Endowments and Foundations

Makena Capital taps University of Virginia investment chief as CIO

Lawrence Kochard was named chief investment officer of multiasset-class manager Makena Capital Management.

Mr. Kochard is chief investment officer and CEO of the University of Virginia Investment Management Co., Charlottesville. The university announced last month that Mr. Kochard would be leaving at year's end. University of Virginia Investment Management Co. oversees the university's $8.6 billion endowment.

Sources said Mr. Kochard will replace Luke Proskine, who is also a managing director will take on the newly created role of director of investment strategy at Makena. Mr. Proskine will report to Mr. Kochard and will remain a managing director.

Makena Capital is a global, multiasset-class manager serving endowments, with $19.4 billion in assets under management.

A spokesman for Makena declined to make its executives available for comment.