The California Institute of Technology (Caltech) has appointed Scott Richland as its new CIO. Richland is joining the $3.5 billion endowment fund from private equity firm Lunada Bay Investors, where he was president.

In his new role, Richland will be working closely with the investment committee of the board of trustees and the investment office team to manage Caltech's security holdings and investment properties. Prior to Lunada Bay, he has also served at First SunAmerica, Evolved Alpha, Andell Holdings and AIG.

Click here for the release from Caltech.