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.

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