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Investment Committee

The Investment Committee (IC) is comprised of representatives from throughout the foundation, including the CFO, General Counsel, Program CFOs, a selection of program directors/deputy directors from across the foundation who have relevant finance expertise.

The IC is responsible for providing review, input, approval, and ongoing oversight of all PRIs. Specifically, the Investment Committee reviews the Concept Note for each PRI, discussing key points of due diligence and whether they are likely to eventually recommend the investment to the Program President/Co-Chairs. Every PRI comes back to the Investment Committee where the Investment Memo is presented for final recommendation.

The following people are members and observers of the IC:


Carolyn Ainslie

Carolyn Ainslie, Chief Financial Officer at the Bill & Melinda Gates Foundation, oversees finance and accounting, financial planning and analysis, risk and assurance, partner organizational effectiveness, the strategic investment fund, and several special initiatives. This is both a strategic and operational leadership role, responsible for maximizing impact across the foundation’s portfolio of programmatic investments in global health, global development, and education.

Prior to the foundation in 2018, Carolyn worked for 10 years as Princeton University’s Vice President for Finance and Treasurer where she was responsible for the central financial functions of the University and as a member of the President’s senior staff, served as a key partner on strategic university initiatives. She also spent 10 years as the Vice President for Planning and Budget at Cornell University.

Carolyn holds a master’s in business administration in finance from the University of Rochester and bachelor’s degree from Bucknell University.


Connie Collingsworth

Connie Collingsworth is the Chief Business Operations Officer and a member of the Executive Leadership Team of the Bill & Melinda Gates Foundation, the world’s largest foundation with over $43 billion in assets. In this role, she oversees much of the foundation’s daily operations, providing guidance and leading strategic planning to drive operational efficiency and effectiveness in support of the foundation’s mission.

Ms. Collingsworth is a board member and Chair of the Governance & Nominating Committee of Banner Corporation, a bank holding company, with assets of approximately $10 billion. Ms. Collingsworth is also a board member and Chair of the Compensation Committee of Premera Blue Cross, one of the largest health plans in the Pacific Northwest in the United States.

Prior to joining the foundation, Ms. Collingsworth was a partner of Preston Gates & Ellis (now K&L Gates), a major U.S. law firm, where she served as a member of the firm’s Executive Committee. Her practice focused on commercial transactions, merger and acquisitions, and private equity financing.

Ms. Collingsworth has extensive nonprofit governance experience, including currently serving as the Board Co-Chair of Women’s World Banking, a global institution, focused on expanding access of low-income women to financial services. She was previously the Board Chair of Social Venture Partners and was a Co-Founder, Board Chair and President of the French American School of Puget Sound.

Connie received an LL.M. in International Business Legal Studies from the University of Exeter, England, a J.D. from the University of Nebraska School of Law, and a B.A. in English from Andrews University.


Robert Davis

From 2002-2015, Robert was the co-founder and senior partner of ShoreView Industries, a private equity firm headquartered in Minneapolis and focused on lower middle market companies ($20MM-200MM revenue). Before that Robert co-managed two sequential private equity funds at a private equity firm headquartered in Minneapolis. From 1975-1995, he practiced law in New York, London, and Minneapolis, specializing in transaction law with a focus on mergers and acquisitions. Robert earned his BA in Mechanical Engineering and MME from Rice University: JD and MBA from Stanford University.


Nathan Every

A cardiologist by training, Dr. Every has been with Frazier Healthcare Partners since 1999. He has led or co-led exited investments including Biostent (acquired by Abbott), Calibra Medical (acquired by LifeSpan), Rigel Pharmaceuticals (NASDAQ: RIGL), FlowCardia (acquired by C.R. Bard), BARRx, (acquired by Covidien), Ascension Orthopedics (acquired by Integra Lifesciences), Zeltiq (NASDAQ: ZLTQ), Glaukos (NASDAQ: GKOS), Packaging Coordinators Inc. (acquired by The Partners Group) and Abode Healthcare (acquired by Tailwind Capital). He currently serves on the boards of Correct Care Solutions, United Derm Partners, Silvergate Pharma, PCI, Leiter’s, The CORE Institute, Vein Clinics of America, and Caravel Autism Health. He also serves on the PRI Investment Committee for the Bill and Melinda Gates Foundation.

Prior to joining Frazier, Dr. Every was an associate professor of medicine and the director of the Cardiovascular Outcomes Research Center (CORC) at the University of Washington.

Nathan earned an M.D. from Emory University School of Medicine and a Masters of Public Health (M.P.H.) from the University of Washington.


Andrew Farnum

Andrew is the Director of the Bill & Melinda Gates Foundation’s Strategic Investment Fund.

Andrew formerly worked at the Children’s Investment Fund Foundation, where he was responsible for developing private sector projects in Africa and India. Previously, Andrew was an investor at TPG Capital’s Aqua International Partners, where he focused on investments in the developing world, and was an investment banker at Goldman Sachs.

Andrew has a master’s degree in international development from the Harvard Kennedy School and a bachelor’s degree in molecular biology from Princeton University.


Mark Hartmann

Mark is currently the sole principal of MH Advisory Services LLC, a US-registered investment advisor that serves as a sub-advisor to funds managed by Helios Investment Partners LLP (“Helios”). Helios is the largest Africa-focused private equity firm, with more than $3B of funds under management. Mark currently serves as a member of the Helios Investment Committee and as a non-executive director of two Helios portfolio companies: Africatel Holdings B.V. (a joint venture between Helios and Oi S.A.), which owns stakes in several telecommunications companies across Sub-Saharan Africa; and Petrobras Oil & Gas B.V. (a joint venture between Helios, BTG Pactual, and Petrobras), which owns interests in two of Nigeria’s largest deep water oil blocks. Until July 2014, Mark served as a Partner of Helios.

Prior to joining Helios in 2008, Mark managed highly concentrated portfolios of U.S. publicly traded equity securities, first as the founder and sole managing partner of SF Capital Partners; and subsequently, as a partner and shareholder of R. Eliot King & Associates, an institutional money management firm based in Menlo Park, California. Previously, Mark spent six years with TPG Capital (“TPG”), where he served as a Principal with the firm’s Generalist Group in San Francisco, and as a Managing Director of TPG’s Latin American affiliate, Newbridge Latin America, where among other responsibilities, he ran the firm’s office in Brazil. Prior to joining TPG, Mark was a Vice President with IVP, a Brazilian venture capital firm specializing in the media/telecom industry. He began his career in 1992 at the IFC, the private sector arm of the World Bank Group, where he was an Investment Officer in the Telecommunications Division.

Mark has a M.Sc. (International Finance and Accounting) from The London School of Economics and Political Science, and a B.S. (Finance) from the American University, where he graduated, summa cum laude.


Tracia Luh

Tracia Luh, director and program chief financial officer of global health, leads the team that provides financial and strategic planning and analytical support across the foundation’s work in global health.

Tracia joined the foundation in 2016 as program chief financial officer of U.S. Program, the foundation’s education division. Prior to the foundation, Tracia was CFO of Andela, a talent accelerator funded by the Chan Zuckerberg Initiative, that trains software developers in Africa and places them with leading global companies.  She also was CFO and SVP of Corporate Development at Newsweek, a division of Graham Holdings/Washington Post, where she was hired to lead a financial review of strategic alternatives that culminated in a sale of the division.  Between 2000-2009, she held senior financial positions at ESPN/Disney, assessing operating performance and evaluating strategic transactions and investments.  She began her career in the Global Fixed Income departments of Merrill Lynch and Chase/JP Morgan, analyzing companies and publishing investment recommendations.

Tracia holds a bachelor’s degree from the Wharton School at the University of Pennsylvania and an MBA from the Kellogg School of Management at Northwestern University.  She serves on the Board of YMCA Greater Seattle, which manages the thirteen Seattle-area branches, and Lincoln Center Education, which provides arts education programs to under-served schools and communities.


Keith Matthews, Observer

In his capacity as Director, Legal, Keith primarily oversees legal work related to the foundation’s Global Development division. Keith also leads the legal team’s support of PRI activities.

Prior to joining the foundation, Keith served as Counsel at the law firm O’Melveny & Myers, where his practice focused on representing venture capital funds and private equity funds in connection with growth equity and venture capital investments, mergers and acquisitions and general corporate matters. While at the firm, Keith was seconded to the African Development Bank in Tunisia, where he represented the AfDB in public and private financings. Prior to joining O’Melveny & Myers, Keith was a Senior Consultant with Deloitte Consulting Group, where he focused on restructurings and mergers and acquisitions, and an Associate with the law firm Morgan, Lewis & Bockius, where he focused on general corporate matters and financings and worked in both the Philadelphia and Singapore offices of the firm. Prior to law school, Keith worked at Chemical Bank (now known as JPMorgan Chase), where he served as an analyst and a middle market loan officer.

Keith received his B.S. from the Wharton School at the University of Pennsylvania and J.D. from the University of Michigan


Jamie Morris

Jamie is the divisional chief financial officer for both Global Development and Global Growth & Opportunity at the Bill & Melinda Gates Foundation. Jamie’s primary responsibilities include helping develop and execute resource plans for foundation strategies and providing analytic and business and operational support to support both divisions. Jamie leads the team of business and finance professionals who conduct due diligence on foundation partners and charitable investments, working alongside our program staff and external partners to structure and manage our program investment portfolios. She also sits on both foundation’s Investment Committee as well as Innovative Finance Committee.

Jamie joined the foundation in 2010 in a similar role for the US Program division.  Prior to joining the foundation, she worked at Goldman Sachs in its investment banking division.

Jamie holds her MBA from Duke University’s Fuqua School of Business and her bachelor’s degree from the University of Notre Dame.