Two Calif. Endowments Seek Investment Officers

The $8 billion California Institute of Technology, known as Caltech, is searching for a director of private investments, in part to help expand into secondary investments, distressed debt and infrastructure, while the $3.1 billion California Endowment is looking for a chief investment officer to help grow its private equity program.

Pasadena-based Caltech needs someone to oversee the investment decision-making process for the endowment’s private equity portfolio, which includes domestic and international venture capital and buyout funds, as well as distressed investments. Caltech’s alternative assets portfolio stands at about $850 million.

The new director of private investments would be responsible for manager identification and portfolio construction; performing due diligence, recommending managers, assisting in portfolio construction and asset class strategy; negotiating private equity fund limited partnership agreements; serving on advisory boards of private equity funds; and attending annual limited partner meetings. The director would also be expected to contribute to “the exploration and development of emerging areas of investment (for example, secondary private equity market, infrastructure, Asia, distressed debt, etc.),” according to the job description.

Caltech’s past commitments have gone to fund-of-funds manager Adams Street Partners and buyout shops Advent International, First Reserve Corp., Thomas H. Lee Partners; and Welsh, Carson, Anderson & Stowe.

Meantime, the California Endowment, a private, state-wide health care endowment, is looking for a CIO to help the organization find new investments, especially private equity opportunities. René Goupillaud, who departed last year, previously held the position.

Responsibilities of the CIO include recommending changes in investment policy, asset allocation and manager and fund selection, along with finding new investment opportunities at the asset class and fund level, especially with private equity, venture capital and absolute return managers.

The endowment is headquartered in Los Angeles, with additional offices in Fresno, Oakland, San Diego and Sacramento.