Nancy Everett, who retired as the CEO of VCU Investment Management Company (VCIMCO) in June, had a bold vision to better engage donors and ultimately increase the university’s resources.
To do that, Nancy drove the creation of VCIMCO in 2015. She needed to establish a separate entity — like those built by other large public universities, including the University of Virginia and the University of North Carolina — that would manage the endowment and other long-term assets of Virginia Commonwealth University and its affiliates.
Nancy recognized the potential of pooling these assets and leveraging the economies of scale, the expertise, and the governance structure that a captive investment management company could provide. She also saw the opportunity to align the investment objectives and strategies with the missions and goals of VCU, and create a culture of excellence and accountability that would attract and retain top talent.
Like its counterparts at UVA and UNC, she also saw that VCIMCO could create a virtuous flywheel of success, where strong returns could improve donor engagement — and increase the resources of the university and the captive manager. In turn, the growth of the endowment and strong financial returns could spur even more donor engagement and so on.
Nancy’s background as a VCU graduate and former CIO of both the Virginia Retirement System and the General Motors Pension made her an ideal candidate to launch this endeavor. Nancy’s vision was shared and supported by VCU President Michael Rao and the VCU Board of Visitors, who entrusted her with the responsibility and authority to make it a reality.
Nancy worked tirelessly to establish VCIMCO as a legal entity, recruit and develop a world class team of investment professionals, build a strong and diverse board, design and implement a robust investment policy and process, and communicate and collaborate with stakeholders and beneficiaries. She also fostered a culture of innovation, integrity, and transparency that has earned VCIMCO the respect and trust of the investment community and the VCU community.
The impact and success of VCIMCO are evident in the numbers.
Since its inception through June 30, VCIMCO has grown its assets under management from an initial $700 million to more than $2 billion and has generated an annualized five-year return of 9.2 percent, outperforming its policy benchmark by 1.8 percent. VCIMCO has also achieved top decile returns among university endowments greater than $1 billion for two consecutive years. These results have provided vital financial resources to support the mission and goals of VCU.
But that’s only part of it.
VCIMCO’s success is also reflected in the stories of the people and programs that VCIMCO supports. VCIMCO’s returns have helped provide VCU and its affiliates the financial resources necessary to enhance their academic excellence, research innovation, student access and success, community engagement, health care quality, and faculty and staff development. On a more personal level, soon after its inception VCIMCO started an internship program to leverage the talents of VCU students and to offer them experience in investment management and financial services. To date, VCIMCO has welcomed more than a dozen VCU students into this program, helping launch careers in institutional investment management, private equity, and investment banking.
Nancy’s retirement from VCIMCO is a well-deserved recognition of her outstanding career and contributions. She has left an indelible mark on VCIMCO and VCU and has set a high standard of leadership and excellence for her successor and the team. To honor her service, under the auspices of the School of Business, members of the VCIMCO board of directors and former colleagues have created the Nancy Everett Scholarship and have so far raised $210,000 to sponsor future female students interested in careers in business.
As Nancy’s successor, I want to celebrate her achievements and legacy and thank her for her service and dedication.
I wish her all the best in her future endeavors, and I hope she will stay in touch and visit us often.
Bruce MacDonald is CEO and CIO of VCU Investment Management Company.
