In 2009, the UC Berkeley Foundation created the Berkeley Endowment Management Company (BEMCO) as a non-profit subsidiary to manage the investment of endowment funds given in support of Berkeley’s mission of teaching, research, and public service.
A full time, professional investment team ensures the highest quality stewardship of assets private donors have already entrusted to the UC Berkeley Foundation, and those that will come from ongoing fundraising efforts.
“The creation of the Berkeley Endowment Management Company is a turning point for the UC Berkeley Foundation endowment,” said Scott Biddy, president of the UCBF. “With state support that accounts for a diminishing share of the campus budget, the University needs a variety of revenue streams to achieve a stable and secure financial future, and managing and building the endowment is key to this objective.”
Structure and Oversight
BEMCO is a wholly-owned, non-profit subsidiary of the UC Berkeley Foundation and is overseen by a board of directors comprised of members of the Foundation’s board and professional investors. The Foundation’s board of directors is responsible for setting spending policy, annual payout and investment policy. BEMCO executes its investment program in line with those policies.
Corporate Governance and Proxies
The exercise of corporate governance rights, including the voting of proxies, is an essential part of managing any investment. There are thousands of proxy issues that arise in any given year in the course of managing a portfolio of this scale, and the exercise of those governance rights is done directly or by our delegates in line with our responsibility as stewards of capital for the UC Berkeley Foundation.
Conflicts of Interest Policy
The board, officers, and staff of the UC Berkeley Foundation and BEMCO proactively identify and avoid conflicts of interest that could arise, and are all required to annually attest to the lack of any conflicts.