Margaret A. Cargill Philanthropies of Eden Prairie, Minnesota, today announced that it has hired Rodney Overcash as its first director of credit. Overcash joins the organization, which has an asset base valued at an estimated $6 billion and oversees the philanthropic entities endowed by the estate of the heir to the Cargill family fortune, from the $75 billion North Carolina Retirement Systems, where he was director of credit and inflation strategies. Overcash will report to CIO Shawn Wischmeier, previously CIO of the North Carolina Systems, and is the second hire by Wischmeier in under a month.
In July Institutional Investor reported that Christopher Vogt, head of hedge funds for the Chicago-based insurance firm Allstate, was leaving to head up equities for Margaret Cargill Philanthropies. Wischmeier himself joined the organization in May of this year. He has been charged with building up a team and developing a strategy to invest the assets of the three grantmaking entities for which Margret Cargill Philanthropies has oversight.