Key Takeaways
- • Brown University chief investment officer Jane Dietze will depart effective Dec. 31, 2026, to become the first chief investment officer of the Fund for Science and Technology, a nonprofit foundation within the philanthropic ecosystem of the late Paul G. Allen.
- • Joshua Kennedy, Brown Class of 1997 and deputy CIO since 2022, will succeed Dietze as Brown's chief investment officer.
- • Peter Levine, Brown Class of 1995 and managing director since 2019, will become deputy chief investment officer.
- • Brown's endowment grew from $3.2 billion to $8 billion over the 10-year period through fiscal 2025, produced $5.6 billion in investment returns and contributed more than $2.2 billion to the university budget, according to Brown.
- • Brown reports its endowment ranked in the top 5% of endowments and foundations over the prior 10 years, as measured by Cambridge Associates.
Summary
Brown University announced that its chief investment officer, Jane Dietze, will depart the university effective Dec. 31, 2026, after a period of rapid endowment growth. Dietze joined the Investment Office in 2013 and has served as CIO since 2018. She will become the first chief investment officer of the Fund for Science and Technology, a nonprofit foundation launched in 2025 that supports bioscience, environmental work and the use of AI for the public good, and that is part of the philanthropic ecosystem of the late Microsoft co-founder Paul G. Allen.
To succeed her, Brown named two long-serving Investment Office professionals and alumni. Joshua Kennedy, who earned his bachelor's degree from Brown in 1997 and has been deputy CIO since 2022, will become CIO. Kennedy joined the office in 2016 and has focused on manager selection, portfolio construction and direct investments. Peter Levine, a Brown Class of 1995 graduate who joined the office in 2018 and has been managing director since 2019, will become deputy CIO. Levine previously founded a distressed asset trading firm specializing in corporate aircraft transactions and was a portfolio manager at New Holland Capital, an absolute return and hedge fund-focused advisory firm.
Brown President Christina H. Paxson said Dietze built a deep investment team and that the endowment's performance has expanded the university's capacity to invest in people and priorities. According to the university, the endowment, which comprises more than 4,000 distinct funds, grew from $3.2 billion to $8 billion over the decade through fiscal 2025, a period in which it produced $5.6 billion in investment returns. Its performance ranked in the top 5% of endowments and foundations over the prior 10 years, as measured by Cambridge Associates. Nearly 60% of the endowment's budget contributions support scholarships and professorships. Brown said the leadership transition is intended to ensure continuity in its approach to long-term endowment growth, and Kennedy described the office's portfolio as a diversified pool managed by external investment partners.
To succeed her, Brown named two long-serving Investment Office professionals and alumni. Joshua Kennedy, who earned his bachelor's degree from Brown in 1997 and has been deputy CIO since 2022, will become CIO. Kennedy joined the office in 2016 and has focused on manager selection, portfolio construction and direct investments. Peter Levine, a Brown Class of 1995 graduate who joined the office in 2018 and has been managing director since 2019, will become deputy CIO. Levine previously founded a distressed asset trading firm specializing in corporate aircraft transactions and was a portfolio manager at New Holland Capital, an absolute return and hedge fund-focused advisory firm.
Brown President Christina H. Paxson said Dietze built a deep investment team and that the endowment's performance has expanded the university's capacity to invest in people and priorities. According to the university, the endowment, which comprises more than 4,000 distinct funds, grew from $3.2 billion to $8 billion over the decade through fiscal 2025, a period in which it produced $5.6 billion in investment returns. Its performance ranked in the top 5% of endowments and foundations over the prior 10 years, as measured by Cambridge Associates. Nearly 60% of the endowment's budget contributions support scholarships and professorships. Brown said the leadership transition is intended to ensure continuity in its approach to long-term endowment growth, and Kennedy described the office's portfolio as a diversified pool managed by external investment partners.
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