The Vatican is seeking clarity after the former director of its U.S. missionary fundraising office oversaw the transfer of at least $17 million of its endowment and donations into a new nonprofit and private equity fund that he created and currently manages, The Associated Press has learned.
The new management of the Pontifical Mission Societies in the United States, which raises money for the Catholic Church in the developing world, has written off most of that money – the $10.2 million it invested in the private equity fund -- as a loss since “there is no timeline and no guarantee of investment return,” according to its latest financial statement.
