Foundation institutional investors are tasked with improving the quality of educational funding, health care, and research grants, all while protecting the long-term prosperity of their respective institutions. This time around we are highlighting 30 foundation chief investment officers who successfully built investment offices from scratch and/or continue to lead investment efforts into the future. We thank them for sharing their investment insight and approach to the uncertain times ahead of 2020 and beyond. Presenting Trusted Insight’s 2020 Top 30 Foundation Chief Investment Officers:
2020
Top 30 Foundation Chief Investment Officers
Denise Strack has been the chief investment officer at Gordon and Betty Moore Foundation since 2008. Previously, she served as the director of private equity and real assets at the foundation for six years. Prior to that, she was the director of private equity at Stanford Management Company and an engagement manager at McKinsey & Company. She holds a BS in Industrial Engineering from Stanford University and an MBA from Stanford Graduate School of Business.
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Brian O'Neil has been the chief investment officer at The Robert Wood Johnson Foundation since 2003, where he is responsible for the management of the foundation’s $10.2 billion investment portfolio. Previously, he was the chief investment officer and held other positions at AXA Equitable for 22 years. O’Neil holds an MBA from the Columbia Graduate School of Business and a bachelor's degree from Princeton University. He holds a Chartered Financial Analyst designation.
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Edward Grefenstette
President, Chief Executive Officer and Chief Investment Officer
Edward Grefenstette serves as the President, Chief Executive Officer and Chief Investment Officer of The Dietrich Foundation. Prior to joining in April 2010, he served as Treasurer and Chief Investment Officer of Carnegie Mellon University in Pittsburgh. He previously co-founded Commonwealth Capital Group, L.P., a small-cap private equity fund, following seven years in investment banking and law. He earned his AB in Economics with honors from Georgetown University, a JD with honors from Georgetown University Law Center, and an MBA in Finance and Strategy with honors from Carnegie Mellon University. In addition to serving as a Trustee of The Dietrich Foundation, he also serves as a trustee and member of the Investment Committee of Carnegie Mellon University, a trustee and member of the Investment Committee of the University of Pittsburgh, a member of the investment committee of the University of Pittsburgh Medical Center (UPMC), a trustee of the Hillman Family Foundations and a director of The Hillman Company.
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Kim Lew is the vice president and chief investment officer of Carnegie Corporation of New York, one of the oldest and most influential of American grantmaking foundations. Prior to joining Carnegie in 2007, she was a senior manager of private equity at the Ford Foundation, where she managed the foundation’s investments in venture capital and buyout funds and explored new areas of alternative investing. Lew holds an MBA from Harvard Business School and a BSE in accounting and organizational behavior from The Wharton School. She holds a Chartered Financial Analyst designation.
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Joel Wittenberg is the vice president and chief investment officer at W.K. Kellogg Foundation. He has served the organization since 2009. Previously, he was the vice president-treasurer at Kellogg Company from 2000-2009, as well as vice president and treasurer of Armstrong World Industries and manager treasury at Dow Chemical. Wittenberg holds a B.S. from Michigan State University and an MBA from the University of Michigan.
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Elizabeth Hewitt is the chief investment officer and senior vice president at the Alfred P. Sloan Foundation. She is responsible for managing the asset allocation strategy, fund manager selection, risk analysis, portfolio performance evaluation and liquidity management. Previously, she served as the managing director of public investments at the Robert Wood Johnson Foundation for over nine years. Prior to that, she was the senior vice president for Lazard Asset Management. Hewitt holds an M.A. and a B.A. from the University of St. Andrews, Scotland.
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Tim Donohue is the chief investment officer at Columbia Investment Management Company, which holds $10B in assets under management. Previously, he served as vice president at Booz & Company for almost 11 years. Prior to that, he was general manager at BHP Billiton. Donohue holds an MBA in finance from Columbia Business School and a B.S. in mechanical engineering from Cornell University.
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Jonathan Hook joined The Harry and Jeanette Weinberg Foundation as its inaugural chief investment officer in May of 2014. He oversees the foundation's $2.3 billion of assets. Previously, Hook was the chief investment officer at The Ohio State University from 2008 to 2014 and the chief investment officer at Baylor University from 2001 to 2008. Prior to institutional investing, Hook had a 20-year career in commercial banking. Hook has a bachelor's degree in economics and sociology from Willamette University and an MBA in finance from Baylor University.
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Muthu Muthiah is the chief investment officer at the Group Health Foundation, where he oversees the strategic and sustainable growth of the Foundation’s investments—stewarding financial assets to create returns that advance their mission. He is a seasoned asset management professional, with experience investing globally across various asset classes, including private equity, venture capital, real estate, real assets, and both public and private investments in emerging economies. He has led investment teams and strategies at Emory Investment Management, Covariance Capital Management, the University of Richmond, the State Board of Administration of Florida, and RSM Equico. Muthu holds a BHM from Mangalore University and an MBA from Rollins College.
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Amy Chen is the first chief investment officer at the Smithsonian Institution, the world’s largest museum, educational and research complex, since 2006. She oversees the overall investment strategy and management of the institution's endowment which totals $1.7 billion. Prior to joining the Smithsonian Institution, she was the portfolio manager at the Doris Duke Charitable Foundation. Chen was a former Advisory Board member of the New York State Common Retirement Fund and GAVi, the Vaccine Alliance. She serves as a trustee at Oberlin College and is the co-chair of Oberlin’s Investment Committee. Chen holds a bachelor’s degree in government from Oberlin College and an MBA from Cornell University.
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Donald Lindsey is the chief investment officer at American Institutes for Research (AIR), one of the world's largest behavioral and social science research and evaluation organizations. At AIR, he manages a broadly diversified portfolio, develops investment policies and procedures, monitors market trends and seeks new investment opportunities. Previously, he was the CIO at The George Washington University for nearly 12 years. Don has over 31 years of experience in managing investments for not-for-profit and higher education institutions. Don holds a Master of International Policy and Practice from The George Washington University, an MBA from James Madison University and a B.A. in political science from Virginia Tech.
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As the Chief Investment Officer, Chun Lai is responsible for managing The Rockefeller Foundation’s $4.8 billion endowment. Chun joined the Foundation in 1996 as an Investment Associate. Over his long career at the Foundation, he held roles across multiple asset classes and functional areas, including overseeing research and asset allocation, managing the real assets and fixed income portfolios, and building and managing the hedge funds portfolio. Before assuming the CIO role in 2019, he was the Deputy CIO for 9 years, overseeing portfolio management, asset allocation, and investment research. He started his investment career at the State of Connecticut Retirement and Trust Funds from 1992 to 1996. Prior to coming to the U.S., he was an aeronautics engineer in China. Chun has a bachelor’s degree of engineering from Beijing University of Aeronautics and Astronautics, and an MBA in Finance from the University of Connecticut. He serves on the Investment Committee of the William Penn Foundation. He also holds the Chartered Financial Analyst designation from the CFA Institute.
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Lisa Murray is the chief investment officer for the Ewing Marion Kauffman Foundation. She leads the team that oversees the Kauffman Foundation’s globally diversified $2 billion portfolio. Previously, Murray was the managing director in Investments. Prior to joining the Kauffman Foundation, Murray was an investment consultant for Angeles Investment Advisors, where she worked with foundations and endowments, advising on all aspects of their investment programs. Murray earned a bachelor’s degree from Princeton University and a Master of Business Administration from Harvard Business School. She is a CFA holder.
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David Lee is the chief investment officer at the Chan Zuckerberg Initiative. Previously, he was the managing director for Princeton University Investment Company for over 8 years. Prior to that, he was an associate at Harvard Management Company and an associate at ABN AMRO. Lee holds degrees from Yale School of Management, University of Reading, and the University of York.
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Eleanor Hsu is co-chief investment officer at Kaiser Family Foundation (KFF). Eleanor co-leads, with Dean Duchak, the investment activities made on behalf of the Foundation. Prior to joining the Foundation, she was an associate director focused on real estate and natural resources Investments for the William & Flora Hewlett Foundation. Previously, Eleanor worked as an associate for Tishman Speyer, the Stanford Management Company, and CSFB’s Healthcare Investment Banking Group. Eleanor received a B.A. from the University of California at Berkeley, an MBA degree from The Wharton School of the University of Pennsylvania and is a CFA charterholder.
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Dean Duchak is the Co-Chief Investment Officer for the Kaiser Family Foundation (KFF), a leader in health policy analysis and health journalism. Prior to joining KFF in 2011, he worked for JPMorgan in a variety of roles within its Investment Banking and Asset Management divisions. Dean also serves as the Co-Chair of the Investment Committee for the Diocese of San Jose. Dean received a B.S. in Finance and Accounting from Georgetown University.
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Rosalind Hewsenian is the chief investment officer of the Helmsley Charitable Trust. She joined the Trust in 2010 as the deputy chief investment officer. Previously, she was the CEO of Clay Finlay, a global equity firm with offices in New York, London and Hong Kong. Hewsenian has spent the majority of her career at Wilshire Associates in Santa Monica, California as senior investment consultant serving governmental pension funds. She also served on Wilshire’s Board of Directors as an equity principal of the firm. Hewsenian holds a B.S. from the State Univeristy of New York and an MBA from Pace University.
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Tim Recker is the chief investment officer and treasurer at The James Irvine Foundation, where he manages the foundation’s $2.3 billion endowment, and develops its investment policy and strategy. He is a member of the foundation’s executive team. Previously, Mr. Recker served for 10 years as the Managing Director of private equity and real assets for the Regents of the University of California. Prior to that, he was the director of alternative investments at the Michigan Retirement System and a portfolio manager of a $5 billion multi-asset portfolio for GE Asset Management. Recker holds an MBA from the University of North Carolina, a bachelor’s degree in economics and business administration from Bellarmine College and is a Chartered Financial Analyst.
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Ana Marshall is the vice president and chief investment officer at the William and Flora Hewlett Foundation. She is responsible for asset allocation and strategic investment policy recommendation and implementation of the nearly $9 billion endowment portfolio. Previously, she served as a senior portfolio manager of global and emerging market equity portfolios at RCM Capital Management. Prior to RCM, she worked as an analyst/portfolio manager of emerging market debt and equity portfolios at Bank of America. Marshall holds a bachelor's degree in economics from the University of San Diego. She also holds a Chartered Financial Analyst designation.
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Jeffrey Heil is the chief investment officer at the Doris Duke Charitable Foundation, where he has served since 2003. Prior to joining the foundation, he was co-head of investments at the University of California, where he actively managed equity holdings in three portfolios. Before that, he was a vice president of equity management for Victory Capital in Cleveland, and a corporate finance consultant for McKinsey & Co. In New York, he was manager of the Investment Valuations Group at Arthur Andersen & Co. and started his career as a securities analyst at Arnold Bernhard and Company. Heil holds an MBA in finance from New York University’s Stern School of Business and a B.A. in government from Ohio University.
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Robert J. Manilla joined The Kresge Foundation in 2005 and is vice president and chief investment officer. As a member of the executive team, he is a partner in the development and implementation of the foundation’s strategy. Rob is also responsible for the investment of the foundation’s endowment and for the management of the Investment Office and its staff. Before he joined Kresge, Rob spent 20 years at Chrysler Corp. During his tenure with the auto industry, he held management roles in product development, sales and marketing, manufacturing, international operations, capital markets, and asset management. Manilla holds an MBA in marketing from the University of Detroit Mercy and a B.S. in finance from Oakland University.
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Jason Matz is the chief investment officer at the GHR Foundation, where he built an investment office and oversees investment management. Previously, he was CIO at Carleton College, where he the first investment professional hired to build their investment office as well. Prior to that, he was the director of global equity research at Jeffrey Slocum & Associates (now Pavilion Advisory Group). Matz holds an MBA from the University of Minnesota and a BSBA in finance from the Questrom School of Business, Boston University.
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Kimberly Sargent serves as the chief investment officer at The David and Lucile Packard Foundation. Prior to joining the organization in 2008, she was a consultant at McKinsey & Company based in San Francisco. Earlier in her career, she was a senior analyst at the Yale Investments Office. Sargent holds an MBA from Stanford’s Graduate School of Busines and a B.A. from Yale University. She is a Chartered Financial Analyst.
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Jay Flaherty is the vice president and chief investment officer at the Charles Stewart Mott Foundation. He joined Mott in 2007, after working for eight years in similar capacities at Richards & Tierney and EnnisKnupp & Associates, investment advisory firms in Chicago. He also held positions as financial analyst and reliability statistician for agricultural and computer technology firms in Wisconsin and Illinois. Flaherty holds a master’s degree in mathematics from Northwestern University, a master’s degree in business administration from the University of Chicago’s Booth Graduate School of Business, and a bachelor’s degree in computer science and mathematics from Saint Mary’s University of Minnesota
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May Ng is the vice president and chief investment officer at the Annie E. Casey Foundation, a foundation focused on improving the well-being of American children. Previously, she served as the director of public market investments for the foundation for over five years. Prior to that, she was the director of investment strategy and research at George Washington University Investment Office. May holds an MPA in economics and public policy from Princeton University and a B.A. in political science from Williams College.
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Robert Thomas is the chief investment officer at the George Kaiser Family Foundation, where he is responsible for the financial administration and management of GKFF’s investment portfolio. Before joining the Foundation, he was a portfolio manager for the Bill Gates investment office. The Gates office invests the personal assets of Mr. Gates as well as the assets of the Bill & Melinda Gates Foundation. Thomas is currently the board chair for both City Year Tulsa and Undercroft Montessori School. Originally from Washington state, Thomas earned a B.A. in economics from Claremont McKenna College and is a Chartered Financial Analyst charterholder.
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Shawn Wischmeier is the chief investment officer at Margaret A. Cargill Philanthropies, where he has served since 2012. He also serves on the board of directors at Camp Fire Minnesota, a nonprofit focused on youth development. Previously, he was the CIO of the North Carolina Retirement Systems and CIO at Indiana Public Employees' Retirement Fund. Wischmeier holds an MBA from Northwestern University, Kellogg School of Management, and a B.S. in chemical engineering from Rose-Hulman Institute of Technology.
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Susan Manske is the vice president and chief investment officer of the MacArthur Foundation, where she is responsible for the management of the foundation's $6.4 billion endowment. Previously, she served as the CIO of trust investments at the Boeing Company for two years. Prior to Boeing, she spent 13 years with the Ameritech Corporation in Chicago. She is a member of the Investment Board of United Way/Crusade of Mercy, and a board member of the Educational District 181 Foundation, which serves Hinsdale schools. Manske holds an MBA from Marquette University and a bachelor's degree from the University of Wisconsin, Milwaukee. She is also a Chartered Financial Analyst.
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Eric Jones is the chief investment officer at Rotary International. Previously, he was the treasurer and chief investment officer at the Loyola University of Chicago, where he had served for over 16 years. Prior to that, he was a consultant at Summit Strategies Group. Jones holds an MBA in finance and investments and a B.A. degree in political science from the University of Illinois.
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Jonathan Brelsford is the senior vice president of finance and investments at the Pittsburgh Foundation, where he is responsible for the financial stewardship of donated assets, as well as the Foundation’s accounting and investments. He has held several leadership roles since joining the foundation in 2007. Previously, he worked with Mellon Global Securities Lending, specializing in European financial institutions and asset-backed commercial paper conduits. He currently serves on the Finance Committee of Grantmakers of Western Pennsylvania. Brelsford holds a B.S. in industrial management from Carnegie Mellon University. He is a Chartered Financial Analyst. Show Less
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