Announcement from Berkeley Endowment Management Company Board 

July 3, 2025 

The Berkeley Endowment Management Company (BEMCO) Board announced that David McAuliffe will be stepping down as president and chief investment officer on July 31, 2025. McAuliffe has served in this role since 2017. A nationwide search will begin shortly for the next president and CIO. The BEMCO board has been in close communication with the leadership of the Foundation and will work with staff during this transitional period to ensure smooth continuity of company functions. 

David has served for nearly eight years at the helm of BEMCO. We are grateful to him for his service to UC Berkeley, for his dedication and hard work in service of the endowment, and for his leadership in building a high caliber investment team. 

BEMCO Chair, Cyrus Hadidi said, “We thank David for his crucial role in expanding the reach and ability of BEMCO to support the mission of UC Berkeley. He has been a thoughtful leader throughout his tenure with BEMCO. We are grateful for the time he devoted to Cal, and we wish him every success going forward.” 

The BEMCO Board remains focused on safeguarding the health and growth of Berkeley’s endowment. We have a responsibility to our donors who have entrusted us with their resources to sustain and enhance Berkeley’s capacity for discovery, innovation, and social mobility. This transition offers BEMCO an opportunity to build upon a well-diversified portfolio of outstanding investment assets and build ever closer relationships between BEMCO and the research and entrepreneurial ecosystem at Berkeley. 

BEMCO was launched in 2009 as a subsidiary corporation to manage the investment of endowment gifts that have been entrusted to the UC Berkeley Foundation in support of UC Berkeley’s mission of teaching, research, and public service. Since its inception, BEMCO’s endowment has grown from $736M in assets to over $3 B, enabling an endowment payout of over $120M to campus beneficiaries this fiscal year.