Evolving Endowment Strategies

This chapter explores the strategic shifts in the investment management of an endowment fund, particularly highlighting the transition to a more diversified portfolio with fewer but more effective hedge fund partners. It discusses the rigorous process of selecting investment managers and optimizing for long-term performance, alongside the challenges posed by high fees and market competition. Additionally, the chapter emphasizes the importance of collaborative decision-making within a generalist team to navigate the complexities of portfolio construction while balancing concentration and diversification.