Endowments & Foundations
We have worked with endowments and foundations for more than 40 years, and we’re proud to be associated with so many institutions that are making the world a better place.
We understand the investment challenges non-profit investors face. We also believe that every institution is different. That’s why our investment teams work to understand each client’s needs and to build a customized portfolio, aligning the portfolio with each client’s long-term investment objectives, risk tolerances, liquidity needs, and other enterprise considerations.
We have experienced investors operating in key financial hubs around the world to source and evaluate opportunities — including many types of alternative assets — with the goal of delivering the best investment ideas to our clients. We also leverage our market presence and scale to negotiate favorable terms and fees with managers, often creating a net reduction in overall fees paid. To increase alignment with our clients, we do not offer our own proprietary off-the-shelf investment products or accept payments by managers for recommending their products.
Latest Research
Community Foundations: The Power of Aggregated Capital
Community foundation assets have grown steadily over the years, accumulating a mix of endowment funds and funds with more expedient spend-down expectations. With the right expertise and attention, the endowment model can be applied to these complex, dynamic assets to differentiate the foundation and deliver on its mission.
Read More »
Healthcare Systems Describe Mounting Pressures & Investment Remedies: 2019 Survey Results
Due to mounting pressures in the healthcare industry, many hospitals will likely rely on spending from investment pools to support operations and capital plans. While investments will be a source of funding, our survey of healthcare clients indicates that for many, investment strategy will balance spending needs and growth goals.
Read More »
VantagePoint: Third Quarter 2019
In this edition of VantagePoint, we uncover four of the most common inaccuracies we hear about US equities.
Read More »
The Case for Dedicated China Exposure
While we have advised a gradual approach to investing in China, today we believe that investors should take a systematic and comprehensive approach, overweighting Chinese assets relative to their index weights. Looking past the uncertainty and negativity, investors will find a large investment opportunity set, a robust universe of public and private managers, and appealing public equity valuations.
Read More »
Mission Critical: Maximizing the Impact of Healthcare System Investments
While robust cash flows have strengthened healthcare system balance sheets in recent years, mounting industry pressures will likely threaten those flows in the future. We explore strategies to manage complexity, maximize the benefits of the Endowment Model, and prudently manage risk.
Read More »
Harvesting the Potential of Private Investments
In the November 2017 issue of Benefits Magazine, which covers benefit issues affecting multiemployer, single employer and public plan representatives, senior investment director and investment…
Read More »
Private Credit Strategies: An Introduction
Private credit offers distinct advantages and appeal in a low return environment, but investors should be aware that behind the name is a diverse array of strategies, some more familiar to institutional investors than others, each with idiosyncratic risks. In this report, we describe the broad array of private credit strategies and position them along the risk/return spectrum, review the investment process, discuss expectations for the performance of these strategies in various parts of the economic cycle, and highlight some key risks for investors to consider.
Read More »
Can College and University Endowments Do More?
Recent policy proposals assume endowments can do more to reduce the reliance on student revenue, and thus the cost of a college education. These proposals aim to shift more endowment wealth to current student beneficiaries. Our analysis shows that while well intentioned, these proposals will affect endowment and organizational stability and intergenerational equity. While endowments may be able to do more to support the enterprise and thus lower the cost of attendance, considering the implications of current policy proposals is critical, as is examining other strategies that could address current pricing concerns.
Read More »
Mission-Related Investing: Current Practices and Views of Non-Profit Investors
Investor approaches to mission-related investing (MRI) are as varied as the social and environmental outcomes they seek to achieve. This survey report explores trends in the structure and implementation of MRI programs, investor motivations and perceived challenges, and expectations for future growth in MRI investment activity, based on responses from 159 non-profit clients, 50 of which are actively making mission-related investments.
Read More »
Community Foundations: The Power of Aggregated Capital
Community foundation assets have grown steadily over the years, accumulating a mix of endowment funds and funds with more expedient spend-down expectations. With the right expertise and attention, the endowment model can be applied to these complex, dynamic assets to differentiate the foundation and deliver on its mission.
Read More »
Healthcare Systems Describe Mounting Pressures & Investment Remedies: 2019 Survey Results
Due to mounting pressures in the healthcare industry, many hospitals will likely rely on spending from investment pools to support operations and capital plans. While investments will be a source of funding, our survey of healthcare clients indicates that for many, investment strategy will balance spending needs and growth goals.
Read More »
VantagePoint: Third Quarter 2019
In this edition of VantagePoint, we uncover four of the most common inaccuracies we hear about US equities.
Read More »
The Case for Dedicated China Exposure
While we have advised a gradual approach to investing in China, today we believe that investors should take a systematic and comprehensive approach, overweighting Chinese assets relative to their index weights. Looking past the uncertainty and negativity, investors will find a large investment opportunity set, a robust universe of public and private managers, and appealing public equity valuations.
Read More »
Mission Critical: Maximizing the Impact of Healthcare System Investments
While robust cash flows have strengthened healthcare system balance sheets in recent years, mounting industry pressures will likely threaten those flows in the future. We explore strategies to manage complexity, maximize the benefits of the Endowment Model, and prudently manage risk.
Read More »
Harvesting the Potential of Private Investments
In the November 2017 issue of Benefits Magazine, which covers benefit issues affecting multiemployer, single employer and public plan representatives, senior investment director and investment…
Read More »
Private Credit Strategies: An Introduction
Private credit offers distinct advantages and appeal in a low return environment, but investors should be aware that behind the name is a diverse array of strategies, some more familiar to institutional investors than others, each with idiosyncratic risks. In this report, we describe the broad array of private credit strategies and position them along the risk/return spectrum, review the investment process, discuss expectations for the performance of these strategies in various parts of the economic cycle, and highlight some key risks for investors to consider.
Read More »
Can College and University Endowments Do More?
Recent policy proposals assume endowments can do more to reduce the reliance on student revenue, and thus the cost of a college education. These proposals aim to shift more endowment wealth to current student beneficiaries. Our analysis shows that while well intentioned, these proposals will affect endowment and organizational stability and intergenerational equity. While endowments may be able to do more to support the enterprise and thus lower the cost of attendance, considering the implications of current policy proposals is critical, as is examining other strategies that could address current pricing concerns.
Read More »
Mission-Related Investing: Current Practices and Views of Non-Profit Investors
Investor approaches to mission-related investing (MRI) are as varied as the social and environmental outcomes they seek to achieve. This survey report explores trends in the structure and implementation of MRI programs, investor motivations and perceived challenges, and expectations for future growth in MRI investment activity, based on responses from 159 non-profit clients, 50 of which are actively making mission-related investments.
Read More »
Contact Us
We have been working with endowments, charities, and foundations for more than 40 years, and we’re proud to be associated with so many institutions that are making the world a better place.
We believe that every institution is different and understand the investment challenges non-profit investors face. Our dedicated E&F investment teams build customised portfolios to align with each client’s long-term investment objectives, risk tolerances, and liquidity needs.
With deep expertise in alternative assets, mission-related investing and governance issues, we bring the needed resources to bear and deliver the portfolio that’s right for each client. Our enterprise advisory group specialises in linking enterprise factors like governance, finance, and fundraising to the investment portfolio to help inform good investment decisions — supported by decades of peer data and best practices.
Our global footprint enables us to uncover areas of significant investment potential in diverse alternative assets including private equity, venture capital, and real assets, while our scale allows us to negotiate competitive terms that benefit our clients. For four decades, we have built a network of established and promising new managers for one simple objective: to get access to the best investment managers for each client’s unique needs.
The relationships we build are grounded in an alignment of interests with our clients. We don’t offer proprietary investment products or have financial relationships with managers for recommending their products.
Latest Research
VantagePoint: Third Quarter 2019
In this edition of VantagePoint, we uncover four of the most common inaccuracies we hear about US equities.
Read More »
VantagePoint: Second Quarter 2019
We recently argued that investors should take a systematic and comprehensive approach to investing in China, overweighting Chinese assets relative to their index weights. This edition of VantagePoint addresses five key questions regarding implementation decisions.
Read More »
The Case for Dedicated China Exposure
While we have advised a gradual approach to investing in China, today we believe that investors should take a systematic and comprehensive approach, overweighting Chinese assets relative to their index weights. Looking past the uncertainty and negativity, investors will find a large investment opportunity set, a robust universe of public and private managers, and appealing public equity valuations.
Read More »
Ready, Steady, Co-Invest
Co-investments are one of only a handful of control levers within an LP’s toolbox, and we encourage all private market investors, regardless of size, to consciously consider implementing a co-investment program.
Read More »
VantagePoint: Third Quarter 2019
In this edition of VantagePoint, we uncover four of the most common inaccuracies we hear about US equities.
Read More »
VantagePoint: Second Quarter 2019
We recently argued that investors should take a systematic and comprehensive approach to investing in China, overweighting Chinese assets relative to their index weights. This edition of VantagePoint addresses five key questions regarding implementation decisions.
Read More »
The Case for Dedicated China Exposure
While we have advised a gradual approach to investing in China, today we believe that investors should take a systematic and comprehensive approach, overweighting Chinese assets relative to their index weights. Looking past the uncertainty and negativity, investors will find a large investment opportunity set, a robust universe of public and private managers, and appealing public equity valuations.
Read More »
Ready, Steady, Co-Invest
Co-investments are one of only a handful of control levers within an LP’s toolbox, and we encourage all private market investors, regardless of size, to consciously consider implementing a co-investment program.
Read More »
Contact Us
We have worked with endowments and foundations for more than 40 years, and we’re proud to be associated with so many institutions that are making the world a better place.
We understand the investment challenges non-profit investors face. We also believe that every institution is different. That’s why our investment teams work to understand each client’s needs and to build a customized portfolio, aligning the portfolio with each client’s long-term investment objectives, risk tolerances, liquidity needs, and other enterprise considerations.
We have experienced investors operating in key financial hubs around the world to source and evaluate opportunities — including many types of alternative assets — with the goal of delivering the best investment ideas to our clients. We also leverage our market presence and scale to negotiate favorable terms and fees with managers, often creating a net reduction in overall fees paid. To increase alignment with our clients, we do not offer our own proprietary off-the-shelf investment products or accept payments by managers for recommending their products.
Latest Research
VantagePoint: Third Quarter 2019
In this edition of VantagePoint, we uncover four of the most common inaccuracies we hear about US equities.
Read More »
VantagePoint: Second Quarter 2019
We recently argued that investors should take a systematic and comprehensive approach to investing in China, overweighting Chinese assets relative to their index weights. This edition of VantagePoint addresses five key questions regarding implementation decisions.
Read More »
Ready, Steady, Co-Invest
Co-investments are one of only a handful of control levers within an LP’s toolbox, and we encourage all private market investors, regardless of size, to consciously consider implementing a co-investment program.
Read More »
The Case for Dedicated China Exposure
While we have advised a gradual approach to investing in China, today we believe that investors should take a systematic and comprehensive approach, overweighting Chinese assets relative to their index weights. Looking past the uncertainty and negativity, investors will find a large investment opportunity set, a robust universe of public and private managers, and appealing public equity valuations.
Read More »
Growth Equity: Turns Out, It’s All About the Growth
Growth equity continues to offer investors a compelling return profile that combines the downside protection of buyouts with some of the upside potential of venture capital.
Read More »
Trade Finance: An Expanding Opportunity for Institutional Investors
While trade finance is among the oldest forms of institutionalized credit, it has only recently become an accessible market for most institutional investors. Providing high…
Read More »
VantagePoint: Third Quarter 2019
In this edition of VantagePoint, we uncover four of the most common inaccuracies we hear about US equities.
Read More »
VantagePoint: Second Quarter 2019
We recently argued that investors should take a systematic and comprehensive approach to investing in China, overweighting Chinese assets relative to their index weights. This edition of VantagePoint addresses five key questions regarding implementation decisions.
Read More »
Ready, Steady, Co-Invest
Co-investments are one of only a handful of control levers within an LP’s toolbox, and we encourage all private market investors, regardless of size, to consciously consider implementing a co-investment program.
Read More »
The Case for Dedicated China Exposure
While we have advised a gradual approach to investing in China, today we believe that investors should take a systematic and comprehensive approach, overweighting Chinese assets relative to their index weights. Looking past the uncertainty and negativity, investors will find a large investment opportunity set, a robust universe of public and private managers, and appealing public equity valuations.
Read More »
Growth Equity: Turns Out, It’s All About the Growth
Growth equity continues to offer investors a compelling return profile that combines the downside protection of buyouts with some of the upside potential of venture capital.
Read More »
Trade Finance: An Expanding Opportunity for Institutional Investors
While trade finance is among the oldest forms of institutionalized credit, it has only recently become an accessible market for most institutional investors. Providing high…
Read More »
Contact Us
We have worked with endowments and foundations for more than 40 years, and we’re proud to be associated with so many institutions that are making the world a better place.
We understand the investment challenges non-profit investors face. We also believe that every institution is different. That’s why our investment teams work to understand each client’s needs and to build a customised portfolio, aligning the portfolio with each client’s long-term investment objectives, risk tolerances, liquidity needs, and other enterprise considerations.
We have experienced investors operating in key financial hubs around the world to source and evaluate opportunities — including many types of alternative assets — with the goal of delivering the best investment ideas to our clients. We also leverage our market presence and scale to negotiate favourable terms and fees with managers, often creating a net reduction in overall fees paid. To increase alignment with our clients, we do not offer our own proprietary off-the-shelf investment products or accept payments by managers for recommending their products.
Latest Research
VantagePoint: Third Quarter 2019
In this edition of VantagePoint, we uncover four of the most common inaccuracies we hear about US equities.
Read More »
VantagePoint: Second Quarter 2019
We recently argued that investors should take a systematic and comprehensive approach to investing in China, overweighting Chinese assets relative to their index weights. This edition of VantagePoint addresses five key questions regarding implementation decisions.
Read More »
Ready, Steady, Co-Invest
Co-investments are one of only a handful of control levers within an LP’s toolbox, and we encourage all private market investors, regardless of size, to consciously consider implementing a co-investment program.
Read More »
The Case for Dedicated China Exposure
While we have advised a gradual approach to investing in China, today we believe that investors should take a systematic and comprehensive approach, overweighting Chinese assets relative to their index weights. Looking past the uncertainty and negativity, investors will find a large investment opportunity set, a robust universe of public and private managers, and appealing public equity valuations.
Read More »
Growth Equity: Turns Out, It’s All About the Growth
Growth equity continues to offer investors a compelling return profile that combines the downside protection of buyouts with some of the upside potential of venture capital.
Read More »
Trade Finance: An Expanding Opportunity for Institutional Investors
While trade finance is among the oldest forms of institutionalized credit, it has only recently become an accessible market for most institutional investors. Providing high…
Read More »
VantagePoint: Third Quarter 2019
In this edition of VantagePoint, we uncover four of the most common inaccuracies we hear about US equities.
Read More »
VantagePoint: Second Quarter 2019
We recently argued that investors should take a systematic and comprehensive approach to investing in China, overweighting Chinese assets relative to their index weights. This edition of VantagePoint addresses five key questions regarding implementation decisions.
Read More »
Ready, Steady, Co-Invest
Co-investments are one of only a handful of control levers within an LP’s toolbox, and we encourage all private market investors, regardless of size, to consciously consider implementing a co-investment program.
Read More »
The Case for Dedicated China Exposure
While we have advised a gradual approach to investing in China, today we believe that investors should take a systematic and comprehensive approach, overweighting Chinese assets relative to their index weights. Looking past the uncertainty and negativity, investors will find a large investment opportunity set, a robust universe of public and private managers, and appealing public equity valuations.
Read More »
Growth Equity: Turns Out, It’s All About the Growth
Growth equity continues to offer investors a compelling return profile that combines the downside protection of buyouts with some of the upside potential of venture capital.
Read More »
Trade Finance: An Expanding Opportunity for Institutional Investors
While trade finance is among the oldest forms of institutionalized credit, it has only recently become an accessible market for most institutional investors. Providing high…
Read More »
