Gordon and Betty Moore Foundation names CIO

The $6 billion San Francisco foundation, with a large allocation to private equity, has promoted Denise Strack, a former head of private equity for Stanford University’s endowment.

The $6 billion (€3.9 billion) Gordon and Betty Moore Foundation has promoted its director of private equity and real assets, Denise Strack, to chief investment officer following the departure of former CIO Alice Ruth for Quadrangle Group.

Since joining the San Francisco-based Moore Foundation in 2002, Strack has grown the portfolio of “private equity and real assets” to 21 percent of assets under management under the purview of Ruth. Its long term allocation for alternative investments is between 35 percent and 40 percent.

“[Denise’s] asset classes have been a key driver of the Foundation’s strong investment performance,” said chairman of the Foundation investment management committee Ken Siebel in a statement. “She has been… highly successful in providing the Foundation access to premier manager relationships.”

Prior to joining the Moore Foundation, Strack was director of private equity at the Stanford Management Company overseeing investments in private and long-biased public equity companies for one of the nation’s largest university endowments.

The Moore Foundation was established in 2000 by Intel co-founder Gordon Moore and his wife Betty and focusses its efforts on environment conservation, science and the San Francisco Bay area.

Alice Ruth departed the Moore Foundation to become a managing principal at Quadrangle Group and CIO of newly launched Quadrangle Asset Management, which handles asset allocation, manager selection, plan implementation and risk management for “founding investors”.