Larry Johnson is the Manager of Investments for the Idaho Endowment Fund Investment Board, an agency of the State of Idaho. He serves as the chief executive of the agency, responsible for both investment management oversight and general administration. A native Idahoan, Larry received his B.B.A. in Economics and Accounting from Boise State University. He is a CFA charterholder, a Certified Public Accountant and a Certified Management Accountant. Larry was a consultant prior to beginning his employment with the Investment Board in 2005. Before that, he had a 23-year career in the forest products industry in retirement fund management, marketing, finance, and strategic planning roles, in Idaho, Montréal and Vermont. Larry is married and has two grown children and three grandchildren. Larry currently serves on the Investment Committees of the Idaho Community Foundation and the Ivydale Church Camp. The Idaho Endowment Fund Investment Board is responsible for managing approximately $2.4 billion of assets consisting of state land grant endowment funds ($1.7 billion), the financial assets of the State Insurance Fund ($600 million), the assets of the Bunker Hill Water Treatment Endowment ($50 million) and two endowments for the Department of Parks & Recreation ($3 million). The Investment Board consists of nine individuals appointed by the Governor and has a staff of four, including a Manager of Investments who oversees day-to-day operations. All investments are placed with outside managers. With regard to the endowment funds, all revenues from 2.4 million acres of state land grant endowment lands, 80% of which is from the sale of timber, are transferred to the Board for investment. In turn, the Board, based on a Distribution Policy approved by the State Land Board, makes distributions to fourteen beneficiaries, the largest of which is a public school fund. Endowment funds are invested 70% in equities and 30% in fixed income, and no distribution of principal is permitted. The reserves and surplus of the State Insurance Fund, a workers’ compensation insurer, are invested 87% in fixed income and 13% in equities.