Endowments & Foundations
Endowments invest to support universities, schools and hospitals over the long term. Foundations invest so they can keep funding their charitable work.
Share of private capital net asset value held in funds seven years or older
39%
Secondary transaction volume, first half of 2026
US$121B
Note: Net asset value at the end of 2025. PitchBook, as cited in our analysis Secondaries and continuation vehicles.
Endowments and foundations
Endowment returns fund scholarships, research and teaching.
A small investment office researches managers and recommends commitments. Trustees on the investment committee approve them, usually on a quarterly cycle. We prepare managers for the questions both will ask.
Spending and liquidity
Commitments are sized against the annual spending need, so the pace of distributions matters as much as the return.
Fit with the portfolio
Something the existing managers do not already provide, and a strategy that sits squarely within the investment policy.
Long relationships
Many back managers early and stay through several funds, so ownership and succession are read closely.