April 27, 2023
Key Takeaways from 2022
1. Impact Without Concession: At Global Endowment Management (GEM), our impact investment managers continue to build our conviction that we can deliver positive outcomes without sacrificing returns.
2. Impact, Not ESG: We at GEM believe that ESG investing and impact investing are fundamentally different. While both are important, growing concerns and controversy about the rigor of ESG investing underscores our commitment to impact investing to drive outcomes for people and the planet.
3. Advancing the Field: After identifying gaps in the market for commodities and public real estate strategies that meet our rigorous impact and return expectations, our team innovated.
We believe the lower middle market remains one of private equity’s most durable and least crowded sources of outperformance. In our latest research report, we examine the data behind our thesis and explain why we think disciplined manager selection creates a distinct edge.
In this mid-year follow-up to our 2026 Outlook, we revisit the four themes shaping this year's markets—AI's debt-financed buildout, accelerating private market access, biotech's continued momentum, and a slowly healing real estate market—and take stock of what's playing out as anticipated and what isn’t.
Three years after our last Investment Policy review, the regime has shifted: higher rates, sticky inflation, and a positive stock-bond correlation. In this conversation, GEM’s CIO Matt Bank revisits not just capital market assumptions but the framework itself, from methodology to implementation and risk management.
Let’s start a conversation about how we can help.
