computer Engineering from Drexel University.

Josh Lerner, Harvard Business School

Josh Lerner graduated from Yale College with a special divisional major. He worked for 

several years on issues concerning technological innovation and public policy at the 

Brookings Institution, for a public-private task force in Chicago, and on Capitol Hill. He 

then earned a Ph.D. from Harvard’s Economics Department. 

Much of his research focuses on venture capital and private equity organizations. (This 

research is summarized in Boulevard of Broken Dreams, The Money of Invention, Patent 

Capital, and The Venture Capital Cycle.) He also examines policies on innovation and 

how they impact firm strategies. (That research is discussed in the books The 
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Architecture of Innovation, The Comingled Code, and Innovation and Its Discontents.) 

He co-directs the National Bureau of Economic Research’s Productivity, Innovation, and 

Entrepreneurship Program and serves as co-editor of their publication, Innovation Policy 

and the Economy. He founded and runs the Private Capital Research Institute, a nonprofit 

devoted to encouraging access to data and research, and has been a frequent leader of and 

participant in the World Economic Forum projects and events.

In the 1993-1994 academic year, he introduced an elective course for second-year MBAs. 

Over the past two decades, “Venture Capital and Private Equity” has consistently been 

one of the largest elective courses at Harvard Business School. (The course materials are 

collected in Venture Capital and Private Equity: A Casebook, now in its fifth edition, and 

the textbook Venture Capital, Private Equity, and the Financing of Entrepreneurship.) 

He also established and teaches doctoral courses on entrepreneurship, teaches in the 

Owners-Presidents-Managers Program, and leads executive courses on private equity. He 

is the Jacob H. Schiff Professor. 

Among other recognitions, he is the winner of the Swedish government’s Global 

Entrepreneurship Research Award and Cheng Siwei Award for Venture Capital 

Research. For information on Josh’s compensated outside activities, please see 

www.bella-pm.com.

Ludovic Phalippou, University of Oxford

Ludovic Phalippou is Professor of Financial Economics and Head of the Finance, 

Accounting & Management Economics group at the University of Oxford Said Business 

School. He authored Private Equity Laid Bare and has been named as one of “The 40 

Most Outstanding Business School Profs Under 40 In The World” by the business 

education website Poets&Quants in 2014. He specializes in the areas of private equity 

that are of interest to investors and potential investors, such as risk management, legal 

and governance issues, liquidity and measurement of returns. RealDeals magazine listed 

him as one of the 20 most influential individuals in private equity in Europe. His research 

papers have been widely cited in academia, in the press, in practitioner publications, and 

in regulatory circles. His work has been published in each leading academic journals in 

Financial Economics (Journal of Finance, The Review of Financial Studies, and The 

Journal of Financial Economics).

Ludovic has strong links with senior practitioners in the industry, routinely speaks at 

practitioner conferences, and appears in the media internationally (The Economist, 

Financial Times). He worked with several large institutional investors on their private 

equity investment decisions and benchmarking systems, including Norway sovereign 

wealth fund, Dutch pension funds (APG, ABP, PGGM), government bodies overseeing 

public pension fund systems (Dutch Ministry of Finance, Pennsylvania Treasury). 

Ludovic also acted as head of private market research at Blackrock Investment Institute, 

where he developed a model to forecast private market returns for portfolio optimization 

programs. At present Ludovic is developing an innovative listed private equity index that 

uses Big Data and a Natural Language Processor in collaboration with JP Morgan. At 
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Oxford, Ludovic teaches Asset Management and Private Equity for MBA, MFE and 

EMBA students. Ludovic has also taught and co-developed a variety of executive 

education courses, including customized programs for leading consulting companies and 

asset managers and a particularly popular online executive education program in 

collaboration with GetSmarter called “Oxford Private Markets Investments Programme”. 

Ludovic has two main hobbies: tasting great wines, and racing road bike; but never 

enjoying these at the same time.

Panel on Improving Diversity and Inclusion in the Asset Management Industry

Michael Manning, NEPC

Mike began his investment career in 1993 and joined NEPC in 1997. Mike became 

President of NEPC, LLC in 2003 and Managing Partner in April 2011. Mike works with 

a broad array of clients, covering Taft-Hartley, Public, Corporate, and 

Endowment/Foundation investment programs. Mike currently serves on NEPC’s 

Alternative Assets Committee. In addition, he is a frequent speaker at national industry 

conferences and seminars.

During his tenure at NEPC, Mike has co-authored many of the firm’s research reports. 

Some of the topics covered are market neutral hedge funds, high yield bonds, global fixed 

income, and mid-cap equities. In addition, he is a frequent speaker at national industry 

conferences and seminars. Recent speeches have dealt with conflicts of interest in 

Investment Consulting, uses of portable alpha, and asset allocation strategies.

Prior to joining NEPC, Mike worked in a money management division of Prudential 

Insurance Company of America focusing on private debt investing. Prior to Prudential, 

Mike worked at Putnam Investments and Fidelity Investments.

Mike earned his M.B.A., with honors, from the University of Chicago Graduate School 

of Business, with concentrations in Finance and Accounting. At University of Chicago, 

he served as a member of the school’s Admission’s Committee. He received his B.A. 

from the University of Notre Dame. Mike is a member of the Boston Security Analyst 

Society and the CFA Institute. Mike is a CFA charter holder and he also became a 

Chartered Alternative Investment Analyst (CAIA) designee in 2005.

Michael Miller, Colonial Consulting

Michael Miller joined Colonial Consulting in 1986 and is currently the firm’s Chief 

Investment Officer. In addition to leading the firm’s investment effort, Mike provides the 

firm’s clients with advice on asset allocation, manager selection and performance 

evaluation/attribution. Mike has thirty four years of experience in the consulting business, 

all with Colonial Consulting.
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Mike holds a BS degree in Computer Science and an MA degree in Statistics, both from 

Columbia University. He was also awarded the Chartered Financial Analyst or CFA 

designation.

Colonial Consulting is a New York based firm which focuses on providing consulting 

services to not-for-profit institutions. The firm is owned by its employees. At present, 

Colonial has over one-hundred twenty five client relationships representing over $ 30 

billion in capital.

Clayton Jue, Leading Edge

Clayton Jue is founder and CEO of Leading Edge Investment Advisors, LLC (LEIA), a 

San Francisco based Manager-of-Managers. During his 30+ year investment career, he 

developed more than 40 emerging manager programs for large institutional investors and 

has provided early funding to numerous firms.

Prior to founding LEIA in 2005, Mr. Jue was Executive Vice President and Managing 

Director of Northern Trust Global Advisors, where he managed $3 billion in emerging 

manager programs. He was also a senior member of Northern’s Hedge Fund and Trust 

Investment Committees which oversaw $25 billion in global assets.

Previously, Mr. Jue was co-founder and Chief Investment Officer at Progress Investment 

Management in 1990 where he successfully developed and managed multi-manager 

programs for over 11 years. Prior to Progress, Mr. Jue was a Consultant with Callan 

Associates Inc.

Mr. Jue is one of the six founding Board members of the Association of Asian American 

Investment Managers (AAAIM) in 2006 and served as a Board Chair from 2010-2017.

Mr. Jue is a graduate of San Francisco State University (MBA) and the University of 

California, Berkeley (Dual BA). He holds the Chartered Financial Analyst designation 

(1991).

Cheryl Alston, Employees’ Retirement Fund of the City of Dallas

Cheryl D. Alston is the Executive Director and Chief Investment Officer of the 

Employees’ Retirement Fund of the City of Dallas, Texas (“ERF”), a $3.6+ billion 

pension plan for the City’s civilian employees. Cheryl began her term in October 2004 

and provides leadership for the Fund’s staff in implementing the programs necessary to 

achieve the mission, goals and objectives established by the Board of Trustees. 

Cheryl was appointed by President Barack Obama to the Pension Benefit Guaranty 

Corporation (PBGC) Advisory Committee and served two terms ending from 2011-2016. 

The PBGC protects the retirement incomes of more than 37 million American workers in 

private sector defined benefit plans and has $100+ billion in assets. She also served on 

several boards and foundations including the Texas Women’s Foundation and The Arts 
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Community Alliance (TACA). In 2018, Women Inc. Magazine selected Cheryl as one of 

the most influential corporate directors. 

Cheryl has over twenty-five years of expertise in the financial services industry. She 

served as an Executive with CIGNA Retirement & Investment Services. Prior to 

CIGNA, Cheryl has served as a Corporate Banking Officer at Chase Global Services, 

providing investment banking services for Fortune 500 clients. Cheryl has an M.B.A. in 

Finance from the Leonard N. Stern School at New York University and a B.S. in 

Economics from the University of Pennsylvania. Ms. Alston was recognized by the D 

CEO Power 500, Institutional Investor magazine and the Dallas Power 50 award.

Michael Frerichs, Illinois State Treasurer

Michael Frerichs (pronounced FREH-ricks) was first elected Illinois State Treasurer in 

November 4, 2014 and re-elected on November 6, 2018. In Illinois, the Treasurer’s office 

predates the state’s incorporation in 1818. Voters in 1848 chose to make it an elected 

office. Frerichs is the 74th person to serve in this role.

In Illinois, the Treasurer is the state’s Chief Investment and Banking Officer. The office 

invests money on behalf of the state and local units of government. Frerichs also believes 

in providing individuals with financial tools so that they can invest in themselves.

He does this by encouraging savings plans for college and trade school, increasing 

financial education among all ages, removing barriers to a secure retirement, and 

reuniting Illinois residents with their unclaimed property.

The Treasurer’s Office actively manages approximately $31 billion. The investment 

approach is cautious to ensure the preservation of principal. The investment returns are 

significant: For every $1 spent to run the office, Frerichs nets $42 for the state’s 

residents.

Since taking office, Treasurer Frerichs has made significant strides in the fight for 

consumers by making sure Illinois residents get what is owed to them through the 

Unclaimed Property Program. A record-breaking $239 million in forgotten cash and 

stock was returned to individuals, employers, and non-profits in Fiscal Year 2019. By 

making changes to the Bright Start and Bright Directions College Savings Programs, 

Frerichs has lowered fees and provided more investment options, making college more 

affordable for families saving for their child’s future.

Under Treasurer Frerichs’ leadership, Illinois launched the Illinois Achieving a Better 

Life Experience Program (ABLE), a savings and investment program that allows people 

with disabilities and their families to save and build financial wellness without risking 

federal benefits. Illinois leads the 17-state bipartisan National ABLE Alliance, which 

offers people with disabilities nationwide a high-quality, low-cost ABLE savings and 

investment program.
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In November 2018 Treasurer Frerichs launched Secure Choice, a retirement savings 

program that will benefit an estimated 1.2 million private-sector workers in Illinois who 

do not have access to an employer-sponsored retirement plan.

Treasurer Frerichs was born and raised in the small, downstate farming community of 

Gifford, Illinois. He graduated from Yale University and spent two years in Taiwan 

where he taught English to young students and learned to speak Chinese. He returned to 

Champaign County and launched his own technology business. He was elected to the 

Champaign County Board and elected Champaign County Auditor. He also served as a 

volunteer firefighter.

In 2006, Frerichs was elected Illinois State Senator representing east-central Illinois. As 

chairman of the Higher Education Committee he championed efforts to make college 

more affordable. He also served as chairman of the Agriculture and Conservation 

Committee and became a Certified Public Finance Officer.

Frerichs currently serves on the Executive Committee of the National Association of 

State Treasurers, the National Association of State Auditors, Comptrollers, and 

Treasurers, the College Savings Plan Network, and the National Association of 

Unclaimed Property Administrators. He also serves as a trustee on the Illinois State 

Board of Investment.

Treasurer Frerichs resides in Champaign with his young daughter, Ella.

Anyori (A.J.) Hernandez, New York State Common Retirement Fund

Anyori Hernandez is the Director of Emerging Managers for New York State Common 

Retirement Fund. Under the direction of State Comptroller Thomas P. DiNapoli and 

Anastasia Titarchuk, CIO and Deputy Comptroller, the emerging manager team manages 

in excess of $7 billion in commitments to over 125 emerging firms across all asset 

classes. The program’s goal is to generate attractive risk-adjusted returns and participate 

in the growth of next generation talent alongside a preference for firms that aspire to 

strong governance standards as well as diverse and inclusive practices.

Previously, Mr. Hernandez was the Co-Founder and Managing Partner of Yorkstone 

Management PR LLC, a boutique capital financing firm based in New York and Puerto 

Rico focused on funding working capital to small and medium sized businesses.

Prior to founding Yorkstone, Mr. Hernandez was a Director at Barclays Wealth & 

Investment Management, Americas; he specialized in client development and provided 

his clients with new investments that achieved high risk-adjusted investment returns for 

individual securities, investment funds and portfolios.

Prior to Barclays, Mr. Hernandez was a Senior Investment Officer and Director for the 

New York State Common Retirement Fund, Office of the State Comptroller. He directed 

several core investment portfolios, restructured and reorganized asset classes and 
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managed a large Emerging Manager multi-asset investment portfolio with a value of over 

$4.5 billion in equity. Additionally, Mr. Hernandez created several seeding programs that 

included a real estate fund-of-funds, private equity fund-of-one and an absolute hedge 

fund seed platform.

He holds a Masters in Real Estate Finance and Investment and a Bachelor of Arts from 

New York University.