Managing Partners

Edgehill’s Managing Partners, Ellen Shuman and Nina Scherago, are leading practitioners in the endowment and foundation investment management field.  The sole focus of the Managing Partners is to apply their experience, judgment and professional network to generate strong investment performance on behalf of a limited number of endowments and foundations.


D. Ellen Shuman, CFA
D. Ellen Shuman, CFAManaging Partner

Prior to founding Edgehill Endowment Partners, Ellen served as Vice President and Chief Investment Officer of Carnegie Corporation of New York (January 1999 to July 2011). Ellen was its first Chief Investment Officer, recruited by President Vartan Gregorian. Ellen built the investment office and implemented a set of strategies that dramatically diversified the portfolio – globally and by asset class – generating investment performance that exceeded the Corporation’s policy benchmark. Throughout her tenure, the Corporation’s assets grew from $1.5 billion to $2.55 billion, net of spending in excess of $1 billion.

Prior to Carnegie Corporation, Ellen worked for long-standing CIO David Swensen at the Yale Investment Office (1986-1998), serving as Director of Investments. At Yale, Ms. Shuman focused on real estate, energy and fixed income asset classes, including the University’s debt issuance. She taught several courses at Yale College and the Yale School of Management on Finance and Real Estate Investing.

Ellen received the Institutional Investor Award for Excellence in Investment Management by Foundations in 2006. She was profiled in Foundation and Endowment Investing, by Cathleen Rittereiser and Larry Kochard, published in 2008 by Wiley & Sons, and has received Institutional Investor magazine’s Lifetime Achievement Award in Investment Management for foundations in May 2014.

Ellen has served on the board of both colleges and foundations. She was a trustee of Bowdoin College for 21 years (1992-2013), serving as Vice Chair, a member of the Presidential Search Committee, the investment committee and the audit committee (chair). She was an investment advisor, trustee, and investment committee chair of the Edna McConnell Clark Foundation (1998-2013), and a board member of The Investment Fund for Foundations (2000-2009).

Ellen graduated with a B.A. magna cum laude from Bowdoin College and received an M.P.P.M. from the Yale University School of Management. She has earned the Chartered Financial Analyst designation.

Nina F. Scherago, CFA
Nina F. Scherago, CFAManaging Partner

Prior to founding Edgehill Endowment Partners, Nina was Deputy Chief Investment Officer of The Investment Fund for Foundations  (TIFF), an organization she served from 1998-2012.  She served as a TIFF board member before she was recruited to TIFF by its founding President, David Salem.  Nina joined TIFF to establish and lead its hedge fund program for endowments that became known as the TIFF Absolute Return Pools.  Under Nina’s leadership, the TIFF Absolute Return Pools progressed from an idea to a $2.8 billion fund with 230 clients.  Also during her tenure, assets stewarded by TIFF rose from $1.2 billion for about 280 clients to $10 billion for 900+ clients. She was extensively involved in process and organizational changes that flowed from TIFF’s growth including: client education, working with boards, expanding investment analytics provided to clients, operating with a rigorous compliance framework to allocate scarce manager capacity across TIFF vehicles, and personnel development.

Prior to joining TIFF, Nina served as a Managing Director at Howard Hughes Medical Institute (HHMI) from 1988-1998, where she developed the private investment program.  She was responsible for private equity and real assets that included buyouts, venture capital, real estate, energy and timber.  Nina built HHMI’s private investment portfolio from $150 million to $1.2 billion over a 10-year period and developed a private investment team.

Nina has served on the boards of foundations, independent schools and colleges.  She currently serves as a Trustee of Smith College, and until recently chaired its investment committee.  Nina has been involved with Smith College as either a trustee and/or an investment committee member for 17 years.  She just completed a 9-year term on the board of the University of Virginia Investment Management Company (UVIMCO) in June 2013.

Nina graduated with a B.A. from Smith College and received an MBA from the Darden School at the University of Virginia.  She has earned the Chartered Financial Analyst designation.