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UPenn investment boss quits

Oct 15, 2012

FORTUNE -- Kristin Gilbertson today resigned as chief investment officer of The University of Pennsylvania endowment, Fortune has learned.

A member of the investment office confirmed the departure, saying that Gilbertson had physically left the premises. "We had known for a while," she said. "But it just become official today."

Gilbertson joined UPenn eight years ago, after running public equities for Stanford University's endowment and managing investments for The World Bank.

No word yet on Gilbertson's future plans. She will be replaced on an interim basis by David Harkins, who is the investment office's managing director of public markets.

UPenn's endowment was valued at $6.6 billion at the end of 2011, including an 8.2% allocation to private equity. It reports a 5.4% annualized return for the prior five years, compared to the 2.9% return earned by the S&P 500. It also beat the S&P 500 for 3-year (4% vs. 3.3%) and 10-year (6.8% vs. 2.7%) returns, while falling short on one-year returns (18.6% vs. 30.7%).

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