Key Takeaways
- • David Greenberg has left the Virginia Tech Foundation after roughly three years as chief investment officer, according to two people familiar with the $3 billion investment office.
- • Maggie Millhiser, the foundation's managing director of investments, is serving as interim investment chief.
- • Greenberg joined the foundation in 2023 from the California Endowment to establish operations and expand the investment team in Richmond, Virginia.
- • During his tenure he revamped investment reporting, grew the team, added hedge funds to the portfolio, and prepared to increase private equity exposure.
- • The foundation manages Virginia Tech University's endowment and a real estate portfolio valued at $548 million as of December.
Summary
David Greenberg has left the Virginia Tech Foundation after serving as chief investment officer for roughly three years, according to two people familiar with the $3 billion investment office, as reported by Institutional Investor. Neither Greenberg nor Maggie Millhiser could be reached for comment. Millhiser, Virginia Tech's managing director of investments, is currently serving as interim investment chief.
Greenberg, formerly CIO at the California Endowment, joined the foundation in 2023 with a mandate to establish operations and expand its investment team in Richmond, Virginia. Within a year, he had revamped the foundation's investment reporting, grown the team, and begun repositioning the portfolio by adding hedge funds and preparing to increase private equity exposure. In 2024 he told Institutional Investor that the objective was to "effectively have a reset" and position the foundation to maximize performance.
Millhiser joined the foundation in 2024 after serving as a director at VCU Investment Management Company, where she invested across asset classes, and previously worked as an investment associate at OCIO firm Investure. She also sits on the board of the Sheltering Arms Foundation, which supports disadvantaged children and families in Minnesota.
The Virginia Tech Foundation manages the university's endowment and an extensive real estate portfolio valued at $548 million as of December. The foundation nearly doubled its real estate allocation in 2022. Its structure, in which it serves as asset manager for Virginia Tech rather than operating within the university, shapes its investment approach.
Greenberg, formerly CIO at the California Endowment, joined the foundation in 2023 with a mandate to establish operations and expand its investment team in Richmond, Virginia. Within a year, he had revamped the foundation's investment reporting, grown the team, and begun repositioning the portfolio by adding hedge funds and preparing to increase private equity exposure. In 2024 he told Institutional Investor that the objective was to "effectively have a reset" and position the foundation to maximize performance.
Millhiser joined the foundation in 2024 after serving as a director at VCU Investment Management Company, where she invested across asset classes, and previously worked as an investment associate at OCIO firm Investure. She also sits on the board of the Sheltering Arms Foundation, which supports disadvantaged children and families in Minnesota.
The Virginia Tech Foundation manages the university's endowment and an extensive real estate portfolio valued at $548 million as of December. The foundation nearly doubled its real estate allocation in 2022. Its structure, in which it serves as asset manager for Virginia Tech rather than operating within the university, shapes its investment approach.
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