Program Director, Innovation Fund

The California Health Care Foundation (CHCF) is a nonprofit, nonpartisan philanthropy dedicated to advancing meaningful, measurable improvements in the way the health care delivery system serves all Californians — with a particular focus on those with low incomes and those whose needs are not well met by the status quo. CHCF deploys approximately $40 million per year across grants and investments, working at the intersection of health policy, innovation, and equity to strengthen California's safety net.

Central to CHCF's work is its Health Innovation Fund, a program-related investment vehicle that deploys venture capital into the Medicaid and safety net ecosystem. CHCF invests strategically — bringing mission alignment, deep sector knowledge, and a powerful network as its primary value-add to portfolio companies and co-investors alike.

Position Description

The Director, Innovation Fund is one of five program directors at CHCF and a member of the senior management team, reporting to the Senior Vice President of Strategy and Programs. This is a meaningful leadership role, impacting the entire Foundation: the Director leads both the foundation's venture investing activity (Series A/B, Medicaid-focused) and its grantmaking in AI and technology — deploying approximately $1M in investment capital and up to $500K in grant capital per deal, with 2–3 new investments per year. The Director also contributes to meaningful foundation-wide initiatives outside of their day-to-day managing the Fund.

The Director leads a small, high-performing team, staffs an Innovation Fund advisor group of 6–7 VC investors and a board liaison, and holds board observer seats at portfolio companies. CHCF's expectation is that the right candidate will grow into this role for the long term and help shape the future of their organization.

Candidate Responsibilities

• Serve as a member of CHCF’s senior management team, contributing to organization-wide leadership, culture, and operational initiatives
• Lead the strategy, sourcing, due diligence, and ongoing management of the CHCF Health Innovation Fund's portfolio of program-related investments, primarily Series A/B companies serving Medicaid and safety net populations
• Oversee a complementary grantmaking portfolio focused on AI and technology innovation in health care, developing funding recommendations and work plans aligned with CHCF's mission and budget
• Hold board observer seats at portfolio companies and serve as a credible, mission-driven voice in syndicate relationships with co-investors and health care venture funds
• Staff and manage the Innovation Fund advisor group (6–7 external VC investors board liaison), including preparation for biannual meetings and ongoing relationship management
• Provide leadership, mentorship, and accountability to program staff, fostering a collaborative and high-performing team environment
• Represent CHCF externally with health care leaders, policymakers, philanthropic partners, and the broader investment community — at conferences, convenings, and in the field (~6 trips/year, primarily within California)
• Collaborate cross-functionally with communications, finance, grants administration, and legal teams to ensure effective program execution, reporting, and dissemination of insights

Candidate Qualifications

• Demonstrated investing experience, ideally at the Series A/B stage in health tech or Medicaid-adjacent sectors; credibility to step into board observer seats on day one is essential
• Mission alignment with Medicaid, safety net health care, and health equity — genuine curiosity about the sector is required; deep Medicaid expertise is not required on day one, but must be a sincere area of interest
• People leadership experience; this role manages a team and requires authentic management capability — candidates who have not yet led teams should be prepared to speak concretely to how they've developed others
• Advanced degree in public health, health care administration, public policy, or a related field; MD, PhD, or equivalent clinical/research degree preferred, or equivalent professional experience
• At least 10 years of experience leading complex initiatives in health care, health policy, venture investing, impact investing, or a related field, including substantial experience in strategic planning and organizational leadership
• Strong analytical and communication skills, with the ability to translate complex investment and programmatic decisions for diverse audiences, including board members, grantees, and community stakeholders
• Commitment to anti-racist principles and active participation in diversity, equity, and inclusion efforts, consistent with CHCF's organizational values and culture

CHCF is partnering with Oxeon to fill this position. Interested candidates should contact Sofia Hubbard (sofia@oxeon.com) to express interest.