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.
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.
