Lee Krumbein

VCU Health System Authority Appointee

Manager, Caldera Holdings LLC

Lee B. Krumbein has over 30 years of experience in the investment and business world. He has extensive experience in both the institutional and private investment space as well as experience in starting, buying, selling, and operating businesses. He currently serves as the Trustee and money manager for a large family office for the past 10 years, using a combination of traditional, alternative, and direct investment strategies.

Mr. Krumbein served as Chairman of the Board and Chairman of the Investment Committee of the Virginia College Savings Plan (VCSP). During his tenure, VCSP became one of the most successful college saving programs in the country, managing over 15 billion dollars indirectly through its 529 plan and over 1 billion directly in the VCSP 529 prepaid college tuition program. VCSP performed consistently in the top quartile compared to its peers. He was asked to remain on the VCSP investment committee after his board tenure expired. 

Mr. Krumbein served on the board of the Medical College of Virginia Foundation (MCV Foundation), serving as Treasurer and on the investment committee. As an investment committee member, he helped design the original asset allocation including PE, absolute return, and hedge fund strategies, to help increase return and protect the fund on the downside. MCV Foundation has performed consistently in the top quartile compared to its peers. He was asked to remain on the investment committee after his board term expired.

Mr. Krumbein has also operated and sold multiple businesses in the financial and retail sectors over the course of his career. He was Vice President of Merchandising at Heilig-Meyers Furniture, a NYSE-listed company (through 1999) started by his grandfather. He was founder, owner and operator of Kar Financial, a multi-state car finance company that he sold to Trans South, a division of Ford Motor Company. He was founder, owner and operator of Car America, a 5-store retail car business, which was sold to his employees. He was founder, owner, and operator of Home Gallery Stores, an on-line ecommerce website for higher end brand name furniture nationwide. Home Gallery Stores grew to become one of the largest brand-named furniture e-commerce sites in America, with over 500,000 visits per month. He sold the company in 2019.

Mr. Krumbein has served on the boards of many for-profit and non-profit organizations. He currently serves on the board of ECPI, a for-profit fully SACS accredited university with over 10,000 full-time students. He has also served on the boards of the Jewish Community Federation of Richmond, Beth Shalom Home, and the Virginia-Israel Advisory Committee.