Table of Contents
Preface ix
Acknowledgments xiii
PART I ACADEMIC ENDOWMENTS
Chapter 1 Academic Endowments Overview 3
The World of Endowments 4
History of Endowments 6
Academic Endowments in the Context of the Investment World 7
Large Academic Endowments 7
Implications for Individual Investors 17
Summary 19
Notes 20
Chapter 2 Historical Endowment Performance 21
Investment Returns 22
Asset Allocation 28
Summary 30
Notes 31
Chapter 3 A Look Inside Endowments 33
Endowments Are Different 33
Endowments Define Asset Classes Broadly 35
Endowments Achieved a One-time Sophistication Improvement 36
Endowments Are Nimble 36
Endowments are Evaluating Approaches to Managing Tail Risk 37
Endowments also Manage Working Capital 38
Endowments Manage Liquidity Carefully 39
Endowments are Changing their Approach to Performance Measurement 41
Summary 41
PART II PUBLIC UNIVERSITIES
Chapter 4 Jonathan Hook, Chief Investment OfficerThe Ohio State University 45
Chapter 5 Guy Patton, President and CEOThe University of Oklahoma Foundation 57
Chapter 6 Bruce Zimmerman, Chief Investment Officer University of Texas Investment Management Company 69
PART III PRIVATE UNIVERSITIES
Chapter 7 James H.C. Walsh, Chief Investment Officer Cornell University 81
Chapter 8 Sally J. Staley, Chief Investment Officer, and Anjum Hussain, Director of Risk Management Case Western Reserve University 95
Chapter 9 Mary Cahill, Vice President of Investments and Chief Investment OfficerEmory University 113
Chapter 10 Don Lindsey, Chief Investment OfficerGeorge Washington University 125
Chapter 11 Scott W. Wise, PresidentRice Management Company 141
Chapter 12 James (Jim) Hille, Chief Investment OfficerTexas Christian University 153
Chapter 13 Jeremy Crigler, Chief Investment OfficerTulane University 167
PART IV ADVISORS AND MANAGERS
Chapter 14 Sandy Urie, President and Chief Executive Officer, and Celia Dallas, Co-Director of Research and Managing DirectorCambridge Associates 181
Chapter 15 Lyn Hutton, Chief Investment OfficerCommonfund 199
Chapter 16 Thruston Morton, CEO and Chief Investment OfficerGlobal Endowment Management 217
Chapter 17 Mark W. Yusko, CEO and Chief Investment OfficerMorgan Creek Capital Management 231
Chapter 18 Rafe de la Gueronniere, PrincipalNew Providence Asset Management 247
Chapter 19 Bob Boldt, Chief Executive OfficerBoldt Ventures 267
Conclusion Concepts for Individual Investors 281
Lessons for Individual Investors 281
Trends 288
Predictions for Endowments 292
Summary 294
Glossary 297
About the Authors 307
Index 309