McMorgan & Company

Chief Investment Officer Ken Tsuboi oversees all investment-related functions, including strategy development, sub-advisory monitoring, and the Managed Accounts Platform. Tsuboi joined the firm in 2020 after serving as a managing senior consultant at Alan Biller and Associates and an 18-year tenure as a portfolio manager at Allianz Global Investors. He reports to CEO John Santaguida, who has ultimate responsibility for the firm's investment and business operations.

The firm's ATEL Private Debt program originates senior secured loans to emerging growth companies that are backed by top-tier venture capital firms and strategic corporate partners. The strategy has been active for over 20 years and includes equity warrants in the loan terms, providing potential upside beyond the debt coupon. The firm's website highlights exposure to sectors such as personalized medicine and food-spoilage reduction technologies.

McMorgan operates with an outsourced-CIO posture for its core Taft-Hartley client base. It manages direct investment strategies in private debt, real estate, and infrastructure, while also selecting and monitoring sub-advisors for public-market exposures. The firm additionally acts as a client-service agent on roughly $3.2 billion of assets, meaning it provides administrative and fiduciary coordination without full discretionary management on that portion.

McMorgan deploys capital directly in at least three asset classes: it originates private-debt loans through the ATEL program, manages commercial and multi-family real estate assets in-house, and has begun building a direct infrastructure investment capability under Pat Doyle, who joined in 2025. For public equities and fixed income, the firm relies on sub-advisory relationships, including TOBAM's Maximum Diversification strategies.

The firm serves Taft-Hartley multi-employer pension and health-and-welfare plans, a market segment it has focused on since its founding in 1969. Several senior leaders — including CEO John Santaguida and Senior Managing Director Buck Bucci — spent earlier parts of their careers running Taft-Hartley divisions at New York Life Investments and Wachovia. The firm claims an average client tenure exceeding 20 years.

The ATEL Private Debt strategy targets emerging growth companies that have already secured backing from institutional venture capital firms, placing it at the late-venture to growth stage. The real estate platform spans stabilized, income-producing properties across office, industrial, retail, and multi-family asset classes. Infrastructure investments are a newer addition, with managing director Pat Doyle bringing structured credit and real-assets experience after his tenure at Apollo-affiliated Newfi Investment Group.

The firm's platform combines proprietary direct-investment capabilities — private debt via ATEL, real estate asset management, and infrastructure — with an open-architecture sub-advisory model for public markets. A Managed Accounts Platform allows McMorgan to customize manager lineups for individual Taft-Hartley clients. The firm also maintained a relationship with TOBAM, offering its quantitative Maximum Diversification strategies in equity and fixed income.