2025 Curriculum
Leadership Responsiveness and Risk Mitigation in the New World of Treasury Management
*Faculty and speakers are being announced daily. Sessions, faculty, and speakers are subject to change.
All Tracks and Sessions
Day 1: Sunday, July 20, 2025
12:00–2:00 p.m.
Registration and Light Welcome Lunch
2:00–3:00 p.m.
Welcome and Opening Remarks
3:00–4:15 p.m.
Current Market Trends and Outlook: (PFDM)
Provide an overview of current market dynamics and outlook while highlighting relevant financing structures observed in the market. This is similar to the 2023 session which provided the audience with a strong foundation in the capital markets.
3:00–4:15 p.m.
Treasurers’ Perspective (ETM)
Leadership in the Face of Change
3:00–4:15 p.m.
Overview of the Public Pension Investment Governance Process (IP)
Examine the roles of key stakeholders—Board members, Executive Directors, CIOs, and internal investment teams—in establishing effective governance structures for public pension investments.
4:30–5:30 p.m.
NIPF Opening Keynote: Former Deputy Treasury Secretary Justin Muzinich (Core)
6:00–8:00 p.m.
Welcome Dinner (TBD)
Day 2: Monday, July 21, 2025
8:00–9:00 a.m.
Continental Breakfast
9:00–10:15 a.m.
Keynote Panel Discussion: “From the Treasurers’ Perspective” (Core)
10:30–11:45 a.m.
Investor Roundtable (PFDM)
This is an opportunity to hear directly from institutional investors regarding their perspectives on the municipal sector and subsectors. They will explore market forces driving their investment strategies as well as new products which may be driving demand for particular structures.
10:30–11:45 a.m.
Organizational Structures: Strategies, Goals and Best Practices (ETM)
Concept – strategy means understanding mission (e.g., public demands and / or legislative expectations) and defining vision, and establishing key goals and milestones for measurement (which includes the importance of policies and procedures). Another way to capture this is “SMART,” which includes Specific, Measurable, Achievable, Relevant, Time-bound Goals.
10:30–11:45 a.m.
Defining Success in Public Pension Systems (IP)
Explore metrics for evaluating pension fund performance, including investment returns, funded status, and long-term sustainability, to ensure stakeholder alignment.
11:45 a.m.–1:00 p.m.
Lunch
12:45–2:00 p.m.
Human Resources and Capital Management: Assessment, Development, and Empowerment (ETM)
Effective management requires an assessment of human capital (i.e., personnel), particularly from the perspective of where we need to be in the future (“how to scope your needs”). Can we use data to identify personnel gaps, empower teams, and create succession plans? Could also include the importance of policies and procedures.
12:45–1:45 p.m.
Investment Policy Setting and Strategic Asset Allocation (IP)
Discuss the development of investment policy statements, strategic plans, risk tolerance levels, and asset allocation frameworks to align with fund objectives.
1:00–3:00 p.m.
Federal Funding Landscape: Opportunities, Challenges and Risks: (PFDM)
The objective of this session is to provide an overview of current federal funding opportunities and potential challenges in leveraging them. Panelists will provide relevant case studies. Also, the session will explore the risks associated with the federal budget as it relates to tax policy.
2:00–3:15 p.m.
Data Analytics: Using Data to Drive Decisions (ETM)
Data can justify (or not) policies and programs imposed upon or initiated by Treasury Offices. How do we identify and address data needs (e.g., internal build or through external opportunities) and how do we deploy data to make decisions, evaluate sustainability and build support for programs and initiatives? This session could be a natural build from the assessment concepts discussed in Session 3.
2:00–3:00 p.m.
External Manager Selection and Due Diligence (IP)
Delve into best practices for selecting and overseeing external managers across asset classes, emphasizing rigorous due diligence and structured evaluation processes.
3:15–4:15 a.m.
Regulator Roundtable (PFDM)
Representatives from the SEC and MSRB discuss current regulations and emerging initiatives.
3:15–4:30 p.m.
Technology Innovation: Assessing Systems and Implementing Change (ETM)
Technology advancements force us to assess legacy systems and processes. When change is imminent, how do we create an action plan to “close the gap”? In doing so, are there cultural or other factors that inhibit change effectiveness?
3:15–4:30 p.m.
Managing Risk in an Era of Market Volatility and Geopolitical Uncertainty (IP)
This session will explore strategies for managing investment risk amid market volatility and an evolving geopolitical landscape. As deglobalization and geopolitical tensions reshape economic dynamics, investors must adapt their risk management frameworks to ensure portfolio resilience. The conversation will address how economic segmentation and geopolitical uncertainty impact asset allocation decisions and long-term investment strategies, equipping institutional investors with insights to navigate uncertainty effectively.
6:30–9:30 p.m.
Dinner and Reception at The Sunset Malibu
The Sunset Restaurant - Malibu
Day 3: Tuesday, July 22, 2025
8:00–9:00 a.m.
Continental Breakfast
9:00–10:15 a.m.
Fireside Chat with Wesley Bull (Core)
CEO Sentinel Resource Group
10:30–11:30 a.m.
Innovative Financing Strategies to Manage Social and Environmental Challenges: (PFDM)
The objective of this session is to take a deep dive on individual sectors such as: workforce/affordable housing as well as building resilient infrastructure (transportation and utilities). Panelists will provide relevant case studies.
10:30 a.m.–12:00 p.m.
Vendor Management: Choosing the Right Team and Smooth Transitions (ETM)
• How do we “build a better mousetrap for the public?” (e.g., how do you develop, manage and improve call centers)
• What’s the “change” impact in the delivery of services? (consider, too, language and accessibility issues)
•How do we gauge, measure and test User Experience?
• How do we blend technology with constituent services (e.g., benefits payments, payment alternatives – even for consumer facing programs)?
• An important element here is that States are responsible for the work provided by the private sector, so there is a delivery of services to the States and then the delivery of services to the constituents. The Advisory Board would like both points addressed
• How do partners manage both the state’s expectations and the retail consumer
• What’s the “change” impact in the delivery of services? (consider, too, language and accessibility issues)
•How do we gauge, measure and test User Experience?
• How do we blend technology with constituent services (e.g., benefits payments, payment alternatives – even for consumer facing programs)?
• An important element here is that States are responsible for the work provided by the private sector, so there is a delivery of services to the States and then the delivery of services to the constituents. The Advisory Board would like both points addressed
• How do partners manage both the state’s expectations and the retail consumer
10:30–11:45 a.m.
Real Assets, Public Purpose, and Portfolio Strategy in a Shifting Market (IP)
Institutional investors and public finance professionals are reevaluating real estate and infrastructure allocations as market conditions shift and valuations stabilize. This session will explore the strategic role of real assets in portfolios, balancing long-term returns with public purpose objectives, and navigating the higher-for-longer interest rate environment. Key themes include emerging opportunities in real estate, infrastructure financing models, and the macroeconomic forces shaping capital flows and investment decisions.
11:45 a.m.–1:00 p.m.
Lunch
1:00–1:45 p.m.
Managing Through the Potential Turbulence of a “Soft Landing” (PFDM)
Indeed, state credit quality is very strong as underscored by a significant uptick of rating upgrades over the last couple of years. For the most part states have successfully recalibrated their fiscal plans to account for a moderating economic outlook. Nevertheless, states must remain vigilant given slowing revenue growth and waning federal support in the face of continued demands on resources. This discussion will focus on the economic outlook, implications for state budgets and potential financing strategies.
1:00–2:15 p.m.
Governance: How to Accomplish Objectives and Strategies (ETM)
What impact does change have on our fiduciary duties as fiscal stewards; what are the considerations and implications for Treasury Departments?
1:15–2:30 p.m.
Private Credit, Risk, and Yield in a Higher-for-Longer Interest Rate Environment (IP)
The private credit market has evolved significantly due to shifting investor demand, regulatory changes, and the sustained "higher-for-longer" interest rate environment. This session will explore how institutional investors can navigate risks while capitalizing on yield opportunities in a transformed fixed-income landscape. Panelist will discuss the implications of elevated interest rates on private credit strategies, including direct lending, structured credit, and distressed debt. Panelists will provide insights into portfolio construction techniques, risk mitigation strategies, and how investors can optimize allocations to private credit and other income-generating assets to enhance returns while maintaining resilience.
2:30–3:45 p.m.
Policy Initiatives: Blending Operations and Aspirations – Policy Initiatives (ETM)
Could include financial empowerment and education, savings programs, other income-driven initiatives, ideally showing how data can drive the policy decisions Treasury leaders make).
3:00–4:15 p.m.
From Theory to Practice: Navigating Real-World Investment Challenges (IP)
Even the best-designed investment policies and asset allocation models face challenges when implemented. This session brings together senior investors to share real-world insights on how market volatility, shifting macroeconomic conditions, and operational hurdles impact portfolio construction and investment execution. Panelists will discuss key lessons learned, including practical impediments to implementing investment strategies, adapting to unforeseen risks, and balancing long-term objectives with short-term realities. Attendees will better understand how institutional investors navigate complexity, adjust to evolving market conditions, and refine their approach to ensure resilience and success in dynamic investment environments.
3:00–4:15 p.m.
TBD (PFDM)
TBD
5:00–9:30 p.m.
Dinner and Reception at the Reagan Library
Reagan Presidential Library and Museum
Day 4: Wednesday, July 23, 2025
8:30–9:00 a.m.
Continental Breakfast
9:00–10:15 a.m.
Straus Institute Session (Core)
10:30–11:45 a.m.
Senior Investor Roundtable: Key Takeaways and the Road Ahead (PFDM)
TBD
10:30–11:45 a.m.
Lessons Learned: Bringing the ETM Back Home (ETM)
Featuring deputies, chiefs of staff to highlight takeaways from the week's sessions.
10:30–11:45 a.m.
Senior Investor Roundtable: Key Takeaways and the Road Ahead (IP)
Conclude with a discussion among senior investors summarizing key insights from the sessions and outlining future directions for public pension fund management.
12:00 p.m.
Closing Remarks