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New Chief Investment Officer

February 19, 2025

To: The Caltech Community
From: Thomas F. Rosenbaum, Sonja and William Davidow Presidential Chair and Professor of Physics

I am pleased to announce that Ken Lee will join Caltech as chief investment officer (CIO) effective April 15. Formerly CIO at Children's Health System of Texas, Ken brings to the Institute more than 25 years of experience in the financial sector.

As a member of the Institute's senior administrative leadership group, Ken will oversee the Institute's investment strategies and manage its approximately $4.5 billion investment portfolio. He will work closely with the Investment Committee of the Caltech Board of Trustees to formulate and implement policies that help secure Caltech's long-term financial health.

Ken's broad experience across the financial sector, demonstrated success as an investment manager, idealism about and commitment to university values, and appreciation of what makes Caltech special, make him a wonderful fit. We look forward to welcoming Ken to a leadership role at the Institute.

At Children's Health System of Texas, a private academic teaching hospital, Ken led an independent office that managed a $3 billion corpus of donor-endowed funds, board-designated reserves, and corporate cash for the largest non-profit provider of pediatric healthcare in North Texas. He successfully implemented a multi-year strategic plan to overhaul Children's $2 billion endowment fund through volatile market conditions.

Prior to joining Children's Health System, Ken served as managing director of Carnegie Corporation of New York, one of the oldest grantmaking foundations in the country, where he and his group managed a $3.5 billion endowment. He also led the New York office of the investment research group at Fauchier Partners and held positions at Horsley Bridge Partners and Robertson Stephens.

Ken graduated from Yale College with a double major in economics and East Asian studies. He earned his MBA from the Wharton School of the University of Pennsylvania.

I am grateful to the CIO search committee that helped to identify Ken from an impressive pool of candidates. The committee, chaired by Trustee Tim Sloan, Investment Committee chair, included Trustee Kneeland Youngblood, Investment Committee vice-chair; Trustee Deborah McWhinney, Investment Committee member; Charlie Lane, search committee co-chair and vice president and chief operating officer; Dexter Bailey, vice president for advancement and alumni relations; and Jakša Cvitanić, Richard N. Merkin Professor of Mathematical Finance. Maggie Sabanpan, executive assistant to the vice president and chief operating officer, staffed the committee.

During this transition, Doug MacBean, senior managing director for the investments, has been serving as interim CIO following Scott Richland's retirement. Our thanks go to Doug for his leadership and skill, and the care he is taking with the Institute's Investment Office.

Please join me in welcoming Ken to campus and thanking Doug for his contributions.