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During the past 16 years, the Investment Board of the University of Pennsylvania has developed a unique model for managing the university’s endowment. The Penn model is grounded in keeping costs low, maintaining the confidence of the trustees and administration, emphasizing a wide range of investment expertise on the board, practicing “benevolent despot” management, using a single equity manager, and applying a superior investment approach. This model has contributed to the endowment fund increasing in size tenfold. This presentation comes from the Managing Endowment and Foundation Funds conference held in Philadelphia, Pennsylvania, on March 25-26, 1996. |
