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The investment advisor will serve for an initial three-year term with the option to renew for two additional one-year terms.
The plan will withdraw prior to the fund’s closure in December.
The new associate will help evaluate, analyze and monitor investments made by the mid-Atlantic-based private equity firm.
The new investment consultant was hired last week following a search that was relaunched in May.
Elizabeth Goldsberry is responsible for financial matters, reporting, risk management and internal controls for the Kresge Foundation’s approximately $3.9 billion investment portfolio.
The plan is looking to replace Nicole Musicco, who departed at the end of September.
The plan will search for a firm to review its RFP process impacted by recent legislation.
The plan approved retaining up to $10 billion in liquid markets exposure through the program at its investment committee meeting yesterday.
The new consultant was hired at a board meeting today following an invitation-only search initiated earlier this year.