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NewsmakersSeptember 26, 2024

Will Maslovsky Appointed CIO of Alfred P. Sloan Foundation

Effective September 18, Maslovsky succeeded Elizabeth Hewitt, who stepped down one day earlier.

The Alfred P. Sloan Foundation announced the promotion of Will Maslovsky, previously its managing director of investments, to CIO. His appointment was effective September 18, and he will be in charge of designing and implementing the foundation’s investment strategy.

Maslovsky succeeded Elizabeth Hewitt, who had been CIO of the foundation’s $2 billion endowment since 2015 and completed her tenure on September 17. Hewitt will join Miras Investments, a Dubai-based investment manager, as its CIO.

The New York-based Alfred P. Sloan Foundation awards grants to institutions that support research across science, technology, engineering, mathematics and economics, as well as initiatives to increase the quality and diversity of scientific institutions.

The foundation makes approximately 200 grants per year, totaling roughly $80 million annually. Some recent grants include a grant of $686,835 over three years to New York University to support a student-made film about science and technology and a $500,000 grant to Yale University to research the establishment of a green graphite supply chain in the U.S.

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According to its 2023 financial statements, the foundation allocated 78.92% of its portfolio to alternative investments and 13.89% to mutual funds and exchange-traded funds. The fund allocated 3.59% to equities and 0.27% to cash.

“For the past eight years, Will has been a major partner in developing the strategies that underly the Foundation’s investment portfolio and in working with dozens of fund managers to implement those strategies,” said Adam F. Falk, the Sloan Foundation’s president, in a statement.

Maslovsky joined the foundation in 2016 and was responsible for the asset allocation, strategy, portfolio construction and risk management of the fund during his most recent position as director of investments.

Prior to joining the foundation, Maslovsky was a partner in Morris Associates LLC. He was also previously a portfolio manager at Lion Cao Asset Management. Maslovksy earned a bachelor of science degree in finance from the University of Delaware.

CDPQ Acquires 25% Stake in Engie-Owned UK Hydroelectricity Provider

The C$452 billion pension fund bought the stake in a deal with Brookfield Asset Management.

By Michael Katz

The Caisse de dépôt et placement du Québec, the public pension fund of Québec, announced Thursday it is acquiring a 25% stake in First Hydro Co., which operates electricity generation and storage facilities in the U.K.

The C$452 billion ($335.5 billion) CDPQ acquired the stake from Brookfield Asset Management, while French energy firm Engie SA owns the remaining 75%.

First Hydro manages and operates two power stations in the Snowdonia region of Wales that have more than 2,000 megawatts of combined capacity, which the company said accounts for 76% of the U.K.’s total pumped storage. According to the company, pumped storage hydroelectricity works by using two reservoirs at different altitudes, so that when water is released from the upper reservoir, energy is created by the downflow, which is then directed through high-pressure shafts that are linked to turbines.

The turbines power the generators to create electricity, while the water is pumped back to the upper reservoir by linking a pump shaft to the turbine shaft that is driven by a motorized pump powered by the national grid. According to the company, the process usually takes place overnight when national electricity demand is at its lowest.

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According to Engie, any greenhouse gas emissions from hydropower are usually due to the use of cement; however, it added that the emissions are insignificant.

“This investment marks our first foray into pumped energy storage and we are delighted to join forces with Engie, a long-standing partner of CDPQ and a global leader in the energy sector,” Emmanuel Jaclot, CDPQ’s head of infrastructure, said in a statement.

While the deal is subject to customary approvals, CDPQ expects the deal to close by the end of the year. Financial terms were not disclosed.

On Wednesday, the fund announced plans to develop a portfolio of forestland investments located in the northwestern U.S.