Jonathon King
The University of North Carolina announced the retirement of Jonathon King, the president, CEO and CIO of the UNC Management Co., which manages the $12.2 billion commingled UNC Investment Fund, including the university’s endowment and assets of affiliated institutions in the University of North Carolina System.
King will retire at the end of the calendar year, according to a statement from the university. King has spent more than 20 years as CIO, joining the UNCMC in January 2005. He previously served as CIO at Dartmouth College for 16 years.
The nonprofit UNCMC manages the assets of the University of North Carolina at Chapel Hill Foundation Investment Fund Inc. through the UNC Investment Fund LLC, a vehicle that also invests the assets of constituent institutions and their affiliated endowments and foundations.
“It has been an honor and a privilege to support the campuses across the University of North Carolina system, their impactful missions, and exceptional students and faculty. I recognize that the investment decisions we make at UNCMC have had and will continue to have a significant impact,” King said in a statement. “I am proud of what we have achieved at UNCMC over the last 20 years.”
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The UNCMC board has formed a search committee to conduct a nationwide search for a replacement, led by Board Chair Michael Kennedy and UNC Chapel Hill Investment Foundation Investment Fund Chair David Carroll.
“Jon has been an exceptional leader,” Kennedy said in a statement. “He should be extremely proud of his many accomplishments, including, perhaps most importantly, of the team he has assembled, developed, and led at UNCMC. While his leadership will certainly be missed, we are confident that he has laid the groundwork for continued success going forward.”
Since joining UNCMC in 2005, assets of the university system have increased nearly tenfold. Of the $12.2 billion in assets it manages, more than $9 billion have come from investment returns.
“This success has been made possible, in large measure, by the tireless and creative efforts of the investment team and staff that support them, which I have been fortunate to lead, grow, and learn from over the years,” King said in a statement.
Over the past five-, 10-, 15- and 20-year periods, annualized, the endowments’ investments have returned 13.2%, 9.7%, 10.1% and 9.1%, respectively. Per the fund’s 2024 fiscal year report, the endowment returned 12.6% in fiscal 2024, outperforming its benchmark of 8.6%.
As of June 30, the endowment allocated 34.2% of its assets to private equity, 25.6% to long equity, 14.9% to long/short equity, 9.1% to diversifying strategies, 8.0% to real estate, 5.5% to fixed income, 3.5% to energy and natural resources, and 0.6% to cash and other assets.
King earned a bachelor of arts degree in economics from Middlebury College and an MBA from the Tuck School of Business at Dartmouth.
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