Apr 6, 2026
Bruce MacDonald is the CEO and CIO of the Virginia Commonwealth University Investment Management Company, which runs $2.5 billion for VCU’s endowment and health system. Bruce joined the University in 2015 and shortly thereafter, had the opportunity to sell the portfolio and start fresh. Since being promoted to CIO in 2022, VCU has been a top decile performer with a team of just five investment professionals.
Our conversation covers Bruce's unconventional path from a religion
major at Wesleyan to fixed income investing at Putnam and endowment
roles at Columbia and UVIMCO before arriving at VCU. We discuss the
principles of VCU’s approach, including building a portfolio around
secular tailwinds like India, Vietnam, gold, and artificial
intelligence while maintaining abundant liquidity to act
countercyclically during market dislocations. We explore
VCU’s team-based underwriting process, lessons learned from
mistakes, and personal influences that have
shaped Bruce’s investment philosophy.
Learn more about our Strategic Investments: Ascension.
Learn More
Follow Ted on Twitter at @tseides or LinkedIn
Subscribe to the mailing
list
Access Transcript with Premium Membership