El Camino Health Surplus Cash Fund

El Camino Health Surplus Cash Fund

The El Camino Health Surplus Cash Fund was established as the investment arm of El Camino Healthcare District, a public healthcare district serving Santa Clara County. CEO Dan Woods and CFO Carlos Bohorquez oversee the fund's strategy, which balances healthcare operational needs with investment returns (public record). The fund deploys capital across real estate, private equity, and infrastructure, with a liability-matching approach reflecting its hospital system origins. Notable holdings include Oaktree Real Estate Opportunities Fund VI, Walton Street Real Estate Fund VII and VIII, and AG Realty Value Fund X, alongside private equity vehicles like Oaktree Opportunities Fund XI (per public filings). The fund targets both US and global opportunities, with investments spanning commercial, industrial, and mixed-use properties. The Surplus Cash Fund operates alongside the El Camino Health Foundation, a separate 501(c)(3) philanthropic entity. The fund's team size is not publicly disclosed, though it is managed by El Camino Health's finance leadership. In recent years, the fund has committed capital to the Women's Hospital Expansion Project in Mountain View, CA, reflecting its dual mandate of supporting hospital infrastructure and generating investment returns (per public filings, 2022). The fund's structural differentiator is its embeddedness within a public healthcare district — not a private family office or standalone endowment. This governance structure prioritizes liability-driven investing and capital preservation over high returns, with investment decisions closely tied to the hospital's operational and capital expenditure needs.