— David L. Brigham
CPF Trustee 1981 - 1988
and 1997 - present;
Chair of Investment Committee 1997-present
The Church Pension Fund provides retirement and health benefits for the clergy and lay employees of the Episcopal Church. The $9 billion clergy plan is exceptionally well funded. Contributions are provided through assessments paid by local parishes on behalf of their priests. The Fund operates as a private, tax exempt organization in service to the church. It is not subject to ERISA or to FOIA regulations. Affiliated companies of the Fund provide life insurance to clergy and lay employees, and property and casualty insurance to Episcopal churches and institutions.
Investment oversight is provided by an experienced team of nine senior investment professionals and a total staff of fourteen led by Bill Cobb, a seasoned Chief Investment Officer with many years of accomplishment in the investment management industry. The Fund's President, the sixth chief executive in ninety years, is T. Dennis Sullivan, who has an extensive background in the investment and financial affairs of not-for-profit institutions. The Chair of the Investment Committee, having been called to service in two distinct periods, is David Brigham, truly a fiduciary's fiduciary, who served as president of a major investment management firm.
The Fund is large enough to invest in any asset class or strategy but small enough to be managed in an efficient and opportunistic manner. The portfolio is broadly diversified by asset class and strategy, and currently engages 139 investment managers and general partners. The investment staff has many years of investing experience, and works closely with the managers. Performance for the past ten years has been excellent, with results substantially ahead of the benchmarks established by the Church Pension Fund Board of Trustees for evaluating the investment program.
The goal of the trustees and staff in administering the Fund is "to free our ministers to minister." A critical part of this commitment is the assurance that the clergy, who have given their lives to the support and guidance of others, will have attractive benefits and a dignified retirement.
The staff and Investment Committee are mindful that the individuals importantly responsible for the Fund's success, and thus for the financial well being of our retired clergy, are the investment managers and general partners whose skill and energy underlie the Fund's excellent investment results.
"A great venture of vision and faith"
Such was the description of CPF by its fourth president, Bob Robinson. Read a brief history of CPF.
Diversification
"The most important accomplishment we have made in the past decade was to diversify our portfolio."
—Samuel F. Pryor III
The diversification program began in November 1992 with the objective of 10% in private equity and 10% in real estate and inflation hedging assets.
Read more about Diversification.
Investment Relationships
From our early investing in private equity, real estate, and other alternatives, we developed manager selection criteria for public managers and general partners which remain important to us today. Read more about Investment relationships.
Download the Investment Profile:
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| Investment Profile: A Great Venture of Vision and Faith |  |
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