Cystic Fibrosis Foundation Hunts for First CIO

The $3.7 billion fund has begun recruiting.

The Cystic Fibrosis Foundation is looking for its inaugural CIO.

The foundation’s spokesperson confirmed to CIO that a search is currently underway. Executive recruiter David Barrett Partners is assisting with filling the newly created position.

According to the Bethesda, Maryland-based foundation’s documents, it had more than $3.65 billion of investment assets as of December 31, 2014.

The endowment grew exponentially in late 2014—from 2013’s $611 million—when the foundation’s drug development affiliate sold its royalty rights for $3.3 billion. 

“The sale is a powerful example of our highly successful efforts in venture philanthropy over many years,” said Robert Beall, the foundation’s president and CEO, in a statement in November 2014.

The 2014 financial records also showed investments were primarily allocated to US treasuries, equity and bond mutual funds, and absolute value fund-of-funds. 

The foundation—which supports cystic fibrosis drug discovery by funding research, drug development, and clinical trials—receives financing from public and donor contributions, proceeds from selling drug discovery rights, and royalties.

Related: Carnegie Corporation’s Co-CIO Exits for Church Endowment

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