USM Foundation

Sharcus Steen Named Chief Investment Officer for the University System of Maryland Foundation

on October 13, 2023 by Micaela Cameron

Following a national search, Sharcus Steen has been named chief investment officer (CIO) for the University System of Maryland (USM) Foundation, President and CEO Leonard Raley announced today. An investment professional with more than two decades of experience, Sharcus has been interim CIO since July 2022 and served as director of investments since 2017.

As CIO, Steen oversees more than $2 billion in total assets under management for the benefit of 10 USM campuses, the System office, and 5 Maryland community colleges. “The role requires great skill in communicating with our partners, working with our excellent investment committee, and functioning as an integral member of the Foundation’s senior leadership team to accomplish our strategic goals in support of the USM. Sharcus has more than proven that he possesses these skills during his 15 months as interim CIO,” stated Raley.

Steen’s prior experience includes serving as a senior investment director for Cambridge Associates, where he worked with nonprofit clients on general investment issues such as asset allocation strategy, manager selection, and investment program evaluation. His professional experience also includes roles at Ericsson, Booz Allen Hamilton, and Citigroup.

Steen earned a Masters in Business Administration from the Kellogg School of Management at Northwestern University and a Master of Arts in Organization Behavior with a Bachelor of Arts degrees in both Economics and Psychology from Stanford University.

Steen was appointed by Maryland Governor Wes Moore as a Maryland State Retirement and Pension System Public Advisor to the Investment Committee in July 2023, and in June 2023 became an Institutional Allocators for Diversity, Equity and Inclusion Fellow. He is a Chartered Alternative Investment Analyst, and served as the Washington D.C. chapter head from January 2017 to January 2019.

Chief Investment Officer Magazine listed him in its“NextGens Class of 2021” and Trusted Insights listed him among its“Top 30 Investors at Next-Generation Leading Endowments” in 2019.

“Sharcus is an experienced investor and a team builder with an incredible strategic outlook and a passion for supporting higher education,” noted Foundation Chair Don Scheeler. “We are so fortunate that we’ve benefited from his recent leadership, and the Foundation’s future is bright with Sharcus in this role.”

“I am excited and honored to step into the permanent CIO role at the Foundation,” Steen stated. “This is an outstanding organization and an extraordinary team. I look forward to ensuring that the philanthropy entrusted to the Foundation provides a growing and stable source of support for students, faculty, and programs across Maryland.”

Steen’s appointment came following a nationwide search conducted by The Prince Houston Group, an executive search firm based in New York City.

About the USM Foundation

The USM Foundation and its Board advocate for and support the advancement of public higher education in Maryland through visionary leadership in philanthropy, asset management, and stewardship. In FY 23, the Foundation’s assets under management totaled $2.3 billion.

Contact: Leonard Raley,

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