Los Angeles-based healthcare system Cedars-Sinai has hired its first-ever chief investment officer.
Longtime Caltech endowment senior managing director Pasy Wang has been tapped for the newly created role, two sources have confirmed.
Wang is expected to depart from Caltech, which manages $4.2 billion, at the end of the month. Doug MacBean has been promoted to replace Wang at Caltech.
Wang will be in good hands with Cedars-Sinai’s board, which includes a number of prolific investors. Ares co-founder David Kaplan is the board’s vice chair, while board members include Oaktree Capital CEO Jay Wintrob, Barclays chief risk officer Dale Cochran, and Milken Family Investment Company CEO and CIO Josh Lobel, among others.
A spokesperson for Cedars-Sinai did not return a phone call and multiple emails requesting comment.
Wang has long been a promising CIO prospect. In 2013, Institutional Investor named her a Hedge Fund Rising Star. She had joined Caltech three years prior, in 2010.
Before working for the endowment, Wang spent five years at Pacific Alternative Asset Management Company, where she co-managed opportunistic hedge fund portfolios.
Wang studied engineering at the University of California, Los Angeles, before joining Deloitte, her first employer, in 1999. She then pursued an MBA at Columbia Business School before joining PAAMCO.
She serves as an independent director on the board at publicly-traded American Business Bank. She also serves on the Mortimer & Mimi Levitt Foundation board as treasurer and chair of the finance committee, and as a board member for the Boys & Girls Club of Venice.