Update: Ken Lee will assume the position on April 15, according to a university press release posted Feb. 19, after this story was published.
The California Institute of Technology‘s endowment has selected a new chief investment officer.
The investment office that manages the university’s $4.6 billion-plus endowment chose Ken Lee, the CIO of Children’s Medical Center in Dallas, according to two people familiar with the matter.
The appointment comes almost a year after the university announced its longtime CIO, Scott Richland, would be stepping down in December 2024, after 14 years at the helm. Richland grew the endowment’s assets from $1.6 billion at the start of his tenure to $4.6 billion in April 2024.
A spokesperson for Caltech declined to comment.
Lee, who has run the $2 billion portfolio of investable assets at the Texas healthcare system since 2020, will step into a portfolio with a 25% allocation to PE and VC, according to Caltech’s most recent investment report.
Before his role at Children’s Medical Center, Lee was a managing director at the Carnegie Corporation of New York for over eight years. There, he helped manage the more than $4 billion endowment through a mix of investments in the public and private markets.
Lee holds an MBA from the Wharton School at the University of Pennsylvania and a bachelor’s degree from Yale University.
Featured image by Danny Lehman/Getty Images
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