Yale New Haven Health’s Head of Investments Departs

Scott Lupkas is leaving the nearly $6 billion fund after a year and a half at the helm.


Illustration by II

After just a year and a half in the top spot, Scott Lupkas, Yale New Haven Health’s vice president of investments has left the organization.

Two sources, one of whom saw an email related to his departure, confirmed Thursday that Lupkas, who joined the nearly $6 billion hospital system in February 2022 is no longer an employee at Yale New Haven.

The hospital system did not comment by press time. Lupkas did not return an email seeking comment.

Lupkas was hired by YNHH to “further develop” an in-house investment team, the healthcare system said when he was hired. However, since he joined, three team members have departed. Geeta Kapadia left in June 2022, joining Fordham University as its CIO a few months after Lupkas joined.

Two YNHH investment team members, Mallika Nair and David Pearson, joined her at Fordham roughly a year later, Institutional Investor’s Essential Allocator newsletter previously reported.

Lupkas has more than 20 years of experience in the industry. Before joining Yale New Haven Health, he headed up pension investments for Raytheon, leaving the group in 2020. At that time, the investment offices at United Technologies and Raytheon merged alongside their parent companies. Robin Diamonte now leads the combined RTX Corp investment office.

Before joining Raytheon in 2018, Lupkas served as a senior director at the UAW Retiree Medical Benefits Trust for five years. He spent several years in leadership positions at Verdis Investment Management and the Brown University Investment Office prior to that. His career began as an analyst at Travelers Insurance and included a stint at MFS Investment Management.

While Yale New Haven Health did not provide details on Lupkas’s departure, the health system environment generally has been challenging for investment teams to navigate in recent years.

Healthcare system investment offices have struggled to find their footing in a post-pandemic environment. For years, hospital systems had been treating their investment offices like endowments, locking up capital in illiquid strategies. But the majority of healthcare systems are investing balance sheet capital, rather than an endowed pool of assets. During the pandemic, healthcare systems lost money, in part because they could not perform profitable elective surgeries.

Between trying to make up this shortfall and a more challenging investment environment, hospital systems have been under stress. A spate of healthcare systems have seen CIO departures and layoffs in recent years, in part due to these concerns.