These additions to the Partners Capital Board represent the most significant changes to its membership since 2005 when Lord Rothschild and Sir Ronald Cohen made their strategic investments in the business.
About the Senior Partner
The changes coincide with last year’s generational leadership changes when Arjun Raghavan was appointed Chief Executive Officer. After 19 years as CEO and Co-Founder Stan Miranda took the role of Chairman, and Paul Dimitruk became the Senior Partner.
Both continue full-time engagement in the business, with Stan focused on key strategic initiatives including the build-out of the West Coast office and the firm’s ESG investment strategy, working closely with Kristen Weldon the firm’s global head of ESG and Impact Investing.
Milestone in the Business
While the working partners continue to retain majority ownership and control of the firm, the strengthening of the Board with the addition of the external directors reflects an important milestone in the business.
CEO Arjun Raghavan said, “The next generation of management are taking a 10 to 20 year perspective on how best to reinforce the firm’s leadership position in the growing outsourced investment management business in a manner that successfully delivers higher levels of investment performance to our global client base.” Raghavan added that “this will require an accelerated transition from a traditional US endowment model towards a hybrid model that will access high quality investments through a wider palette of manager partnerships, co-investments and selected direct investments. This continued evolution to a hybrid model is what we refer to as PRMEA or the Partners Risk Managed Endowment Approach.”
Management Processes
“As we continue to strengthen our business globally to best serve leading institutions and families, we are delighted to welcome global investment leaders Sanjiv, David, Brad and Martine to our Board of Directors,” said Stan Miranda, Co-Founder and Chairman of Partners Capital. “The new Board members were hand-picked for their experience in helping us achieve our vision over the coming decade. Their vast experience with distinguished financial institutions will also help us fortify our corporate governance and internal risk management processes in the face of growing complexity of the investment world.”
The profiles of the new members are set out below:
1.Sanjiv Misra
— Sanjiv Misra is an Independent Advisor and Chairman of the Asia Pacific Advisory Board for Apollo Management, the global private equity and alternative asset management firm. He also holds several additional board seats and is President of Phoenix Advisors Pte Ltd, a boutique advisory and principal investing firm. Sanjiv spent his career in investment banking at Goldman Sachs and Citigroup, most recently as Head of Citigroup’s Asia Pacific Corporate Bank till 2008. Sanjiv’s appointment brings valuable experience and insight on Asian markets as Partners Capital look to deepen its investments business in the region.
2. David Burke
— David Burke brings a different perspective on the Outsourced CIO business which he pioneered as the Co-Founder and Chief Executive Officer of Makena Capital, based in San Francisco. David also brings extensive private equity and venture capital leadership experience. He is currently the Chairman and CEO of Selby Lane, a specialty finance company that provides capital and expertise to top investment and asset management firms.
3. Brad Fried
— Brad Fried is the current Chair of the Court of Directors of the Bank of England and the Co-Founder of private investment firm Grovepoint Capital. Brad is the former Chief Executive Officer of Investec Bank and current Chair of the Rothschild Foundation Hanadiv Europe. Brad will bring important macroeconomic insights to the Board and will provide an eye to good governance across the organisation.
4. Martine Holter
— Martine Holter is the Chief Executive Officer of Hoegh Capital Partners (HCP), a family investment office co-located in London and Oslo which oversees the investment interests of the Hoegh family. Martine is also a board member of several Hoegh-controlled direct investments, private and public. Prior to HCP, she was Chief Operating Officer of venture capital firm Arts Alliance Advisors, a management consultant at McKinsey & Company in London and an investment banker at Goldman Sachs in New York and Hong Kong.
Other members of Partners Capital’s Board of Directors include independent directors Rosalind Hewsenian (CIO, Helmsley Charitable Trust), Rich DeMartini (Vice Chairman, Crestview) and Board Adviser Jeremy Sillem (Managing Partner, Spencer House Partners). Also on the Board are members of the firm’s senior leadership – Stan Miranda, Arjun Raghavan, Paul Dimitruk, John Collis and William Fox. The firm’s global Chief Operating Officer, Toby Seth, will carry on as a Board Advisor.
About Partners Capital
Founded in 2001, Partners Capital is an independent Outsourced Investment Office (OCIO) primarily serving sophisticated institutions and senior investment professionals in Europe, North America and Asia Pacific. With offices in Boston, New York, London, Singapore, Hong Kong, San Francisco and Paris, the firm is one of the few truly global OCIOs, employing 230 people worldwide and covering all major asset classes. The firm oversees assets in excess of $40 billion.
