Bridgewater Promotes Karniol-Tambour to Co-CIO

Formerly co-CIO of sustainability, she joins Greg Jensen and Bob Prince in managing the $150 billion hedge fund’s portfolio.

Updated with correction

Karen Karniol-Tambour

Bridgewater Associates LP, the world’s largest hedge fund, has promoted Karen Karniol-Tambour to be its third co-CIO, the firm announced Thursday. 

Karniol-Tambour, who has been with Bridgewater for more than 16 years, was most recently co-CIO of the company’s sustainability division. She joins co-CIOs Greg Jensen and Bob Prince to oversee the investment strategy for the firm’s estimated $150 billion in assets.

In October 2022, Bridgewater founder Ray Dalio announced he was stepping down and named Nir Bar Dea and Mark Bertolini as co-CEOs, with Prince and Jensen as co-CIOs. Bridgewater’s announcement said Karniol-Tambour was unanimously nominated by the firm’s investment committee to become its third co-CIO.

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Karniol-Tambour joined Bridgewater in 2006 as an investment associate with its fixed-income team and was promoted to head of investment research seven years later to help develop new areas of systemized investment understanding toward its portfolio construction. She was promoted to co-CIO for sustainability in 2021. According to the announcement, she has held leadership roles on the firm’s investment and commercial committees and has mentored younger investors.

“I’ve known Karen since I recruited her to Bridgewater as a college senior,” Jensen said in an email to Bridgewater employees announcing her promotion. “We are lucky to have her leading at the highest level of Bridgewater, and I’m thrilled to have her partnering even more closely with our leadership team going forward.”

As co-CIO, Karniol-Tambour will oversee a system that aims to use Bridgewater’s research to help shape trading strategies; manage the development of proprietary investment management models; and direct the design and implementation of client investment strategies. She will also be expected to publish timely market commentaries to clients and global policy makers via Bridgewater’s Daily Observations, the hedge fund’s flagship research publication.

She will also continue to co-lead the firm’s sustainable investing initiatives, helping oversee the design of new investment solutions with both financial and sustainability objectives, according to the announcement.

Karniol-Tambour, who holds a B.A. from Princeton University, also sits on the boards of the Truman Center for National Policy, Search for Common Ground and Seeds of Peace.

Related Stories:

Ray Dalio, After a Long Run, Steps Down as Bridgewater’s Chief

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New York Common Earmarked More Than $1.1 Billion to Alts in December

The pension fund also terminated a nearly $500 million account with Rockefeller Asset Management.

 

 


The New York State Common Retirement Fund earmarked more than $1.1 billion for alternative investments during December 2022, most of which was within its private equity portfolio, according to the pension fund’s monthly transaction report.

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The pension fund committed $350 million within its private equity portfolio to the Apollo Investment Fund X, managed by Apollo Global Management Inc. The fund seeks investments in a wide range of sectors, primarily in North America, including business services; chemicals; consumer and health-care services; consumer and retail; financial services; leisure; manufacturing; industrial and resources; and telecommunications, media and technology.

Another $300 million was committed within the private equity portfolio to the Hellman & Friedman Capital Partners XI fund, which will focus on the technology, consumer services and retail, health care, financial services, and content and business services sectors in North America and Europe.

Within its opportunistic absolute return strategies, New York Common is investing $300 million in the KSL Capital Partners VI fund. The fund will focus on investments in the travel and leisure industries. New York Common also set aside $150 million within its credit portfolio for the KSL Capital Partners Credit Opportunities Fund IV, which makes credit investments that focus on real estate, travel and leisure companies with high income and advance rates below current market values and replacement costs.

As part of its emerging manager program, which invests in newer, smaller and diverse investment management firms, the NYSCRF has allotted up to $15 million to NorthBridge Partners’ NB Partners Fund IV fund, which will acquire or develop small and midsize infill logistics assets. New York Common will also invest up to $15 million in the Arc Urban Investors fund, which is looking to acquire repriced retail and commercial properties to convert to mixed-use. It also seeks to acquire or develop value-priced apartments.

Also within its emerging manager program, the pension fund will invest up to $5.2 million in two funds from Sundance Bay that will focus on originating high-yielding senior debt and subordinate debt.

Within its real estate portfolio, the pension fund has invested $72.7 million in a portfolio of five medical office buildings in or near Dallas; Atlanta; New Haven, Connecticut; Reading Pennsylvania; and Lancaster, Pennsylvania, also committing slightly less than $1.4 million in a 72-unit affordable housing property in Glens Falls, New York.

Additionally, the NYSCRF said it has terminated its $483.6 million account with Rockefeller Asset Management within its public equity portfolio and allocated that amount to cash.

 

Related Stories:

New York Common Retirement Fund Invests $1.3 Billion in September

NY State Pension Allocates Over $1 Billion to Alts in July

NY Common to Review Net-Zero Readiness of Oil and Gas Firms

 

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