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ENDOWMENTS AND FOUNDATIONS

National Gallery of Art chooses new CIO

National Gallery of Art in Washington

Christine Kelleher will become chief of investments at the National Gallery of Art in Washington on Sept. 5, overseeing the museum's $875 million endowment.

Ms. Kelleher will work with the gallery's finance committee and Treasurer William W. McClure, who issued a statement welcoming her. "Christine brings a wealth of experience in all aspects of managing endowments for institutions of similar size that serve a public mission. Her experience and network of relationships with outstanding investment managers will have an immediate and lasting positive impact on the Gallery's portfolio," Mr. McClure said.

Ms. Kelleher has been a managing director at private equity placement firm Avec Capital, New York, since 2013. Before that, she was senior investment officer at the Georgetown University investment office in Washington, which manages a $1.5 billion endowment.

Nina Lesavoy, Avec Capital senior managing director and founder, said in a separate statement that with Ms. Kelleher responsible for constructing a direct alternative investment program for the museum, "Christine is the ideal person to take the management of the National Gallery's endowment to the next level. Her experience developing and implementing alternative asset investment programs, including her background in asset allocation, risk management and forensic-style investment manager due diligence, has been extremely valuable for the Avec Capital team and the investment managers with whom we partner."

Avec Capital declined to comment on plans for Ms. Kelleher's replacement.