This content is from: Corner Office

Packard Foundation CIO to Exit, Replaced by Yale Office Alum

Kimberly Sargent, who began her career under David Swensen as an analyst at the Yale Investments Office, will take over the $6.7 billion Silicon Valley fund.

  • Leanna Orr

Kimberly Sargent is set to become chief investment officer of the $6.7 billion David and Lucile Packard Foundation, replacing John Moehling in January.

Moehling intends to retire at the end of the year, according to an announcement Monday on the nonprofit’s website. Sargent is currently a senior managing director at the Los Altos, California-based foundation, where she’s worked since 2008.

Sargent began her career working under David Swensen as an analyst at the Yale Investments Office, which manages the endowment of her alma mater. She joins a cadre of Yale endowment alums leading U.S. nonprofit portfolios, including Robert Wallace, who is chief executive officer of Stanford Management Company, Seth Alexander, who is now president of MIT Investment Management Company, and Rainwater Charitable Foundation CIO Randy Kim.

Sargent is “the right leader to carry on the great work of our investments team into the future,” Carol Larson, president and CEO of the Packard Foundation, said in the announcement.

Sargent will be the second CIO to lead the fund, which was endowed by HP co-founder David Packard and his wife Lucile. The Packard Foundation managed $6.7 billion in assets as of December 2015 — the most recent figures available.

Moehling, who started at the nonprofit in 2017, established the investment team and portfolio, according to the foundation’s investment committee Chair Ned Barnholt.

“John built our investment function from scratch, hired an exceptional team, and delivered outstanding results,” he said, adding that Sargent will be working with Moehling for the remainder of the year “to assure a smooth transition.”