Jane Mendillo
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Jane L. Mendillo is an American endowment fund manager. She was the president and
chief executive officer A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...
of the Harvard Management Company, charged with managing
Harvard University Harvard University is a Private university, private Ivy League research university in Cambridge, Massachusetts, United States. Founded in 1636 and named for its first benefactor, the History of the Puritans in North America, Puritan clergyma ...
's endowment. She led the investment team from 2008 to 2014, when the endowment was valued at $36.4 billion, having recovered fully from the
2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...
. Prior to leading the company, from 1987 to 2002, she was in charge of managing the endowment's domestic equities, venture capital, natural resources investments and charitable trusts. After 15 years in various investment positions at Harvard Management Company, in 2002 she was tapped to be the chief investment officer at
Wellesley College Wellesley College is a Private university, private Women's colleges in the United States, historically women's Liberal arts colleges in the United States, liberal arts college in Wellesley, Massachusetts, United States. Founded in 1870 by Henr ...
. She left Wellesley in 2008, leaving the endowment at $1.67 billion (up from its 2002 market value of $1.03 billion). In the summer of 2008, she returned to Harvard Management as President and CEO. Her time at Harvard was marked by
2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...
, during which the University was under severe financial strain, and the endowment came under significant pressure to provide substantial liquidity and perform. In 2009, ''Forbes Magazine's 100 Most Powerful Women'' List placed Mendillo as number 37, before
Margaret Chan Margaret Chan Fung Fu-chun (born 21 August 1947) is a Chinese-Canadian physician, who served as the Director-General of the World Health Organization (WHO) delegating the People's Republic of China from 2006 to 2017. Chan previously served a ...
and after
Hillary Clinton Hillary Diane Rodham Clinton ( Rodham; born October 26, 1947) is an American politician, lawyer and diplomat. She was the 67th United States secretary of state in the administration of Barack Obama from 2009 to 2013, a U.S. senator represent ...
.


Early life and education

Jane Mendillo was born in
New Britain, Connecticut New Britain is a city in Hartford County, Connecticut, Hartford County, Connecticut, United States. It is located approximately southwest of Hartford, Connecticut, Hartford. The city is part of the Capitol Planning Region, Connecticut, Capitol ...
. She earned a BA in English from
Yale College Yale College is the undergraduate college of Yale University. Founded in 1701, it is the original school of the university. Although other Yale schools were founded as early as 1810, all of Yale was officially known as Yale College until 1887, ...
in 1980 and an MBA from the
Yale School of Management The Yale School of Management (also known as Yale SOM) is the graduate school, graduate business school of Yale University, a Private university, private research university in New Haven, Connecticut. The school awards the Master of Business Admi ...
in 1984.


Investment career


Harvard beginnings

Jane was employed by the Harvard Management Company from 1987 to 2001. She occupied various roles, including vice president of external management, in which she had investment responsibility for $7 billion in Harvard assets, including $6 billion in externally managed investments for the Harvard endowment, and $1 billion in Harvard pension and related accounts. Jane's other positions at Harvard Management included domestic equities investment, venture capital investment, and the management and investment of charitable trusts and gifts.


Wellesley's endowment

After fifteen years at Harvard she was tapped by
Wellesley College Wellesley College is a Private university, private Women's colleges in the United States, historically women's Liberal arts colleges in the United States, liberal arts college in Wellesley, Massachusetts, United States. Founded in 1870 by Henr ...
in 2002 to create and lead their investment team. She was the chief investment officer at
Wellesley College Wellesley College is a Private university, private Women's colleges in the United States, historically women's Liberal arts colleges in the United States, liberal arts college in Wellesley, Massachusetts, United States. Founded in 1870 by Henr ...
from 2002 to 2008 and was responsible for the investment policy and management of the College's endowment. During her tenure the college's endowment increased from $1.03 billion to $1.67 billion
USD The United States dollar (symbol: $; currency code: USD) is the official currency of the United States and several other countries. The Coinage Act of 1792 introduced the U.S. dollar at par with the Spanish silver dollar, divided it int ...
.


Return to Harvard's endowment

She returned to Harvard as its president and chief executive officer on July 1, 2008 and was responsible for directing its $36.9 billion endowment. She assumed leadership of the endowment management team just before the
2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...
and is credited with keeping the university's
liquidity Liquidity is a concept in economics involving the convertibility of assets and obligations. It can include: * Market liquidity In business, economics or investment, market liquidity is a market's feature whereby an individual or firm can quic ...
above water, although the investments suffered a sharp 27.3% decrease in market value in her first year at the helm. As the markets recovered in 2010 and 2011, the endowment posted positive returns of 11%, and 21%, respectively. At the end of fiscal year 2011, as reported by the college's magazine, the endowment had recovered substantially, increasing from $27.6 billion to $32.0 billion, while simultaneously providing hundreds of millions of dollars to the University's budget. After the 2014 fiscal year, the endowment posted a gain of +15.4%, increasing its value to $36.4 billion, the largest in among all US Universities. The endowment over her tenure exceeded both the University's long-term target returns and its market benchmarks. It was reported that her compensation from 2008 to 2014 rose significantly, starting at approximately $2.5 million, eventually leading to a compensation package of $13.8 million in 2014. She retired from managing Harvard's endowment in 2014.


Personal life

Jane lives in
Concord, Massachusetts Concord () is a town in Middlesex County, Massachusetts, United States. In the 2020 United States census, 2020 census, the town population was 18,491. The United States Census Bureau considers Concord part of Greater Boston. The town center is n ...
with her husband, Ralph Earle III, and their two children, Elizabeth and Thomas. Mendillo is a member of the Council on Foreign Relations and also a member of the boards of directors of General Motors and Lazard. She was previously a member of the Yale University Investment Committee, Rockefeller Foundation Investment Committee, the Mellon Foundation Board and Investment Committee, and the chair of the investment committees of Partners Healthcare System and The Investment Fund for Foundations (TIFF). ''Forbes Magazine'' included Mendillo in the 100 Most Powerful Women list of 2009.


References

{{DEFAULTSORT:Mendillo, Jane Living people Yale School of Management alumni Directors of Harvard Management Company Bain & Company employees American chief executives of financial services companies American women chief executives Year of birth missing (living people) Yale College alumni 21st-century American women