The Allocator - Mar 29 - Weinberg Foundation | With Intelligence

Weinberg Foundation picks deputy David Gilmore for CIO

The $3.3bn foundation is moving toward non-correlated, illiquid funds

Michaila Byrne
28 MAR 2022

The Harry and Jeanette Weinberg Foundation has chosen deputy chief David Gilmore to succeed Jonathan Hook as CIO as it continues to transition the portfolio into more illiquid, non-correlated investment strategies.

The $3.3bn institution is one of the largest private charitable foundations in the US, investing globally across all asset classes including hedge funds, private equity, venture capital and real assets.

Weinberg likely has exposure to hedge fund strategies through its growth portfolio, which invests in long-only and long/short equities alongside private equity investments.

The foundation is in the process of a multi-year operation to redeploy capital to more illiquid, alternative funds and is also interested in more idiosyncratic, non-correlated strategies.

“I think we’re trying to find things that are a little off the beaten path and not everyone is focused or jumping into them. So places where capital may be a little bit more scarce,” Hook told With Intelligence last year, highlighting the energy sector as a potential area of interest.

In 2018, the investment team began work on reshaping its portfolio to make D&I a priority. Now in the initiative’s third year, the foundation has surpassed its five-year goal of allocating more capital to minority/women-owned businesses by 5%, with nearly 30% of fund managers led by women and/or people of color. It continues to seek diverse managers in every asset class.

The foundation works closely with consultant Albourne Partners to discuss matters of recruitment and perform due diligence on the portfolio.

Hook and Gilmore joined the foundation together nearly nine years ago. Hook served as the foundation’s inaugural CIO and established its investment office.

The pair has managed the fund’s capital internally since its inception, growing total assets by nearly 60% from $2.1bn to its current $3.3bn asset size.

The foundation’s investment offices are based in Baltimore and Hawaii and are supported by four external investment advisers who, together with trustees Paula Pretlow and Nimrod Goor, comprise the foundation’s investment advisory committee.

Gilmore steps into the role with substantial experience under his belt, having served as managing director of investments at the foundation in addition to his current role as deputy CIO. He previously served as a partner for the independent investment advisory firm Gerber Taylor Capital Advisors.

“I appreciate the support and confidence of the board, as well as the president and CEO [Rachel Monroe], as we continue to manage the foundation’s assets, including designing and implementing the foundation’s strategic and tactical asset allocation, overseeing risk management and market research, and leading the foundation’s efforts to diversify its investment manager portfolio,” Gilmore said.

Hook will officially step down as CIO on August 31.