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Newsmakers

Caltech CIO Scott Richland to Step Down in December

The investment chief was at the helm of the university's investment office for 14 years.
By Matt Toledo



Scott Richland, CIO of the investment office of the California Institute of Technology will step down in December, the university office of the president announced in a letter on Monday. Scott was appointed CIO of the investment office in 2010, succeeding Sandra Ell.

Under Richlands tenure, the investment office grew Caltech’s assets to nearly $4.6 billion from $1.6 billion, representing an annualized 8.5% return for the ten-year period ending June 30, 2023. The investment office, under Richland, generated more than $2.7 billion in investment returns, funding $2 billion in distributions to support the university, the president’s letter stated. 

As of fiscal year 2022, the Caltech endowment held 24% of its assets in developed market equities, 7% in emerging markets equities, 25% in alternative securities, 26% in private equity and venture capital, 12% in real assets, 1% in global fixed income and 5% in cash and other asset classes. 

Richland has held a number of positions across his 40-year investment career. Prior to his appointment at Caltech, he held roles including president at Luna Bay Investors, president at Andell Holdings and managing director at AIG Global Investment. He also held several senior and executive roles at SunAmerica.

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Richland, who was a finalist for CIO’s 2021 Industry Innovation Awards in the endowments category, sits on the board of directors of Foldax and Pasadena Private lending, and previously sat on the boards of United Educators Insurance and AIG Life and Retirement Companies. 

According to the letter, Richland plans to focus on his board appointments and philanthropic endeavors after he steps down from Caltech. Caltech president Thomas F. Rosenbaum announced in the letter the university will begin a nationwide search for a successor to Richland.

Richland holds a Bachelor of Arts in political science and government from UCLA, and an MBA from Stanford University Graduate School of Business. 

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Home > News > Alternatives > GPIF, APG Launch Infrastructure Joint Investment Partnership
Alternatives

GPIF, APG Launch Infrastructure Joint Investment Partnership

The funds plan to invest in developed markets. 
By Matt Toledo



The Government Pension and Investment Fund of Japan and APG Asset Management, on behalf of Dutch pension fund ABP, have announced a joint investment program to make investments in developed markets infrastructure. 

APG Asset Management will invest in the partnership on behalf of Dutch pension fund ABP, which is the majority stakeholder in APG. APG is a subsidiary of ABP and invests on behalf of a number of Dutch pension funds. APG managed 569 billion Euros ($617.58 billion) in assets as of December 2023. 

GPIF, the largest pension fund in the world manages $1.5 trillion in assets in its portfolio, which is roughly 50% equities and 50% bonds. Approximately 1.53% of the fund’s assets are set aside for other alternative investments, including private equity and infrastructure.  

In March, GPIF sent out requests for information on alternative investments, signaling that the fund had interest in expanding its investments outside of bonds and stocks. The fund requested information on infrastructure, cryptocurrency, timber and other alternative investments. 

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“GPIF has been increasing its exposure to alternative investments (infrastructure, private equity, and real estate) in expectation of greater portfolio diversification, seeking to improve investment efficiency and further ensure the stability of pension finance,” said Masataka Miyazono, president of GPIF, in a press release announcing the partnership.  

 
“We have recently launched a joint investment program with APG in the infrastructure sector. We are pleased to embark on a long-term partnership initiated between APG and GPIF, as representatives of public pension fund investors from respective countries,” Miyazono continued.  

According to APG, in a separate press release, part of the focus of the investment partnership will be on sustainable energy, fiber networks, and transport. APG has a history of making infrastructure investment that supports the energy transition, and currently manages 24 billion euros in infrastructure investments globally, which have returned an annualized 10.2% over the past five years.  

“We are delighted to partner with GPIF, as our shared commitment to long-term private investments makes this collaboration a natural fit. We believe that joining forces will help to address the growing need for coordinated actions from like-minded, long-term investors to deliver long-term value to our beneficiaries and the broader society. We look forward to collaborating with GPIF to achieve our shared goals,” said Ronald Wuijster, CEO of APG Asset Management in the release. 

Previous APG infrastructure investments include a 33% stake in 26 solar facilities across the U.S. acquired from insurer Global Atlantic Financial Group in November 2023, and a 49% stake in solar energy and storage company Gemini.  

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