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The Bush Foundation
Headquartered in St. Paul, Minnesota, the Bush Foundation was
founded in 1953 by Archibald Granville Bush, an American
businessman at 3M, and his wife, Edyth Bassler Bush. The Foundation
was established to advance “scientific, educational, and charitable
purposes” and today supports a range of initiatives, including
leadership development, community problem solving, Native nation
building, student-centered learning and the arts. The Foundation
operates with a staff of 30+, stewards an endowment that has grown
to $1.6B and has a combined operating and philanthropic budget for
2022 of $70MM. More information about us can be found at bushfoundation.org.
We inspire and support creative problem solving – within and
across sectors – to make our region better for everyone. Everything
we do is to advance this purpose. It is what ties all our work
together. We invest in great ideas and the people who power them in
Minnesota, North Dakota, South Dakota, and the 23 Native nations
that share this geography. This is both our tagline and our
strategy to advance our purpose. We work through open grantmaking
programs to support organizations and people who think bigger and
think differently about solutions to problems in their communities
- Develop, test and spread great ideas that will make the region
better for everyone
- Inspire, equip and connect people to more effectively lead
Our Operating Values
We believe that change happens through people and that the
future of our region depends on what the people in it believe they
can do and be. We consider every investment to be an investment in
people, to think bigger and think differently about what is
possible. Our operating values guide everything we do. We try to
live them in every aspect of our grantmaking and our
- Spread Optimism. We encourage individuals and
organizations to think bigger and think differently about what is
possible. We are positive and supportive in our internal and
- Work Beyond Ourselves. We actively seek
opportunities to work in true collaboration with others to have
more impact. We are willing to both lead and follow. We candidly
share what we learn with others.
- Everybody Matters. We are a champion for both
excellence and equity inside and out of the Foundation. We have
fair, open and inclusive processes. We work to raise overall
quality of life while also closing opportunity and achievement
- Steward Well. We demonstrate appreciation for
the Foundation’s history and thoughtfully build on its legacy. We
hold ourselves to high standards of integrity and accountability
and conduct ourselves in a way we hope would make our founders
- More Good. Every Year. We are a true learning
organization and work to be smarter and more effective every year.
We never lose sight of the reason we exist: to do the most possible
good with the resources left to the community by Archibald G.
We have a deep organizational commitment to equity and that
commitment is integrated throughout what we do and how we do it. We
try to ensure we are accessible and relevant to people all around
the region and we make sure that we are investing in communities
with the greatest needs. We have a long-standing specific
commitment to investing in Native Americans and the 23 Native
nations in our region.
The Foundation has been going through significant organizational
change. We were already making strategy shifts when the global
pandemic, the recession that deeply affected communities in the
region and the racial reckoning following the murder of George
Floyd pushed us to change even more quickly. We are working to be
more open, more responsive and a stronger force for equitable
change in the region. This includes doing more to advance racial
equity, making bigger and longer-term commitments to support
transformative change and sharing more power and working with and
through community-based organizations. We have shifted structure
and redefined jobs and are figuring out the day-to-day implications
of some of these decisions. In all this change, we are hoping to
increase our impact in making the region better for everyone.
The Foundation’s investment portfolio includes $1.6B spread
across a wide variety of asset classes. Approximately 50% of the
portfolio is invested in private equity investments. While the
portfolio has performed well overall, this particular class of
investment has performed particularly well and has grown as a
percentage of overall portfolio value. In recent years the
portfolio’s total returns have consistently been in the top 1% when
compared against peers.
In addition to more traditional aligned investments, the
portfolio includes Impact Investments, including Program Related
Investments and Mission Related Investments. These investments,
which seek social and/or environmental benefits that are measured
in addition to financial return, represent a small but growing
portion of the portfolio, with specific goals for increasing
portfolio share over the next several years. As described in our
Investing Statement, the Foundation’s impact investing activity
is focused on advancing equity in capital markets and supporting
business and community development in Minnesota, North Dakota,
South Dakota and the 23 Native Nations we serve.
Thoughtful and effective investment management is core to our
strategy. With the pending retirement of our long-tenured
investment leader, we are seeking a Managing Director of
Investments who will advance the Foundation’s goals by leading the
investment and asset allocation strategies so that we can meet our
near-term and long-term goals. Aligning these decisions with our
mission is paramount.
Chief Operating Officer
- Investment Committee and Chair
- Investment Consultant (Cambridge Associates)
- Various Investment Managers
- Finance Director
- Board of Directors
- All Bush Foundation Staff
Our primary office is located in St. Paul, MN. Three of the 33
current staff live outside of the Twin Cities area. We are a
place-based foundation with a commitment to and focus on serving a
specific region so all employees are expected to live in the region
that we serve. We are transitioning to a hybrid work
environment, with the goal of providing flexibility for staff to
work from the location that fits them best. When our hybrid work
model is fully implemented, Twin Cities-based staff will be on site
on every Wednesday, with an additional on-site day planned once a
month. Staff are welcome to work in the office more frequently if
Starting salary: $354,000 annual full-time exempt
Benefits: The Foundation offers excellent benefits, including
health, dental, life and disability insurance; generous retirement
contributions; professional development and vacation, sick and
Travel: Up to 25% planned travel will be required to monitor and
select the Foundation’s investment managers.
- Monitor performance and periodically rebalance portfolio to
meet asset allocation targets and the Foundation’s short- and
long-term cash needs.
- Monitor portfolio liquidity to provide flexibility to make
investments and assure payout requirements can be met.
- Work with investment consultant to monitor and manage key
portfolio risk factors.
- Review economic trend data and stay current with general
capital market developments.
- Ensure that portfolio reflects the Foundation’s Impact
Investing and ESG goals.
Investment Manager Due Diligence, Selection and Monitoring
- Provide strategic direction to the investment consultant in due
diligence and selection of new managers and removal of managers,
including understanding their diversity policies and practices
across a broad range of asset classes. Work with investment
consultant to maintain a pipeline of prospective managers.
- Form opinions as to manager risk and return profile and overall
portfolio fit and mission alignment prior to recommendation to the
- Review performance and develop relationships in order to act as
the Foundation’s “eyes, ears and voice” independent of the
- Engage, manage and perform ongoing evaluation of the
Foundation’s outside investment consultant.
- Serve as lead liaison and support to the Investment Committee
Chair and investment consultant to prepare quarterly Investment
Committee meeting agendas that incorporate major risks,
opportunities and issues.
- Work closely with Investment Committee and full Board of
Directors as needed to develop, adjust and monitor investment
policy and strategies and support organizational goals.
- Interact directly and independently with the Investment
Committee Chair and members, developing trusting and productive
- Assist in recruiting new members to the Investment
Organizational Leadership and Participation
- Lead the investment function, ensuring a positive and
- Provide organizational leadership, including raising and
resolving cross-organizational issues.
- Actively engage with Foundation staff to learn, reflect and act
together so that the Foundation’s shared goals for community impact
can be met. Actively demonstrate core organizational values in
performing all duties.
Investment Team Leadership
- Support, lead and inspire direct report(s) to ensure a positive
and collaborative environment resulting in a high performance and
continuous improvement culture which values the contribution of
each team member.
- Conduct regular individual and team performance assessments.
Facilitate and support growth, training and development of team
Ideal Candidate Profile
The ideal candidate will possess a passion for institutional
investing, a belief in the power of philanthropy to transform
communities and an appreciation for the importance of aligning the
Foundation’s investment activities with the organization’s mission
and programming. Critical success factors include the ability to
build collaborative relationships with key internal and external
partners and authentically demonstrate a leadership style that
conveys trust and confidence.
Leadership Competencies Expected
- Functional Expertise: We are a small
organization with big aspirations. All our leadership roles call
for people who can do both big picture strategic thinking and the
hands-on work to make it happen.
- Cultural Competence: We have a strong
organizational commitment to equity with a particular focus on
advancing racial equity. We need people who will consider the
equity implications of every decision so that everything we do
works well for people of different backgrounds and abilities. We
need leaders who are committed to anti-racism and are comfortable
directly addressing issues of race and cultural difference.
- Inclusive Decision-Making: We are an inclusive
organization and we need leaders that model intellectual curiosity
and collaborative problem solving. We need people who build
capacity to evaluate ideas and information analytically,
conceptually and critically and effectively shepherd
recommendations and solutions.
- Fosters Collaboration: We are a very
collaborative organization and nearly all our work is shared. This
means we need people who are really good at intentional planning
and decision making, eager and willing to seek out and learn from
feedback and input. This means raising and resolving issues in
inclusive ways, with good communications with stakeholders all
along the way – while still able to move things forward.
- Emotional Intelligence: We need people who
possess a high level of self-awareness, empathy, humility and
social awareness. This means having leaders who effectively manage
personal emotions and behaviors to foster productive relationships
and influence others.
- Values Driven: We are a values-driven
organization. We need people who are enthusiastic about the
Foundation’s values and are willing to reflect, learn and act to do
what it takes to live up to them.
Skills, Experience and
- Compelled by the mission and purpose of the Foundation;
demonstrates authentic commitment to aligning mission with position
responsibilities and genuine interest in participating in
cross-foundation activities, some of which are directly related to
the investment work and some that are less directly aligned.
- Inspired by our operating values; has a track record of
advancing equity in community and/or workplace. Involvement in
community activities is a plus.
- Significant institutional investment management experience and
demonstrated success through multiple market cycles. This would
usually require 10+ years of experience managing a complex
investment portfolio of $500MM+.
- Experience with private equity investments is required in
addition to expertise in at least one other asset class; comfort
across all asset classes is critical (private equity, public
equity, debt instruments, hedge funds, etc.).
- Demonstrated experience with Environmental, Social and
Governmental (ESG) criteria, Program Related Investments (PRI),
and/or Mission Related Investments (MRI); successful track record
- Experience partnering with an institutional investment
consultant and experience selecting, monitoring and building
relationships with fund managers.
- Experience managing/staffing a board/committees and/or
experience on a governing board; understands investment governance
and has ability to drive agenda items.
- Demonstrated ability to facilitate discussions and lead debates
on investment strategies with well informed and opinionated
experts; allows and encourages alternative points of view.
- Experience organizing, analyzing and distilling investment data
to support recommendations.
- Demonstrated leadership and supervisory skills and success
supporting and developing talented colleagues to succeed
individually and as a team.
- Relevant advanced degree(s) and certifications and/or evidence
of pursuit of expertise.
Preferences and Workstyle
- Leadership approach that builds confidence with staff, board
and Investment Committee.
- Comfort and patience working with stakeholder groups to reach
shared outcomes as facilitator and participant.
- Interest and ability to build organization’s capacity around
- Willing to be both a leader and a follower, able to speak up
and stand up for less popular points of view or to be persuaded by
others as called for by the situation.
- Affable and self-aware; builds rapport and trusting
- Culturally fluent, able to work well with people from a wide
range of cultural backgrounds and dedicated to racial equity.
- Takes a long-term view consistent with the Foundation’s culture
The Bush Foundation has prepared a video recording to provide
more background and information on the Foundation and this role.
You can view the recording after June 15, 2022, at https://www.bushfoundation.org/job-opportunities.
The Foundation has partnered with Doran Leadership Partners to
lead this search. Please send your resume to Heidi.Westlind@DoranLeadership.com
Applications will be accepted until July 22, 2022, but review of
candidates will begin right away. If your interest in this role is
high, we recommend an early application for immediate