Stanford University's endowment, the third largest among U.S. colleges, is searching for a chief investment officer, a post that has been vacant for more than two years as markets plunged and rebounded.
The $12.6 billion endowment is considering candidates at endowments, pension funds and money managers and probably will announce its choice by midyear, said John Powers, CEO of Stanford Management Co., which oversees the investments. He declined to identify potential candidates or comment on the fund's performance this fiscal year.
Stanford, Palo Alto, Calif., started the search in October with executive recruiter David Barrett Partners. The effort reflects concern among fund board members that Mr. Powers needed support from an experienced manager after investments dropped a record 26% for the year ended June 30, said a person with knowledge of the matter who declined to be named because board discussions are private.
“I've got great people focused on their individual asset classes,” Mr. Powers said. “I wanted a partner focused on the whole portfolio around with me.”
The position has been vacant since Eric Upin departed in February 2008. He moved to venture capital firm Sequoia Capital and later joined former Stanford colleagues at Makena Capital Management, a fund-of-funds firm founded by former Stanford Management CEO Michael McCaffery, whom Mr. Powers replaced in 2006.