"A child's learning is the funtion more of the characteristics of his classmates than those of the teacher." James Coleman, 1972

Tuesday, July 27, 2010

Broad Foundation Announces New CIO

From the PR Newswire:

Marc A. Schwartz Named Chief Investment Officer of The Broad Foundations

LOS ANGELES, July 27 /PRNewswire/ -- The Broad Foundations announced today that Marc A. Schwartz has been named chief investment officer of its $3 billion portfolio, working closely with founder Eli Broad. He will start Aug. 9.

Schwartz joins The Broad Foundations from Reservoir Capital Group, a more than $4.5 billion hybrid fund where he served for nine years as managing director, principal and vice president. Schwartz was a senior member of the Reservoir investment team and most recently was focused on private fund sponsorship and direct co-investments. Before joining Reservoir, Schwartz spent much of the previous decade working in senior positions at a global holding company and an international private equity firm.

"Marc's vast experience in hedge funds, private equity and other similar investments that are consistent with our portfolio makes him a perfect fit," said Broad. "I am impressed with Marc's intelligence, drive, instincts and investment success, and we are delighted that Marc will join our team."

Schwartz will work with Broad on the management of The Broad Foundations portfolio, as well as the Broad family's personal investments.

[Continued]

I'm not sure how "vast experience in hedge funds, private equity and other similar investments" qualifies one to run a foundation dedicated (at least in part) to reforming public education, but hedge funders seem to be all over the place these days. Heck - some of them are even doing good things (!).

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