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Wise Money: Using the Endowment Investment Approach to Minimize Volatility and Increase Control by Daniel Wildermuth

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10Private Equity: A Stronger Move into Nontraditional Asset Classes

ONE OF THE MAJOR CONTRIBUTORS TO ENHANCED ENDOWMENT portfolio performance over the past several decades has been private equity. As with other asset classes, endowments have had much success with private equity that may not be easily replicated by individual investors.

The Journal of Wealth Management draws this conclusion for one very obvious reason. Some endowments, including the most famous practitioner of the model, Yale University, have achieved extraordinary success in this area. Duplication of their returns seems unfathomable.

For example, Yale’s annual return on private equity investments since inception in 1973 through 2010 has averaged an astonishing 30.3 percent per ...

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