Weinberg Foundation Nabs Ohio State’s CIO, Interim CIO

(June 11, 2014) – One of America’s largest private foundations has built out its investment team with the hire of a CIO and, now, a deputy—both lifted from Ohio State University’s endowment.

The $2 billion Harry and Jeanette Weinberg Foundation has hired David Gilmore as managing director of investments. Gilmore has served as interim CIO for the school’s $3.4 billion endowment since Jonathan Hook’s departure for Weinberg in May.

At the foundation, Gilmore, 38, will once again serve as Hook’s deputy. Both positions work closely with President and CEO Rachel Monroe and the board of directors, according to the Baltimore-based charity.

Monroe said that Gilmore’s “addition completes, for now, the creation of a superb investments management team that will help to maximize the foundation's assets, protecting and enhancing its philanthropic capacity. We look forward to now having two in-house managers.”

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Prior to joining the Ohio State in 2009, Gilmore spent seven years as a partner and investment consultant at fund-of-funds Gerber/Taylor Capital Advisors.

He begins his new role as of August 4.

Ohio State’s press office did not respond to requests for comment on the departures. Following Hook’s resignation, the campus newspaper reported he had grown frustrated with the school’s lack of support for the investment office.

“Some things we just were not able to get done, things the school did not want to do,” Hook said in an interview with the paper. “The school was not going to move forward to help us get to best practices. So my decision was that if the school wasn’t going to finish the job, I’d make the decision to go elsewhere.”

Related Content:Weinberg Foundation Appoints its First CIO

(June 11, 2014) — Institutional investors are increasingly allocating to venture capital, reversing a severe drop in appetite for the sector in the wake of the financial crisis, according to Preqin.

Of more than 5,300 limited partners already actively invested in private equity, Preqin found 59% have displayed a preference for, or have previously committed to, venture capital funds.

“With a significant proportion of limited partners looking to make commitments to venture capital funds going forward, it can be seen that many investors believe the fund type to be presenting attractive opportunities in the current financial climate,” the report said.

Furthermore, 12% of the surveyed investors said they were looking to commit to new venture capital investments in the next 12 months.

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Foundations accounted for 13% of the pool of investors interested in the asset class, the highest proportion among institutional investors. Endowments and private pension plans followed suit at 12% each.

According to Preqin, the University of Virginia Management Company said it would look into global venture capital opportunities in the coming year, although it has previously shown a preference for US-based investments. The New York University endowment also made a sizeable commitment to a Chinese venture capital fund, Preqin said.

A report by NACUBO-Commonfund Study of Endowments in 2012 found endowments earned an average return of 6.4% on venture capital investments.

Public pension funds accounted for the smaller proportion of investors interested in venture capital—10% of surveyed limited partners.

Geographically, more than half of investors attracted to venture capital were found in North America, a market “buzzing with activity particularly stemming from the renowned Silicon Valley,” Preqin said. Western European limited partners made up 21% of total investors while Asian investors made up only 5%.