Former Davidson investment officer joins Wake Forest endowment spin-out

Culbertson was part of Davidson’s small investment team that focuses on private markets investments, including venture capital. Davidson’s endowment’s had about $511 million in assets as of 2012, according to a list of endowment market values of U.S. and Canadian institutions as of fiscal 2012 (revised Feb. 4, 2013), compiled by the National Association of College and University Business Officers and Commonfund Institute.

He worked at Davidson from 2012 to 2014, prior to which Culbertson worked as an investment analyst in private markets at the Alfred I. DuPont Testamentary Trust for four years, according to his LinkedIn profile. Culbertson did not return a call Thursday.

Verger Capital Management was formed earlier this year after the Wake Forest University board of trustees approved a plan to spin the university endowment into an external agency. Verger serves as Wake Forest’s outsourced chief investment officer solution and replaces the university’s office of investments, according to a statement from the university in May.

Jim Dunn, Wake Forest’s chief investment officer, became Verger’s chief executive officer and employees in the office of investment became employees of Verger, the statement said.

“Wake Forest anticipates that Verger will provide access to additional investment opportunities, provide better access to best-in-class managers, and provide a solution for rising management, operational and administrative costs at the endowment level,” the statement said.

Chris Witkowsky is editor of peHUB.