Jim Bethea has been named vice president of investments and chief investment officer of the West Virginia University Foundation, Morgantown, effective June 16.
He will be responsible for leading investment activities for the foundation, which had $2.8 billion in assets as of June 30, according to a financial report for the 2024 fiscal year.
For fiscal year 2024, the foundation’s $865 million long-term investment pool, which includes the university’s endowment, returned 3.1%, underperforming the Wilshire Trust Universe Comparison Service’s U.S. endowments and foundations median return of 10.5%. For the three, five and 10 years years ended June 30, the pool returned an annualized 4.8%, 9.2% and 7.4%, respectively.
The asset allocation as of June 30 was 41% private equity, 16% public equity, 11% core fixed income, 9.5% diversifying strategies, 6.5% natural resources, 6% opportunistic fixed income, 6% real estate and 4% cash.
“I am honored to join the exceptional team at the WVU Foundation and guide the investments that will benefit the Mountaineer community,” Bethea said in a news release May 8.
Bethea will succeed Rick Kraich, who will retire at the end of June, which is also the end of the university’s fiscal year. Executive search firm RSR Partners assisted with the search.
“Jim will bring a wealth of talent and diverse experience in all facets of investing, especially in higher education,” said Cindi Roth, president and CEO of the foundation, in the news release. “An analytical and strategic thinker, he is passionate about building high-performing teams in a positive culture.”
Bethea is currently CIO of the University of Iowa Center for Advancement, Iowa City, where he oversees the investment portfolios, trusts, gift annuities and operating pool totaling $2.1 billion in assets.
During the fiscal year ended June 30, the University of Iowa’s $1.6 billion endowment posted a 13% return — making it the sixth best-performing endowment tracked by Pensions & Investments during 2024, when the median return was 9.5%. And for the three, five and 10 years ended June 30, it returned an annualized 5.4%, 8.1% and 6.7%, respectively.
The University of Iowa endowment’s target asset allocation is 59% global equities, 17% diversifying strategies, 15% real assets and 9% fixed income.
The center operates as an independent nonprofit entity also known as the State University of Iowa Foundation, and solicits donations for the benefit of the University of Iowa. A university spokesperson could not be reached immediately for more information.
Prior to joining the University of Iowa in 2010, Bethea had been a researcher for the Portland-based investment consultant RVK as well as an investment analyst Cincinnati-based asset manager Touchstone Investments.
