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Juilliard's investment committee includes Chris Kojima, head of Goldman Sachs Asset Management's alternative investments and manager selection group; Kent Clark, the Goldman unit's CIO for hedge fund strategies; Jim Marcus, a former Goldman partner; Sanford Ehrenkranz, co-founder of wealth management firm Ehrenkranz Partners; Keith Gollust, president of Gollust Management; and Kenneth Davidson, an advisor to hedge fund Balestra Capital, according to public biographies.
Kovner, also an investment committee member, became board chair in 2001 and is a major donor to the school with his wife, Suzie. Kovner ran hedge fund Caxton from 1983 to 2011 but remains a private investor through his family office, CAM Capital. Kovner declined to comment about Marcus.
Marcus arrived at Juilliard in May 2008, just before the worst of the financial crisis. Like many other endowments and institutions, its assets were hit hard. The endowment managed $766 million on Jan. 1, 2008, but stood at $613 million on Jan. 1, 2009, according to public filings. The school's president, Joseph Polisi, praised the investment committee in an open letter in early 2009 but noted the losses and the ramifications on the school.
"Although the Juilliard board's investment committee has done a brilliant job of positioning our endowment so that it has performed better than the stock market overall, the school will have to make a downward budget adjustment in upcoming years, due to the precipitous drop in the value of the market," Polisi wrote. The exact investment returns were not disclosed.
Since then, Marcus has helped steer the value of the endowment back past its pre-crisis level. It controls about $1 billion today, according to a person familiar with the situation. Its investments include hundreds of millions of dollars in hedge, private equity and other nonpublic funds, according to public records. The specific investment managers used are private.