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European Foundation Financial & Investment Officers
Third Joint EFFIO / FFOG Conference
Foundation Endowments: Navigating Through a World of Risk
Fondazione Cariplo Congress CentreMilan, Italy
4 — 6 April 2018
About the organisersEFFIO is an EFC membership-based network of
financial and investment officers of large Euro-
pean public-benefit foundations. EFFIO aims to
advance the knowledge of the investment en-
vironment and practice of foundations across
Europe and further the professionalism of its
members. Established in 2002 under the aegis
of the European Foundation Centre, it now has
27 member organisations from 10 countries,
with endowments ranging from over €250 mil-
lion to over €20 billion in assets, or over €100
billion combined assets. Andre Betting, Execu-
tive Director of the Van Leer Group Foundation,
is the current Chair of EFFIO.
The EFC, which hosts EFFIO, is the platform for
and champion of institutional philanthropy – with
a focus on Europe, but also with an eye to the
global philanthropic landscape. The EFC gives
its members access to a wealth of knowledge on
the sector and to long-term relationships with
philanthropic peers and external actors.
www.efc.be
FFOG is a non-profit membership organisation,
composed of the most senior financial and in-
vestment officers of the largest private founda-
tions in the United States and abroad. FFOG’s
mission is to facilitate opportunities for the
exchange of information and ideas, and to en-
courage networking among its members to fur-
ther their development as financial and invest-
ment leaders and foundation officers. Founded
in 1974, it now has more than 400 members
from over 200 foundations, with endowments
ranging from $200 million to over $40 billion
in assets. The combined total assets repre-
sented by members is over $300 billion. Karen
Miller, Chief Financial and Operating Officer of
the John Templeton Foundation, is the current
President of FFOG.
www.ffog.org
Unless otherwise noted, images in this publication were acquired under Creative Commons licenses.
Cover image from Unsplash: Anastasia Petrova / Biography header from Unsplash: Jilbert Ebrahimi
Design & layout: Mikael Kaiser [www.kapsul.be]
Special thanks go to Fondazione Cariplo for kindly hosting and supporting the organisation of this conference
European Foundation Financial & Investment Officers
3
Third Joint EFFIO / FFOG Conference
Foundation Endowments: Navigating Through a World of Risk
This conference aims to map the risk landscape foundations as institutional investors face today and set out a suite of tools, insights, and foresight — a compass — to better navigate a world of uncertainty and risk.
Fondazione Cariplo Congress Centre, Via Romagnosi 8, Milan
Conference programme
THURSDAY 5 APRIL
07:30 > 08:15 FFOG Breakfast Discussion Groups Grand Hotel et de Milan
09:00 > 09:30 Opening plenary
Welcome by EFFIO Chair Andre Betting, Executive Director, Van Leer Group Foundation; FFOG President Karen Miller, Chief Financial and Operating Officer, John Templeton Foundation; and Gianluigi Constanzo, Member of Fondazione Cariplo Board of Directors
Auditorium Giacomo
Manzu, second floor
09:30 > 11:30
MODERATOR
SPEAKERS
Setting the scene – Perspectives on global risks
Leonardo Becchetti Professor of Economics at the University of Rome Tor Vergata
Chris Barrett Executive Director for Finance and Economics, European Climate FoundationLeonardo Becchetti Professor of Economics at the University of Rome Tor Vergata Peter Piot Director of the London School of Hygiene & Tropical Medicine, and the Handa Professor of Global Health Jamie Shea Deputy Assistant Secretary General for Emerging Security Challenges, NATO
Auditorium
11:30 > 12:00 Networking break First floor
12:00 > 13:00
SPEAKER
What does history teach us about risk and returns? 21 lessons from history
Russell Napier Independent Strategist and Co-founder of Electronic Research Interchange (ERIC)
Auditorium
13:00 > 14:00 Lunch Ground floor
14:00 > 15:00
SPEAKER
Navigating investment risks – Geopolitical risk
Sir Michael Hintze Chief Executive and Senior Investment Officer of CQS
Auditorium
15:15 > 16:15
SPEAKER
Navigating investment risks – Banking risk
Edward Chancellor Financial Historian, Journalist and Investment Strategist
Auditorium
16:15 > 16:45 Networking break
P A R A L L E L S E S S I O N S
16:15 > 17:45
SPEAKERS
Private foundation and international tax reform and transparency rules
Lori Boyce US Tax-Exempt Leader, Deloitte Denise Marie Hintzke FATCA Leader, Deloitte
Luca Giordano room, first floor
16:45 > 17:45
SPEAKER
Navigating investment risks – Currency risk
Neil Record Chairman, Record Currency Management
Auditorium
17:45 > 18:00 Wrap-up Auditorium
18:00 > 22:00 Formal Dinner at the Museum of Science and Technology “Leonardo da Vinci”
The evening starts with drinks at 18:30 in the Leonardo Gallery and then continues with a formal dinner starting at 19:30 in the “Sala delle Colonne”. Meeting point to walk to the museum: entrance of Fondazione Cariplo Congress Centre.
WEDNESDAY 4 APRIL11:00 > 16:00 FFOG Board Meeting BY INVITATION ONLY Grand Hotel et de Milan
16:00 > 17:00 EFFIO Steering Committee Meeting BY INVITATION ONLYFondazione Cariplo Congress Centre
La Cartomante room, ground floor
17:00 > 17:30 EFFIO Organisation Committee Meeting BY INVITATION ONLYFondazione Cariplo Congress Centre
La Cartomante room, ground floor
18:30 > 20:30 Opening receptionFondazione Cariplo Congress Centre
first floor
5
FRIDAY 6 APRIL07:30 > 08:15 FFOG Breakfast Discussion Groups Grand Hotel et de Milan
09:00 > 10:30
MODERATOR
SPEAKER
Internet of things and big data
Leonardo Becchetti Professor of Economics at the University of Rome Tor Vergata
Sarah Cooper GM of IOT Analytics and Solutions, Amazon Web Services
Auditorium
10:30 > 11:00 Networking break First floor
11:00 > 12:30
SPEAKERS
Impact investing (PRIs)
David Rossow Founding Partner of the Strategic Investments team at the Bill & Melinda Gates Foundation Davide Invernizzi Director of Social Service Department, Fondazione Cariplo
Auditorium
12:30 > 14:00 Lunch & networking break Ground floor
14:00 > 15:00
SPEAKER
Cyber security
Samuel Ambaye Information Technology Manager for Business Applications and Analytics, Oak Foundation
Auditorium
15:00 > 15:30 Networking break First floor
P A R A L L E L S E S S I O N S
15:30 > 16:30
Panel on future of endowment investing and presentation of survey results
SPEAKERS Rosalind Hewsenian Chief Investment Officer, The Leona M. and Harry B. Helmsley Charitable Trust Nick Moakes Managing Partner – Investment Division, The Wellcome Trust
Auditorium
15:30 > 17:30
Grant Making
SPEAKER
Allison Gister Director of Grants Management, Conrad N. Hilton Foundation
Luca Giordano room,
first floor
16:30 > 17:30
How worried should we be about inflation?
SPEAKER Donough Kilmurray Managing Director Investment Strategy, Goldman Sachs (Comment will be offered by: Laurence Siegel, FFOG Thought Leader)
Auditorium
17:30 > 17:45 Closing
Remarks by EFFIO Chair Andre Betting, Executive Director, Van Leer Group Foundation; and FFOG President Karen Miller, Chief Financial and Operating Officer, John Templeton Foundation
Auditorium
18:00 > 19:00 Farewell cocktail Fondazione Cariplo Congress Centre, ground floor
Indicates a session geared specifically toward FFOG Administrative and Finance-Focused attendees
Social programme for delegates’ partners
On Thursday, 5 April, from 10:45-13:00, a very special visit to the Gallerie d’Italia Piazza Scala has been organised for the partners of delegates, who will be able to enjoy fine artworks from the famed Intesa Sanpaolo art collection.
www.gallerieditalia.com
On Friday, 6 April from 11:15 - 12:45, partners can enjoy a guided tour in English of an exhibition at the Palazzo Reale.
www.mostradurer.it/produzione-organizzazione-curatori-sponsor.html
The meeting point for both of these events is at the entrance of the Fondazione Cariplo Congress Centre.
Leonardo
BecchettiFull professor of Economics at the University of Rome Tor Vergata, Msc London School of Economics, PhD Oxford and Roma La Sapienza, Director of Master in International Cooperation and Development Economics in Tor Vergata, and Director of the graduate course in European Economy and Business Law in Tor Vergata
Leonardo Becchetti is the author of
around 450 research works (papers
published in international or Italian jour-
nals and working papers).
His research topics are behavioral
economics, happiness studies, corpo-
rate social responsibility, finance and
development. He was ranked 82nd for
number of journal pages published in
scientific journals, was a top 0.96 per-
cent author for last 10-year aggregate
ranking and top 0.63 percent author for
breadth of citations across fields in the
world REPEC rankings (out of 52,067 au-
thors at January 2018).
He chairs the ethical committee of
Etica sgr, the leading ethical investment
asset management company in Italy.
He is founder of Next a network of the
main actors of the Italian civil society
working on the field of corporate social
responsibility, blogger of the main Ital-
ian newspaper (la Repubblica), and edi-
torialist of Avvenire. He has published
several books on his research topics
among which are Wikieconomia (il Muli-
no), Sette passi per capire l’economia
(Minimum Fax), Il denaro fa la felicità?
(Laterza).
Chris
BarrettExecutive Director for Finance and Economics, and the Chair of the Finance Dialogue Steering Group, at the European Climate Foundation
In these roles, he leads the internation-
al strategy on the potential and logic of the
low-carbon transition from economic and
finance perspectives.
Before joining the ECF, Chris Barrett
was Ambassador and Permanent Rep-
resentative of Australia to the Organi-
sation for Economic Cooperation and
Development (OECD) for three years.
Prior to this, he was Chief of Staff to the
Australian Treasurer Wayne Swan from
2007 to 2010, and served in the Victo-
rian Department of Premier and Cabinet
from 2003 to 2007, culminating in the
position of Deputy Secretary of the Pol-
icy and Cabinet Group. He began his ca-
reer as a management consultant at the
Boston Consulting Group in Melbourne
in 1992, and has degrees in economics
and public policy from the University of
Melbourne and Princeton University.
Samuel
AmbayeInformation Technology Manager for Business Applications and Analytics at Oak Foundation
In this capacity, Samuel Ambaye over-
sees all aspects of IT related to Oak’s
business processes, serves as a member
of Oak’s President’s Leadership Group,
and manages a small portfolio of tech-
nology grants.
He has over two decades of experi-
ence working in various technology
positions across several sectors. Prior
to joining Oak, he was a software engi-
neer for a Swiss document management
start-up. Earlier in his career, he worked
as a programmer-analyst for Arthur An-
dersen and as a consultant supporting the
Computer Aided-Design and Manufactur-
ing (CAD/CAM) products and services at
The Boeing Company in Seattle.
Samuel Ambaye is a member of vari-
ous technology groups such as CIO4Good,
Technology Affinity Group (TAG), and the
EFC’s Operations Professionals Network
(OPN). Samuel completed his Interna-
tional Baccalaureate at the International
School of Geneva and is a graduate
of the University of Arizona (Tucson)
where he received his Bachelor of Sci-
ence degree in Electrical Engineering.
Conference speakers
7
Edward
ChancellorAuthor of “Devil Take the Hindmost: A History of Financial Speculation” (Farrar Straus/Macmillan, 1999), a New York Times “Notable Book of the Year”
In 2005, he published the specialist
report “Crunch-Time for Credit?” (Har-
riman House), an analysis of the ongoing
credit boom in the US and UK. He has
also edited two well-received invest-
ment books, “Capital Account” (Thom-
son Texere, 2004) and “Capital Returns”
(Palgrave Macmillan. 2015).
Edward Chancellor read modern
history at Cambridge and Oxford. In
the early 1990s, he worked for Lazard
Brothers, the investment bank. Until
2014 he was a senior member of the as-
set allocation team at GMO, the Boston
money manager. He currently works as
an investment consultant and financial
journalist. He has contributed columns
to Prospect, Institutional Investor, The
Financial Times and Reuters Breaking-
views, and has written for many oth-
er publications.
Lori
BoyceManaging director at Deloitte Tax LLP with 37 years of experience focused on tax-exempt organisations including private foundations, healthcare providers, health plans, accountable care organisations, research institutes and VEBAs
Lori Boyce was instrumental in build-ing specialised non-profit international tax and non-profit state/local groups within Deloitte as well as in adapting Deloitte’s IPACs (internet-based part-nership aggregation compliance) so-lution specifically for each non-profit and private foundation with specialised reporting to assist with federal, state and international tax compliance for or-ganisations with significant alternative investments.
She consults with her clients on a wide range of tax issues including IRS exam preparedness and representation, unrelated business income, expenditure responsibility and related compliance re-views, self-dealing, tax information re-porting, alternative investments (includ-ing pre-acquisition tax considerations and choice of entity), tax strategy and more. Lori also assists with tax compli-ance needs of her clients and frequently provides educational sessions to her cli-ents and their boards on a range of tax-related topics.
Lori is a member of the AICPA, the Michigan Association of CPAs, the TEGE Council (quarterly call co-chair and board member), and the Council of Mich-igan Foundations. She earned a Bach-elor of Business Administration from the University of Michigan and a Master’s of Science in Taxation from Walsh College.
Sarah
CooperAmazon Web Service’s GM of IoT Analytics and Applications
With 15 years of experience building
IoT devices and platforms, Sarah serves
as vice chairwoman of the Internet of
Things Community, a 20,000-member
organisation dedicated to education and
information sharing among the IoT prac-
titioner community.
Formerly, M2Mi’s Chief Operating Of-
ficer, Sarah Cooper was named an IS 50
Most Empowering Women in Business, a
Top 100 Wireless Technology Expert by
Wireless World, a Top 20 IoT Influencer
by Inc. magazine, and is a National
Academy of Engineers Frontiers of En-
gineering Awardee. She founded and
sold TE-Bio, an IoT device company, and
NaturalNano, an advanced nanomateri-
als company. She conducted fundamen-
tal research at NASA and DoE. She holds
a PhD in Physics from the University of
Sydney and patents in advanced materi-
als and devices.
Denise Marie
HintzkeManaging Director in the Financial Services Tax Practice at Deloitte where she serves as a Leader in their Global Information Reporting Practice as well as their Foreign Account Tax Compliance and Common Reporting Standard Initiatives
Denise Marie Hintzke works closely with the Deloitte
Member Firms as they deploy cross-functional talent to
the global market place in response to the demanding re-
quirements of the provisions of the US Foreign Account
Tax Compliance Act and the new Common Reporting
Standard.
Prior to joining Deloitte, Denise was a Managing Di-
rector and Tax Counsel at the Bank of New York Mellon
(“BNYM”). At BNYM, Denise was the lead advisor to the
Asset Servicing Division with regard to US tax informa-
tion reporting requirements and previously, was the
lead advisor to all of BNYM’s business units relating
to tax information reporting. She joined BNYM after
spending six years at another international accounting
firm where she led their US-based qualified intermedi-
ary tax practice. She also made career stops at Merrill
Lynch, Lehman Brothers and Republic National Bank.
Denise has over 30 years of experience advising cli-
ents and internal business units on the intricacies of
the tax law and assisting organisations in their endeav-
our to implement the qualified intermediary require-
ments, FATCA, CRS and to put into place best practices
with regard to their tax withholding and reporting re-
sponsibilities.
She has participated in numerous committees and
working groups throughout her career, including the
Accounting Industry/IRS working group addressing is-
sues regarding the QI Audit procedures. She is a well-
known speaker on information reporting topics, includ-
ing FATCA and CRS, and has authored several articles
on these topics.
Denise received her BA from the University of Wis-
consin in 1980 and her JD from New York Law School
in 1983. She is admitted to the New York and New Jer-
sey Bars.
Allison
GisterLeader of the Conrad N. Hilton Foundation’s grants management team, overseeing systems and applying best practices for effective, efficient, and knowledgeable grantmaking that aligns with Foundation requirements and complies with IRS regulations
Allison Gister also partners with lead-
ership and others to further develop
an innovative knowledge management
strategy to foster learning, communica-
tion, and decision making.
Prior to joining the Foundation, Gister
spent more than eight years at the Annen-
berg Foundation, most recently serving as
Grants Manager, where she also provided
programmatic support to members of the
Board of Directors. Gister earned a bach-
elor’s degree in history from Washington
University in St. Louis, and is currently
pursuing a Master’s of Science degree
in social entrepreneurship at the Uni-
versity of Southern California’s Marshall
School of Business.
Conference speakers
9
Sir Michael
HintzeFounder, Chief Executive and Senior Investment Officer of CQS, a London-based credit-focused asset manager
Prior to establishing CQS in 1999, Mi-
chael held a number of senior roles at
CSFB and Goldman Sachs. He began his
career in finance in 1982 with Salomon
Brothers, New York, after working as an
Electrical Design Engineer in Australia,
where he had also served as a Captain in
the Australian army.
He presently serves as a Member of
the Board of Superintendence of IOR
(known as the Vatican Bank) and sits
on the Audit Committee of the Duchy of
Cornwall. In the charitable sector, The
Hintze Family Charitable Foundation
has provided funding to over 200 chari-
ties. He is a Trustee of the Institute of
Economic Affairs; Senior Vice Patron
and Special Friend of the aircraft car-
rier HMS Queen Elizabeth; a Patron of
the Arts of the Vatican Museums; and a
Trustee of the National Portrait Gallery.
Through MH Premium Farms, Sir Michael
Hintze has significant investments in the
agricultural sector.
He is a fluent Russian speaker and
holds a BSc in Physics and Pure Math-
ematics and a BEng in Electrical Engi-
neering both from the University of Syd-
ney. He also holds an MSc in Acoustics
from the University of New South Wales,
an MBA from Harvard Business School
and received a DBA (honoris) from the
University of New South Wales.
Donough
KilmurrayManaging Director Investment Strategy, Goldman Sachs
Donough Kilmurray leads the Invest-
ment Strategy Group in London. He is
responsible for advising Private Wealth
Management clients across EMEA and
Asia on portfolio strategy. He joined
Goldman Sachs in 2000, working on in-
vestment research and strategy for US
private clients in the New York office. He
was named managing director in 2008.
Donough earned a PhD in Mathematics
and an MS in Finance from the Univer-
sity of Illinois at Urbana-Champaign in
2000. He graduated from University
College Dublin with an MSc in Mathemat-
ics in 1993.
Davide
InvernizziDirector of Social Service Department, Fondazione Cariplo, since 2007; team leader of the Cariplo Social Innovation programme
Davide is also a member of the advi-
sory board of the “Microfinanza 1” fund,
a fund of funds dedicated to microfi-
nance. He served for five years as a
member of the board of Banca Prossima,
a dedicated bank for non-profit clients
that is part of the Intesa Sanpaolo Group.
Davide has developed his entire ca-
reer within the non-profit sector work-
ing at national and international level for
prominent Italian NGOs. He graduated in
economics from the Catholic University
in Milan.
Neil
RecordChairman, Record Currency Management
Neil Record spent the early part
of his career as an economist at the
Bank of England. In 1983 he found-
ed Record Currency Management
where Neil Record has been princi-
pal shareholder and Chairman ever
since. In 2003, he completed a book
on Currency Overlay, the first on this
specialist topic.
He has also authored numerous articles on currency and other ar-eas of risk management, is a fre-quent speaker at industry confer-ences and seminars in the UK, US and Europe, and is acknowledged as one of the leading figures in the currency management industry. He is an Investment Committee member of Nuffield College, Ox-ford, and Chairman of the Institute of Economic Affairs, a London-based economics think-tank.
Peter
PiotDirector of the London School of Hygiene & Tropical Medicine, and the Handa Professor of Global Health
Peter Piot was the founding Executive Direc-tor of UNAIDS and Under Secretary-General of the United Nations (1995-2008).
A clinician and microbiologist by training, he co-discovered the Ebola virus in Zaire in 1976, and subsequently led pioneering research on HIV/AIDS, women’s health and infectious dis-eases in Africa. He has held academic positions at the Institute of Tropical Medicine, Antwerp; the University of Nairobi; the University of Washington, Seattle; Imperial College London; and the College de France, Paris; and was a Sen-ior Fellow at the Bill & Melinda Gates Foundation. He is a member of the US National Academy of Medicine, the National Academy of Medicine of France, and the Royal Academy of Medicine of his native Belgium, and is a fellow of the UK Academy of Medical Sciences and the Royal Col-lege of Physicians.
He is the first Chair of the UK HMG Strate-gic Coherence of ODA Funded Research Board, a Vice Chair of the Global Health Innovative Technology Fund in Tokyo, and the Chair of the Global Burden of Disease Independent Ad-visory Committee. He is past president of the International AIDS Society and of the King Bau-douin Foundation. In 1995 he was made a baron by King Albert II of Belgium, and in 2016 was awarded a UK honorary knighthood KCMG.
Professor Piot has received numerous awards for his research and service, includ-ing the Canada Gairdner Global Health Award (2015), the Robert Koch Gold Medal (2015), the Prince Mahidol Award for Public Health (2014), the Hideyo Noguchi Africa Prize for Medical Research (2013), and the F. Calderone Medal (2003), and was named a 2014 TIME Person of the Year (The Ebola Fighters). He has published over 580 scientific articles and 16 books, includ-ing his memoir, “No Time to Lose”.
Conference speakers
Russell
NapierAuthor of “The Solid Ground” investment report and co-founder of the investment research portal ERIC www.eri-c.com
Russell Napier has worked in the
investment business for 26 years
and has been writing global macro
strategy for institutional investors
since 1995. Russell is author of
“Anatomy of The Bear: Lessons from
Wall Street’s Four Great Bottoms”
and founder and course director of
the Practical History of Financial
Markets at The University of Edin-
burgh.
He is on the board of two listed
investment trusts, a member of the
Investment advisory committees of
three fund management companies
and an advisor to a family office. In
2014 Russell Napier founded the Li-
brary of Mistakes, a business and fi-
nancial history library in Edinburgh.
He has degrees in law from Queen’s
University Belfast and Magdalene
College Cambridge; is a Fellow of
The CFA Society of the UK; and is an
Honorary Professor at both Heriot-
Watt University and The University
of Stirling.
11
Jamie
SheaNATO Deputy Assistant Secretary General for Emerging Security Challenges, working with NATO since 1980
Positions included Director of Policy Planning in the Pri-
vate Office of the Secretary General; Deputy Assistant Secre-
tary General for External Relations Public Diplomacy Division;
Director of Information and Press; Spokesman of NATO and
Deputy Director of Information and Press; Deputy Head and
Senior Planning Officer in the Policy Planning and Multilateral
Affairs Section of the Political Directorate; as well as Assis-
tant to the Secretary General of NATO for Special Projects.
Outside NATO, he is involved with several prominent aca-
demic institutions. He is Professor at the Collège d’Europe,
Bruges; Visiting Lecturer in the Practice of Diplomacy, Uni-
versity of Sussex; and Associate Professor of International
Relations at the American University, Washington DC, where
he also holds the position of Director of the Brussels Overseas
Study Programme. He also lectures at the Brussels School of
International Studies at the University of Kent and at the Secu-
rity and Strategy institute of the University of Exeter, where he
is an Honorary Fellow. He is also a Senior Transatlantic Fellow
of the German Marshall Fund of the United States and a Senior
Fellow at the London School of Economics, where he teaches
a course on crisis management and political communication.
Jamie Shea is a regular lecturer and conference speaker on
NATO and European security affairs and on public diplomacy,
political communication and many other areas of contempo-
rary international relations. He holds a D.Phil. in Modern His-
tory from Oxford University (Lincoln College), 1981. Among
his many associations and memberships, Jamie Shea is a
member of the Advisory Board, Security and Defence Pro-
grammes at Chatham House; a member of the Policy Coun-
cil at the World Economic Forum in Geneva; and founder and
member of the Board, Security and Defence Agenda Brussels
and Friends of Europe. He serves on the Board of the Danish
Defence College, Copenhagen, and the Académie Diploma-
tique Internationale in Paris.
He is a recipient of the Golden Eagle medal of the Republic
of Albania and the Linden medal of the Czech Republic. He was
European Communicator of the Year in 1999 and in 2016 was
awarded the International Prize for Human Rights of the AAB
University in Kosovo.
David
RossowFounding Partner and Head of the International Strategic Investments team at the Bill & Melinda Gates Foundation
In his current position, David Rossow
oversees program-related investments
in global health, global development,
and US education from the foundation’s
$2 billion strategic investment alloca-
tion. Since 2017, David Rossow has led
the foundation’s Strategic Investments
activities internationally with a focus on
biotech in Europe and Israel and tech-
enabled service/product delivery in
South Asia and Sub-Saharan Africa.
David joined the foundation in 2010 as
part of a $400 million pilot to establish
the Strategic Investments programme
and has since helped grow the portfolio
to more than 60 investments compris-
ing a range of structures (equities, loans,
guaranties, funds), sectors (biotech,
health commodities, health delivery,
agriculture, digital payments, charter
schools, education technology), and
geographies (US, Europe, Africa, South
Asia, China).
Prior to joining the foundation, Da-
vid worked on deal teams in private
equity and investment banking, where
he was responsible for executing lever-
aged buyout, equity, debt, restructuring
and merger & acquisition transactions
across a variety of industries. David
holds a bachelor’s degree in econom-
ics with an emphasis in finance from St.
Olaf College.
This publication has been printed
using environmentally-friendly ink.
Paper certified FSC Mix Credit
European Foundation Centre, AISBL
Philanthropy House, Rue Royale 94
1000 Brussels, Belgium
+32 2 512 89 38 | efc@efc.be
www.efc.be
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