October 22, 2024
The Long View—a series from GEM’s Co-CIO, Matt Bank— explores a range of topics relevant to the fiduciaries and allocators of institutional capital.
In Part I of his three-part series on the Endowment Model, Co-CIO Matt Bank argued that the Endowment Model is better thought of as a set of investment principles than a recipe to be followed. Merely replicating the asset allocation of Yale’s Investment Office or another leading institutional investor has always been an unlikely path to success for the average investor. Nevertheless, blaming the model for the disappointing performance of institutional funds over the last decade-and-a-half has become sport.
Active management in any form is, for the most part, doomed in aggregate.
But that’s not the whole story.
In Part II of the series, Bank unpacks the flawed quantitative arguments often used by the Model’s detractors in assessing endowment performance and presents a better framework for evaluating long-term success.
Kelly Barofsky, a Director in GEM’s Investment Research Group, joined Giovanni Amodeo at ION Analytics to discuss GEM’s approach to identifying opportunities in the lower mid-market, including the importance of sector specialization and manager-investor alignment.
Jay Ripley, Head of Investments, spoke with FundFire about the recent close of GEM’s inaugural independent sponsors fund and shared the importance of manager diligence in establishing long-term GP-LP relationships.
Potential policy changes have led many universities to consider shoring up cash reserves. Co-CIO Matt Bank spoke to the Wall Street Journal about the heightened uncertainty these schools are facing relative to previous economic downturns.
Let’s start a conversation about how we can help.
