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Harvard Management Company (HMC) announced today that Michael S. Chae ’90 has been elected to join its Board of Directors. Chae’s term will begin at the start of the upcoming fiscal year, on July 1.
Formed in 1974, HMC invests the University’s endowed funds and related financial assets. Distributions from these funds have grown to represent more than one-third of the University’s annual operating budget, contributing more than $2 billion each year in support of financial aid, groundbreaking research, world-class teaching, and more.
Chae is chief financial officer of Blackstone, the world’s largest alternative asset manager with over $1 trillion in assets, and is a member of the firm’s Management Committee and investment committees across most of the firm’s businesses. He joined Blackstone in 1997 and was a senior leader in its global private equity business before becoming its CFO.
“Not only will Michael bring his decades of investment expertise, financial management experience, and deep understanding of global markets to the HMC Board, but also his passion for supporting educational institutions,” said Paul Finnegan ’75, M.B.A. ’82, chair of the HMC Board. “We’re fortunate to be able to add his unique perspective in stewarding this critical resource for the University.”
Chae is a graduate of Harvard College, holds an M.Phil. in International Relations from Cambridge University, and a J.D. from Yale Law School. He has been actively engaged as an alumnus, including supporting financial aid, economic policy research, and public service at Harvard, as well as serving as a reunion co-chair.
Chae also brings to the HMC Board extensive nonprofit leadership experience. He serves on the boards of the Robin Hood Foundation, the St. Bernard’s School, and the Asia Society, is a member of the Council on Foreign Relations, and recently founded the Chae Initiative in Private Sector Leadership at Yale Law School. He is also the former Board President and Trustee Emeritus of the Lawrenceville School.
HMC’s Board is appointed by the Harvard Corporation (also known as the President & Fellows of Harvard College) to oversee management of the University’s endowment portfolio.
