An experienced team helping mission-driven clients achieve their goals for almost two decades.
Senior executives Lawrence Bancroft and Kai Hong work in concert to establish the firm’s direction and alignment of services. They oversee tactical operations and are accountable for Bivium’s overall results. They have placed more than $10 billion with external managers for Bivium’s clients and with external managers over and their investment tenure.
In Bivium’s collaborative culture, the leadership team’s varied backgrounds, innovative thinking and hard work allow the best ideas to flourish.
Lawrence P. Bancroft
President and CEO
Building upon his experience in the Investment Management Division (IMD) of Goldman, Sachs & Co., Lawrence founded Bivium Capital Partners in 2002. In addition to overseeing the growth of Bivium Capital, he is responsible for its overall direction, driving new business development, and developing innovative service offerings. Lawrence brings extensive investment experience and sage counsel to bear, having helped his clients solve their most challenging problems. He aids our clients by applying his expertise in product development, portfolio construction, due diligence, manager search, and portfolio monitoring.
Lawrence is a respected strategist and industry adviser. Emerging and boutique investment firms at all life stages have benefited from his astute ability to assess their organizations and delineate transformative strategies, which have manifested in increased operational efficiencies, productivity, growth, and funding. While at Goldman, Lawrence became an initial member of the IMD’s external manager selection team. His work involved all aspects of developing the group’s manager of managers business; he also evaluated minority-owned investment companies as part of the firm’s Urban Investment Group for capital allocation.
Lawrence currently serves on the Board of Big Brothers Big Sisters of the Bay Area and is a member of the organization's governance and finance committees. He also serves on the Board of Play Marin as Treasurer.
Lawrence earned his BS from Cornell University’s School of Industrial and Labor Relations, and his MPA from Cornell University’s School of Public Affairs.
Kai W. Hong, CFA
MANAGING PARTNER, CHIEF INVESTMENT STRATEGIST
As Chief Investment Strategist, Kai leads the investment process and is responsible for manager research and due diligence, portfolio construction, and risk management. He ensures the consistent implementation and ongoing refinement of Bivium’s investment philosophy and process by guiding strategy implementation, portfolio allocation, and investment optimization. He is also actively involved in client portfolio management, industry research, and product development.
Prior to Bivium, Kai was a managing director and the head of Investment Management Consulting at Thomas Weisel Partners, where he oversaw the investment platform for the firm’s institutional and high- net-worth clients. In that capacity, he was responsible for due diligence in traditional and alternative investments as well as asset allocation and portfolio strategy. Kai was formerly a vice president and senior investment analyst at Northern Trust Global Advisors, where he was the lead research analyst for global fixed income and led the firm’s emerging manager research efforts. Before Northern, he was an associate in Goldman Sachs’ external manager of managers group.
Kai received a SB in Computer Science and Engineering and a Master of Engineering degree from MIT. He is a CFA charterholder and a member of the CFA Institute and the CFA Society of San Francisco.
Doug Palenchar, IACCP®
CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT OF OPERATIONS
Doug has over 18 years of experience in the financial industry, including extensive experience in compliance operations and development, internal auditing, and financial and investment operations. In directing compliance and operations at Bivium, Doug focuses on managing costs, and leveraging IT and program redevelopment, with a particular emphasis on seamlessly integrating the Firm’s new initiatives. Since joining Bivium in 2011; Doug has created the Bivium Manager Development Program to provide advice and guidance for emerging managers who are working through the development of their own compliance programs.
Formerly, Doug served as the Chief Compliance Officer and Chief Financial Officer of Denali Advisors, LLC, an asset management firm based in La Jolla, California. At Denali, Doug was responsible for overseeing the compliance and financial function: e.g., reporting to the SEC and developing policies and procedures to ensure compliance with the ever-changing SEC regulatory environment, as well as reporting to Denali’s Board of Directors regarding compliance status and strategic vision. While at Denali, Doug developed its first-ever compliance manual, allowing for seamless integration of regulatory requirements and business productivity. Additionally, he formulated Denali’s financial reporting schematic, which led to more effective strategic planning and greater profitability. Prior to Denali, Doug was an entrepreneur in the San Diego area. He is a sought-after speaker at national compliance meetings, speaking on diverse topics such as ethics, regulatory best practices and ERISA.
He holds a BA in Business Economics from the University of California at Riverside, as well as an MBA and Master of Science in Accounting from San Diego State University. Doug is also an Investment Adviser Certified Compliance Professional (IACCP®) and a member of the Bay Area Chief Compliance Officer’s Committee.
SENIOR VICE PRESIDENT
As Senior Vice President, Tony is responsible for investment research, manager research and due diligence, portfolio construction, and asset allocation. Tony utilizes his over 20 years of investment industry experience to provide recommendations that serve client objectives.
Formerly, Tony served as Senior Vice President/Portfolio Manager at Progress Investment Management, LLC, where he was responsible for managing all fixed income as well as select equity and multi-asset class portfolios. He was a voting member of the Investment Committee. In that role, Tony was responsible for managing sourcing, portfolio construction, and allocation. Prior to Progress, Tony was a Senior Portfolio Manager at the San Francisco Employees’ Retirement System (SFERS), where he was responsible for oversight of the firm’s $10 billion public equity portfolio and managed all the underlying sub manager relationships as well as the $2 billion in internal capital. Before joining the SFERS team, Tony was an Investment Officer at the State Universities Retirement System of Illinois overseeing the emerging manager of managers program. Before SURS, Tony’s past experience includes various asset management, research, and corporate finance roles at Citigroup as an Associate, Silverado Capital as a Sr. Credit Analyst/PM, and Citadel Investment Group as an Analyst.
Tony currently serves as a Board member for the Association of Asian American Investment Managers (AAAIM). He has served on the board since 2017 and has been a member of the organization since 2010.
Tony earned his MBA from the University of Illinois at Urbana-Champaign and a BA in Economics from the University of Chicago.
Faith has 16 years of experience providing consulting and research services to pension plans and other institutional investors. She is responsible for Bivium’s manager search and due diligence. In this role, Faith focuses on understanding the differentiating factors that enable a manager to outperform the benchmark while complementing Bivium’s existing line-up of managers. Prior to joining Bivium, Faith was an Investment Research Consultant covering pensions and emerging market investment research. Her accomplishments included: launching a blog on frontier markets investing and thematic research on Impact investing in Africa. Previously, Faith served as a Research Analyst at Stanlib Multi-Manager, based in South Africa. At Stanlib, Faith led manager research for emerging market institutional strategies across equities, fixed income, real estate, and multi-asset for portfolios with AUM in excess of $5 billion. While at Stanlib, she designed and led the implementation of the firm’s first comprehensive manager research database. Before joining Stanlib, Faith was an Investment Consultant at EnnisKnupp, where she had manager research coverage for U.S., global, and emerging market equity strategies: evaluating and monitoring equity investment managers and investment funds on behalf of institutional investors, such as pension plans, endowments and foundations. Her role included advising institutional investors on manager due diligence and selection, asset allocation, pension plan design and administration, and best practices. Faith managed consulting assignments for several institutional investors with portfolios comprising private equity, public equity, fixed income, and real estate investments, with AUM ranging from $67 million to $41.3 billion. She served as a Pension Plan Consultant at Hewitt Associates prior to joining EnnisKnupp.
Faith earned her MBA from the University of Chicago Booth School of Business and graduated magna cum laude from Elmhurst College with BSc. degrees in Business Administration and Information Systems. Faith is a member of the CFA Society of San Francisco and 100 Women in Finance.
Luan Dinh, CFA
Luan is responsible for manager research and due diligence. Additionally, he assists the team with portfolio construction and manager performance monitoring. Luan has extensive experience in the financial industry, including portfolio optimization and construction, program trading, fund accounting, compliance oversight, and investment operations. Luan’s role leverages his thorough understanding of the workings on both the buy-side and retail investments. His hands-on experience in the public markets plays a critical role in assessing and providing guidance to funded and prospective managers.
Luan’s financial services career began in 1999 as an Associate in TD Waterhouse’s Brokerage Services Unit. After a brief period in that role, he was promoted to Senior Associate and selected to join Brokerage Technology Support. While in that newly formed Group, Luan helped launch wireless trading, which doubled trading volume; he also played a key role in the integration and implementation of a new online trading platform that significantly reduced order processing time and allowed for human capital to be deployed in other areas of the organization.
In 2005, Luan joined a quantitative-based institutional investment firm specializing in U.S. value equities. As a portfolio engineer, he was part of the portfolio management team that assisted with trading and portfolio construction using the firm’s proprietary alpha model. Additionally, Luan generated, analyzed, and communicated performance attribution; and wrote fundamental research on some of the top holdings as a special situation overlay to the quantitative investment process. Lastly, he was the primary trainer and mentor to the firm’s new associates.
Luan holds a B.A. in Economics from the University of California, San Diego. He is a CFA charterholder and a member of the CFA Institute and the CFA Society of San Francisco.
As Vice President, Tung assists in manager research and due diligence, supporting the team with portfolio construction, and manager performance monitoring.
Prior to Bivium, Tung has 19 years of industry experience and served as a Senior Investment Analyst at Progress Investment Management, LLC, where he was responsible for monitoring all funded fixed income managers and strategies, and conducting portfolio analytics for fixed income client accounts. He also has experience in research and monitoring of domestic, international, and global equity strategies. Tung was a lead member of the Progress transition team, overseeing rebalancing and transition activities. Tung started his career at Progress Investment Management as a Portfolio Accountant with responsibilities in operations, fund accounting, calculating performance, and monitoring fund compliance.
Tung received a BA in Finance from the University of Maryland at College Park.
Judy Liu, CFA
Assistant Vice President
Judy is responsible for manager research and due diligence. She also assists the team with industry research and manager performance monitoring. Judy’s role leverages her extensive industry experience in investment consulting for institutional investors, manager due diligence, capital markets research, and performance analysis and evaluation. Her manager research expertise includes equity, fixed income, and ESG/ SRI investing.
Prior to Bivium, Judy was a Senior Investment Analyst and Manager Sourcing Lead at Progress Investment Management Company, LLC, where she led the firm’s diverse and emerging manager sourcing efforts and monitored funded strategies across multiple asset classes. Prior to Progress, Judy was an Investment Consultant at Buck Consultants, LLC, where she was responsible for performance monitoring and evaluation, plan structure review, manager selection and due diligence for public pension plans, corporates, and other institutional investors. Before Buck, she was an Investment Banking Analyst at Aurora Capital, LLC, a boutique investment bank that specializes in the life sciences sector.
Judy received a BS degree in Animal Science, with a minor in Economics, from National Taiwan University and a MS degree in Finance from University of Rochester, Simon Graduate School of Business. She is a CFA charterholder and a member of the CFA Institute and the CFA Society of San Francisco.
CHAIRMAN OF THE BOARD
Larry is the Chairman of the Board of Bivium Capital Partners, which he helped fund, and has overseen for the past 17 years. Over the 44-year span of his career, Larry has had two long and distinct paths: one in investment banking and finance covering more than 25 years of working for two of the premier U.S. investment banks; and the second, as a private company investor, individual shareowner, and active Board of Directors member (primarily as Chairman or as Head of the Audit Committee) for innovative start-up companies throughout the U.S.
Larry began his investment banking career in 1970 as an Associate in the Investment Banking Division of Goldman Sachs in New York. 22 years later, he was the senior ranking Corporate Finance banker in the firm’s San Francisco office. During his tenure with Goldman Sachs, Larry led or participated in hundreds of public and private financial transactions, including a large number of IPOs, with extensive experience in strategic and merger advisory projects. In the later part of his banking career, Larry served as Partner and Managing Director at Morgan Stanley, and as Head of its Investment Banking Industrial Group in San Francisco, responsible for the leadership of all industrial investment banking transactions and head of the investment banking team in the San Francisco Region, advising a large number of public and private corporations in Northern California and throughout the northwestern U.S.
After stepping down from investment banking in 1996, Larry founded Howell Capital, to make investments in early to late-stage innovation-tech and consumer-facing companies. Larry was formerly Chairman of the Board of Proclivity Media, Inc., a predictive software company; and a former Board Member of MegaPath Networks, Inc., a publicly held, nationwide, internet service provider. Previous holdings also include being the founding investor and Board Chair of Glass Lewis & Co, a proxy advisory and corporate governance research firm later acquired by the Ontario Teachers’ Pension Plan; and being an early investor and financial advisor to NorthPoint Communications, Inc., once a leading internet service provider. Larry raised over $1 billion in public and private funding over a two-year period for NorthPoint.
Previously, Larry served as Chairman of the Audit Committee of two publicly traded companies in the consumer software and IT industries, from the time of each company’s IPO, until both companies were acquired. Larry has also assisted various educational and charitable organizations, including the California Chapter of the Nature Conservancy and the Parents Council at Vassar College.