D. Ellen Shuman has worked in the field of endowment management for almost three decades, at Yale University (1984-1998) and at Carnegie Corporation of New York (1999-2011), stepping down from her position as Vice President and Chief Investment Officer at Carnegie Corporation in July 2011.

In January 1999, she joined Carnegie Corporation of New York as its first Chief Investment Officer, reporting to President Vartan Gregorian. During her tenure the portfolio grew from $1.6 billion to $2.7 billion, net of spending of over $1 billion to support “the advancement and diffusion of knowledge and understanding.” In addition, net investment performance of 7.9% for the decade ending September 30, 2010, outpaced inflation and spending, and was exceptional relative to the global equity markets which were essentially flat for the decade. Significant exposure to emerging markets, and alternative investments which represented over 50% of the portfolio in hedge funds, venture capital in the U.S., China and India, leveraged buyouts, and private real estate, were responsible for much of the outperformance relative to the policy benchmark.

At Yale University Ms. Shuman served as Director of Investments at the Yale University Investments Office reporting to Chief Investment Officer David F. Swensen. She was responsible for Real Estate, the endowment’s fixed income portfolio, and Capital Markets activities for the University, including tax-exempt and taxable debt issuance. She also taught courses in Yale College and the School of Management on Finance and Alternative Investments.

Ms. Shuman is a Trustee of Bowdoin College where she chairs the Audit Committee, and serves on the Investment Committee and Executive Committee; a Trustee of the Edna McConnell Foundation where she is the Investment Committee chair; and is a Director of General American Investors (NYSE:GAM) where she chairs the Audit Committee. She is an investment committee member of Brandywine Trust, the Community Foundation for Greater New Haven and the American Academy of Arts and Letters.

Ms. Shuman received the Institutional Investor Magazine Award for Excellence in Investment Management in 2006. Ms. Shuman was appointed a member of the Investors’ Committee of the President’s Working Group on Financial Markets in 2008, which issued a report on “Principles and Practices for Hedge Fund Investors” in January 2009.

Ms. Shuman attended Bowdoin College, receiving a B.A. in Art History, magna cum laude, and the Yale School of Management where she received an M.P.P.M. She earned the CFA designation in 1992.