Jewish Communal Fund is delighted to welcome Teena Lerner to our Board of Trustees. Teena, a former bio-tech analyst and hedge fund manager, holds a Ph.D. in Molecular Biology from The Rockefeller University. She currently serves as Chair of the Development Committee at Salanter Akiba Riverdale (SAR) Academy, a Modern Orthodox Jewish Day School in Riverdale. In an interview with JCF, Teena talks about her professional background, the charitable causes she and her husband support, and why she is excited to join JCF’s Board.
JCF: When did you first get involved with JCF?
Teena Lerner: My husband and I opened a fund with JCF back in 2000. At the time, I was starting to get involved at SAR and was running a hedge fund, where I was paid in securities. Having done the research comparing donor advised funds to private foundations, it just seemed clear that a DAF at JCF was much more advantageous. That year, there was a tech boom and many companies were going public. Saul [Wadowski, JCF’s Vice President/Controller] very calmly took care of the obscure securities I had to donate. It was a great introduction to JCF. The process [of contributing securities and opening a fund] was painless, seamless and accomplished what it was supposed to accomplish. Since then, we’ve contributed to the fund every year, in different increments.
JCF: You’ve enjoyed a very impressive career. When you were young, did you want to go into finance?
TL: I actually grew up wanting to be a scientist. But you keep following your passions and see what happens. I landed my dream internship at Rockefeller University while still in college and then applied there for graduate school, where I conducted research in the area of molecular biology. This was in the early 80s, when there was suddenly a growth in science-based companies like Amgen and Genentech and very little knowledge out there. I began to consult to Wall Street, researching companies for them. I realized that working as an analyst on Wall Street was the perfect job for me, given my love of research and the analytical nature of the work. After earning my Ph.D., I went to work on Wall Street and attended NYU Business School at night. I spent nine years working as a biotech analyst at Lehman Brothers, where I held the No. 1 spot on the Institutional Investor’s rankings for six years straight. In 1996, I decided to leave the “sell side” and go to the “buy side.” I ran a healthcare fund for Pequot Capital Management, which I grew from $10 million in assets to $1.5 billion. I then started my own hedge fund, Rx Capital, which grew to $700 million. I ultimately closed it in 2006. I wanted to leave on a high note, spend more time with my kids and devote myself to the causes that are important to me.
JCF: You’re a very active lay leader at SAR and one of the founders of the SAR High School, which opened in 2003. How did SAR become an organization you’re so passionate about?
TL: It’s very personal; all four of my children attended SAR elementary school and my twin daughters were among the fourth entering class of the SAR High School. My husband, Larry, and I are big believers in Jewish education and day school education in particular. It’s extremely valuable. SAR encourages its students to live up to their fullest potential and to be engaged and enthusiastic about learning. The kids really love school – that’s the secret sauce. The values that the school imparts are so important: full participation in society, immersion in Torah and Mitzvot, and love of Israel. I have served on SAR’s Executive Committee since 2006 and currently chair the Development Committee.
JCF: What other education-related causes are important to you?
TL: We support the Hillels on the college campuses where our children attended school, including the Columbia/Barnard Hillel and the Hillel at the University of Maryland. I have a lot of Hakarat HaTov [gratitude] to my alma mater, Rockefeller University, where I earned my Ph.D. Having that degree from that institution opened doors for me.
JCF: What other philanthropic causes are important to you?
TL: We’re big believers in supporting the local Jewish infrastructure in the community where you live. We are members of three synagogues in Riverdale, we support the local mikveh and schools.