Horvitz cited as leading advocate of expansion of Kresge’s in-house investment office.
The Kresge Foundation Board of Trustees and staff thank David W. Horvitz for eight years of service.
Horvitz is the chairman, president and CEO of WLD Enterprises, a private investment firm. He joined the foundation in December 2005 and in 2006 assumed leadership of its Investment Committee. The committee, a small group of trustees and outside investment professionals, guides the management of Kresge’s endowment.
“David’s distinct contribution was his advocacy for a robust internal investment office,” says Elaine D. Rosen, chairwoman of the board. “When he arrived, there was one full-time investment professional working at Kresge. Today, a team of 12 manages our endowment.”
Since Horvitz’s arrival, Kresge’s endowment has grown from $2.6 billion to $3.3 billion today. As chairman of the Investment Committee, the foundation’s risk-adjusted investment returns are rated among the top ten for its asset class – endowments and foundations with assets greater than $1 billion, according to Cambridge Associates.
“Our investment team protected the endowment better than most during the Great Recession and this enabled us to increase our grantmaking at a time of extraordinary need,” says Rip Rapson, president and CEO. “David supported our investment team’s use of strategies to accomplish this.”
Horvitz will step down from the Kresge board following its March 2014 meeting. “I truly respect and appreciate David’s decision,” adds Rosen, “and thank him for his service.”