John JenksThe James Irvine Foundation’s
longtime investment chief John Jenks is set to step down from the $2
billion fund, the organization has confirmed.
“John is retiring after nearly 15 truly impressive years at the Irvine Foundation, where he built a portfolio that has performed consistently in the top quartile,” said Irvine CEO Don Howard.
Russell Reynolds will conduct the search for Jenks’ replacement.
The investment team includes two directors (Malcolm Geopfert and Melissa Lopez), analyst Yulia Lalutska, and operations specialist Claudia Garibay, according to the organization’s website.
Irvine lost former Investment Director Anne Dinneen last spring, when she departed to lead Hamilton College’s $1 billion endowment.
Jenks and his team posted posted strong results in recent years. Irvine’s fund returned 13.4% in 2014, nearly double the net average among $500 million-plus foundations reporting to the Commonfund Institute.
Private assets—particularly in venture capital—drove outperformance, Jenks wrote in a blog post.
“The second major source of returns was the flexibility that has been built into the entire investment program,” he continued. “From the board through the investment committee to the staff and managers that execute the individual transactions, that flexibility empowered very profitable actions throughout the year.”
Jenks’ departure is set for January 2017.
Howard, the organization’s head, said the team “will miss his exceptional leadership in managing our investments and as a partner in leading the organization. We are better off from his service and wish him the best in retirement.”
Related: Foundation Deputy to Lead Hamilton College’s Endowment