Key Takeaways
- • Jeffrey Chang appointed as managing director of investments at NYU's $6 billion endowment, effective January 21, 2025, joining existing MDs Adam Kobor and Paul Cotter under CIO Michelle Knudsen.
- • Chang will oversee alternative investment portfolio design, sourcing, and management across hedge funds, liquid and illiquid credit, and absolute return strategies—a mandate reflecting institutional appetite for diversified alternative allocations.
- • Chang brings over a decade of private equity leadership experience as senior managing director and head of PE at Guardian Life, plus prior roles at Performance Equity Management and Thomson Financial.
- • Michelle Knudsen, NYU's CIO since May 2024 (recruited from Andrew W. Mellon Foundation), continues rebuilding the endowment's portfolio through senior leadership hires in alternative investments.
Summary
NYU's $6 billion endowment has appointed Jeffrey Chang as managing director of investments, a senior portfolio role focused on sourcing and maintaining diversified alternative investments. Chang announced the appointment on LinkedIn on January 21, 2025, and joins two existing MDs, Adam Kobor and Paul Cotter, on the investment team.
In his new position, Chang will report directly to Chief Investment Officer Michelle Knudsen and will be responsible for designing, sourcing, and maintaining a portfolio spanning hedge funds, liquid and illiquid credit instruments, and other absolute return-oriented strategies. This mandate reflects the endowment's strategic emphasis on alternative asset classes as core portfolio components—a positioning consistent with broader institutional investor trends toward diversified return sources beyond traditional equities and bonds.
Chang's appointment represents a continuation of Knudsen's leadership strategy since her arrival at NYU in May 2024 from the Andrew W. Mellon Foundation, where she served as senior portfolio manager. Knudsen has been tasked with rebuilding the endowment's portfolio allocation and has moved to strengthen the investment office's bench with experienced alternative investment specialists.
Prior to joining NYU, Chang spent over a decade at Guardian Life in a senior capacity, where he led the firm's private equity operations as senior managing director and head of PE. His career also includes positions at Performance Equity Management and Thomson Financial, providing substantial experience across alternative asset management and institutional portfolio construction.
In his new position, Chang will report directly to Chief Investment Officer Michelle Knudsen and will be responsible for designing, sourcing, and maintaining a portfolio spanning hedge funds, liquid and illiquid credit instruments, and other absolute return-oriented strategies. This mandate reflects the endowment's strategic emphasis on alternative asset classes as core portfolio components—a positioning consistent with broader institutional investor trends toward diversified return sources beyond traditional equities and bonds.
Chang's appointment represents a continuation of Knudsen's leadership strategy since her arrival at NYU in May 2024 from the Andrew W. Mellon Foundation, where she served as senior portfolio manager. Knudsen has been tasked with rebuilding the endowment's portfolio allocation and has moved to strengthen the investment office's bench with experienced alternative investment specialists.
Prior to joining NYU, Chang spent over a decade at Guardian Life in a senior capacity, where he led the firm's private equity operations as senior managing director and head of PE. His career also includes positions at Performance Equity Management and Thomson Financial, providing substantial experience across alternative asset management and institutional portfolio construction.
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