Tim Joeng, Williams College’s head of 'non-marketable securities', has joined wealth advisor Gresham Partners to focus on alternative investments.
With Joeng's departure, the Massachusetts-based endowment is now searching for a new head of its non-marketable securities programme, which includes private real estate, buyouts and venture capital. “This person will be the in-house expert responsible for all aspects of non-marketable securities,” according to the college’s job advertisement.
The $1.8 billion endowment has a strong dedication to alternative investments, and its private equity portfolio had an “extraordinary investment return” in fiscal 2011, according to the college’s 2011 annual report. In real estate, Williams College had a weighted allocation of 6 percent to real estate, which returned 10.6 percent last fiscal year.
Joeng, who spent five years at Williams College, started at Gresham this week as a principal and senior member of the investment team. He is responsible for sourcing investment opportunities, performing manager due diligence and building portfolios for the firm’s clients.
“Very few wealth advisory firms have a real, deep commitment to investing in non-marketable strategies,” the firm’s president and chief investment officer Ted Neild said in a statement. “It’s complicated, and many of their clients tend to be in that select range where they can extend investment horizons to take advantage of the better returns that are possible in these areas.”
Prior to Williams College, Joeng worked for seven years at institutional single family offices, including Capital Guidance, a family office that invests in real estate, private equity and operating companies.