Kim Lew is the Vice President and CIO of Carnegie Corporation, where she is responsible for the investment and oversight of the Corporation’s $3.5 billion Foundation. Kim joined Carnegie in 2007 after spending a dozen years at the Ford Foundation. She is also a Trustee of Ariel Investments, the Board Chair of the Stevens Cooperative Schools, and a member of the investment committees of the Girl Scouts of America and the ACLU, and the steering committee of the Private Equity Women Investor Network. Last year, Institutional Investor awarded her Endowment & Foundation CIO of the year.   Our conversation covers the American dream story of Kim’s parents, Kim’s path to picking technology stocks and venture capital managers at Ford Foundation, two very different models of successful Foundation investing, blow-by-blow of the creation of an atypical Co-CIO seat at Carnegie, responsibilities that CIOs hate, idiosyncratic investments, committee meetings that foster long-term thinking, evolution of a farm team of managers, risk-taking in investing and life, and what to do when you turn 50 years old.   Learn More Join Ted's mailing list at CapitalAllocatorsPodcast.com Write a review on iTunes Follow Ted on twitter at @tseides For more episodes go to CapitalAllocatorsPodcast.com/Podcast   Show Notes 1:52 – A look at Kim’s background 4:03 – How did her family life impact her schooling 5:26 – Was there anything in her upbringing that drew her to business 6:18 – First job out of college 7:15 – Heading to Harvard Business School 8:42 – The move to Prudential 9:48 – Her time at Ford Foundation 17:35 – Move to venture funds at Ford 18:20 – Comparing the job of sourcing managers then to today 20:27 – Kim’s move to Carnegie 22:42 – How the investment thinking was different at Carnegie 26:32 – How did their thinking on investing play out in individual decisions 27:55 – The decision to have Co-CIO’s 34:22 – Worst parts of being a CIO 37:13 – An outside responsibility that has been helpful to Kim’s career 38:56 – How the thinking on an investment committee for a pension can be different 40:05 – Stepping into the sole CIO role 41:06 – Imparting your influence on investment decisions when you are less in the weeds 41:42 – Carnegie's investment strategy 46:38 – Implementation 56:59 – Taking risks vs being smart with your capital 1:01:36 – 50 things she had never done before 1:05:42 – Closing questions

Jim Williams is the Vice President, Chief Investment Officer, and Treasurer of the Getty Trust, where he oversees a $7 billion portfolio for the Getty Museum. Before joining the Getty in 2002, Jim spent three years as the President of Harbor Capital Advisors and prior to that, was manager of the Ford Motor Company pension department. Our rich conversation covers all aspects of managing a significant pool of non-profit assets including modeling liquidity, creating a specialist team structure, sourcing managers, discerning between talented managers, co-investing, sizing manager positions, investing in venture capital, viewing hedge funds like a basketball point guard, working with a constructive board, and finding opportunities in the current “least dirty shirt” market. This conversation ranks way up there in the breadth, depth, and quality of discussion. I hope you enjoy listening as much as I enjoyed speaking to Jim.   Learn More Join Ted's mailing list at CapitalAllocatorsPodcast.com Write a review on iTunes Follow Ted on twitter at @tseides For more episodes go to CapitalAllocatorsPodcast.com/Podcast   Show Notes 2:40 – A look at Jim’s background and how he got to the Getty Museum 8:23 – A look at the pool of capital at Getty 9:47 – How does the high dependence of the endowment on the institution impact asset allocation 12:17 -  How do they think about liquidity 14:29 – What happens when they find a priceless work of art to acquire 17:52 – What beliefs did Jim bring to the table in shaping how Getty allocated capital 22:46 – How does Jim think about asset allocation vs manager selection 24:17 – Their approach to China 24:55 – Finding good managers in China 27:29 – What are underlying factors when choosing between two similar managers 30:34 – What are some ways Jim determines if people have the “stuff” to manage capital 34:23 – Deep dive into the co-investment program 36:07 – How do they underwrite co-investments in a short period of time 37:53 – Why do they pass on co-investment opportunities 40:58 – How does Jim size investments 42:24 – Number of manager relationships across the portfolio 44:14 – Thinking about the level of diversification their strategy creates 48:35 – Jim’s take on public equities and hedge funds 51:15 – Exploring the working relationship with the board and trustees 53:19 – Why do endowment and foundation trustees seem to have more success than other groups of trustees 54:24 – How does Jim exercise his decision-making authority 56:06 – Example of when Jim pushed back on an idea from a senior member of the team 1:00:47 – How have they found and retained team members 1:03:35 – Other competitive advantages that Jim brings to the table 1:05:20 – What is Jim most excited about and most worried about in the markets/his portfolio 1:09:28 – Closing questions