Managing Director of Investments

About The David and Lucile Packard Foundation

The David & Lucile Packard Foundation was founded in 1964 by David and Lucile Packard. We work with people and communities to create enduring solutions for just societies and a healthy, resilient natural world. We have worked with thousands of organizations and leaders in the U.S. and worldwide to advance progress in the critical areas of science, ocean and land conservation, climate change, women’s reproductive health and rights, and the well-being of children, families, and communities.

OUR VISION: A just and equitable world where both people and nature flourish.

Our new vision embraces a future where both people and nature flourish in a more just and equitable world. We explicitly acknowledge that the fate of people and the natural environment are inextricably linked. Solutions to the complex challenges we face must account for this interconnectedness.

OUR MISSION: We work with people and communities to create enduring solutions for just societies and a healthy, resilient natural world.

Our new mission takes on the critical work of addressing root causes of the challenges we face and mobilizing people for collective action. In addition to building on approaches that have guided our philanthropy for decades — working in partnership, committing to issues over the long-term, and grounding our work in science, knowledge, and data – we focus on understanding the systems that either accelerate or impede progress. It is only through just and equitable systems that we can find and sustain solutions to some of the biggest challenges we face today.

OUR VALUES: Equity, Integrity, Belief in Individual Leadership, Thinking Big, Respect, and Effectiveness

In addition to clarifying our long-held values, we added equity. We will champion equity by treating people with dignity, honoring a range of ideas and perspectives from those closest to the issues, creating inclusive processes, and funding people who have been historically excluded to spur progress for all.  For more information, including our definitions of key concepts, please visit our website.

Department Overview

The Investments team is a 15-person team comprised of eleven investment professionals and four operations and administrative professionals. We invest the Foundation’s $8 billion endowment portfolio across asset classes such as public and private equities, venture capital, real estate, hedge funds, and fixed income and across geographies such as the United States, China, India, Latin America, and Europe, creating a stream of payments to the Foundation’s charitable programs. Our goal is to generate excellent risk-adjusted returns that are sufficient to fund the Foundation’s grantmaking activities, while preserving the real value of the portfolio over the long term. We invest by finding the world’s best fund manager talent and building long-term relationships with these funds. We work closely and collaboratively, valuing intellectual curiosity, debate, and teamwork.

Position Summary

The Managing Director role is a senior leadership role on the Foundation’s investment team covering Private Equity with a meaningful emphasis on Venture Capital and Growth Equity. Working closely with the CIO and other team members, the Managing Director will be responsible for leading strategy, attending industry conferences and conducting research on new areas of investment, sourcing and recommending new investments, building relationships with external managers, and monitoring investments, with support from junior staff. He or she will also be a close collaborator across the portfolio, with an opportunity to participate in and opine on other areas of investment such as Real Estate, Public Equities, Hedge Funds, and Fixed Income.

Primary Duties and Responsibilities

This role is responsible and accountable for:

• Work closely with the Foundation’s Chief Investment Officer to set and implement portfolio strategy.
• Source, evaluate, and lead Venture and Growth investments; contribute to Private Equity investments.
• Analyze and synthesize data relating to specific managers and the broader portfolio and articulate key findings and trends.
• Develop and maintain key relationships with fund managers and peer institutions. Serve as primary point of contact for all the Foundation’s Venture and Growth Equity relationships.
• Collaborate with other investment professionals on all areas of the Foundation’s portfolio.
• Teach and mentor junior staff.

Qualifications

Experience

• A minimum of 10 years of work experience ideally to include an Endowment or Foundation investment management organization; alternatively, work experience at a sophisticated family office, fund of funds, OCIO, or perhaps a Venture Capital or Private Equity firm, with a strong interest in pivoting careers to an Endowment or Foundation
• Significant investment experience focused on Venture Capital, Growth Equity and Private Equity
• Broad network of investment professionals and strong relationship building skills
• Experience managing and coaching direct reports
• Must be proactive and open to new challenges
• Demonstrated ability to be a self-starter, multi-task, and work well both independently and as a member of a team
• Ability to work well under pressure

Knowledge, Skills, and Abilities

• Long-term commitment to and passion for investing on behalf of a Foundation as a career path
• Outgoing relationship builder who can earn the trust and respect of internal and external partners
• Strong and demonstrated quantitative and analytical skills
• Strong orientation to detail and accuracy
• Excellent organizational skills and ability to multi-task
• Excellent written and oral communication skills
• Strong personal network for sourcing new investments
• High level of intellectual curiosity and ability to think critically
• High degree of integrity and honesty
• Comfort with Microsoft Excel or similar tools to analyze large amounts of data
• Familiarity with Microsoft Word, PowerPoint, and Outlook
• Able to travel as needed (up to 30% of time)

Education

• Bachelor’s degree required
• Chartered Financial Analyst (CFA) designation and/or Masters in Business Administration (MBA)

Compensation and Benefits

The position is full-time. The starting salary range for this position, based in Los Altos, California, is $462,000 to $568,000 annually, not including a significant annual incentive award opportunity  depending on portfolio and individual performance. This salary range is an estimate, and the actual salary may vary based on various factors, including without limitation individual education, experience, tenure, certification, skills, and abilities, as well as internal equity and alignment with market data. 

The David and Lucile Packard Foundation offers excellent benefits for eligible employees. Current benefits include medical (HMO and HDHPs), dental and vision coverage; 15% employer contribution to employee retirement plan; life insurance, disability insurance, vacation, and sick leave; an adoption benefit; fertility benefit; a financial wellness program; health advocacy services, paid time off to volunteer for nonprofit organizations; matching grants for employee contributions to tax exempt organizations; commute assistance; and tuition assistance.