Smaller Endowments Better Off with Fewer Alts

FundfireMy first piece for FUNDfire from the Financial Times is now available. Here’s a taste.

Smaller endowments have been rethinking allocations that invest heavily in illiquid alternative investments, and the ones that have pulled back are seeing those decisions pay off. It’s further proof that the so-called “Yale Model” – perhaps the primary investment innovation in the institutional space over the past 25 years – is of limited use to most endowments.

Smaller Endowments Better Off with Fewer Alts

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