Home > News > Newsmakers > Broad Foundation Appoints Greg Outcalt as CIO
Newsmakers

Broad Foundation Appoints Greg Outcalt as CIO

He succeeds Katharine Krieger as investment chief of the $2 billion foundation.
By Matt Toledo

Greg Outcalt

The Los Angeles-based Eli and Edyteh Broad Foundation announced Wednesday the appointment of Greg Outcalt as CIO, overseeing the foundation’s $2 billion in assets. Outcalt will manage the assets of the Eli and Edythe Broad Foundation, the Broad Art Foundation and the Broad families’ personal investments.

Outcalt succeeds Katharine Krieger, who spent 23 years at the Broad Foundation, most recently as CIO. Krieger was recently appointed CIO of the Getty Foundation. 

Outcalt was formerly president and chief financial officer of Parea Capital before his appointment to the foundation. He was previously president and CIO of the Windhorse Family Office and had been senior managing director and co-CIO of Alliance Bernstein’s alternatives investment management.

“Greg is an accomplished investor with a proven track record as a leader and mentor,” said Gerun Riley, president of the Broad Foundation, in a statement. “We have been impressed with Greg’s collaborative nature, sound judgment and his alignment with the mission and values of the Broad Foundations.”

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Outcalt earned a B.S. in business administration and accounting from Pepperdine University and an MBA from the Anderson School of Management at UCLA.

The Broad Foundation was founded by the late businessman Eli Broad and his wife, Edythe. The foundation makes grants across Los Angeles, with the goal of helping young Angelenos from under-invested neighborhoods achieve upward mobility.

“Our vision for Los Angeles is one where all Angelenos can shape and participate in an inclusive, clean and upwardly mobile economy,” states the foundation on its website. “By focusing resources on efforts to develop skills and strengthen career pathways, we believe we can help expand economic opportunity for Angelenos from historically marginalized communities and build a brighter future for Los Angeles.” 

Ashley Dennig Blodgett, director of investments at the Broad Foundation, was named a 2024 CIO NextGen.

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Home > News > Asset Allocation > Annual Return for Australia’s Future Fund Termed ‘Very Strong’
Asset Allocation

Annual Return for Australia’s Future Fund Termed ‘Very Strong’

A 9.1% return in fiscal 2024 added A$18.8 billion to the sovereign wealth fund’s portfolio.

By Andrew McKean

Australia’s Future Fund delivered a 9.1% annual return in fiscal 2024, adding A$18.8 billion ($12.65 billion) to its portfolio and bringing the Australian sovereign wealth fund’s total to A$224.9 billion ($151.35 billion.)

The performance in the year that ended June 30 lifts the Future Fund’s 10-year average annual return to 8.3%, exceeding a mandate target of 6.9%. Future Fund CEO Raphael Arndt said the strong result reflects the work done over the past few years to understand and navigate significant, lasting changes in the world.

“The changes in the investment environment and the resurgence of geopolitical risks of which we have been warning for several years continue to play out,” Arndt said in a statement. “As we have explained, our portfolio is now more robust to these events with relatively low exposure to fully priced equities, low exposure to interest rates and a range of inflation hedges in place. In this environment, I consider the annual return of 9.1% to be very strong.”

Notably, a Future Fund position paper from earlier this year warned that the longer-term investment environment is expected to be more complex, volatile and ultimately more challenging for investors. According to the paper, forward-looking returns will be more difficult to earn, prompting a need to refresh how the Future Fund invests to continue meeting its investment purpose.

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Arndt also noted that equity markets rallied strongly over the year, thanks in large part to the strength of the U.S. economy and expectations that U.S. interest rates had peaked and would soon begin to fall. He added that private credit and alternatives also delivered strong returns, as anticipated by the fund’s view that inflation and rates would remain markets volatile.

“In a year where equities were the only strongly performing traditional asset class, many of our positions, and in particular our hedge fund portfolio, delivered,” he said.

Future Fund Chair Greg Combet said in a statement that the long-term investment success of the fund makes a valuable contribution to Australia’s finances.

“In taking up my role, I have been impressed with the culture of the organization, the capability of the team, and the investments of the fund in Australian infrastructure assets such as airports, a major port, renewable energy and telecommunications and data centers,” Combet said. “These are important investments in Australia’s future. Building on these will be a priority for me, particularly given the investment opportunities in transition.”

This article initially appeared in our sister publication, Financial Standard, which, like CIO, is owned by ISS STOXX.

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