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      55+ Years of Analysis & Insight

      For more than 55 years, Institutional Investor has delivered the news and analysis that investment professionals need to succeed and stay relevant. Our coverage of the global asset management industry helps you to stay ahead of the curve on the trends and stories that impact your world.

      Volatile Macro Fund Haidar Leads Peers With Double-Digit Gain

      Volatile Macro Fund Haidar Leads Peers With Double-Digit Gain
      Managers’ Bullish Outlooks Remain — But the Price of Gold Is Telling a Different Story

      Managers’ Bullish Outlooks Remain — But the Price of Gold Is Telling a Different Story
      Five Things to Watch in Energy Markets in 2025

      Five Things to Watch in Energy Markets in 2025
      Mega Hedge Fund Launches Are Rare — and Don’t Ensure Lasting Success

      Mega Hedge Fund Launches Are Rare — and Don’t Ensure Lasting Success
      With Frantic Pace of Changes, Investors’ Concerns About Instability Rise

      With Frantic Pace of Changes, Investors’ Concerns About Instability Rise
      Greenland Noise Could Spur Push for More Favorable Investing Policies

      Greenland Noise Could Spur Push for More Favorable Investing Policies
      Janus Henderson to Expand Institutional

      Janus Henderson to Expand Institutional
      There’s a Trump Bump for Short Sellers — At Least in One Sector

      There’s a Trump Bump for Short Sellers — At Least in One Sector
      How Endowments and Foundations Can Align Investment Portfolios with Their Missions

      How Endowments and Foundations Can Align Investment Portfolios with Their Missions
      The Rise of Oil Options: Why More Traders Are Getting Involved

      The Rise of Oil Options: Why More Traders Are Getting Involved
      Private Markets, Public Access

      Private Markets, Public Access
      Will 2025 Be the Year of Diversification in Equities?

      Will 2025 Be the Year of Diversification in Equities?
      Artificial Intelligence, Meet Private Equity. They’re Here to Help.

      Artificial Intelligence, Meet Private Equity. They’re Here to Help.
      Model Portfolios to Deliver Alternative Asset Exposure

      Model Portfolios to Deliver Alternative Asset Exposure
      Solana vs. Bitcoin vs. Ethereum: How Do They Compare?

      Solana vs. Bitcoin vs. Ethereum: How Do They Compare?
      Open Architecture and Next-Gen Technology Help Support Model Delivery

      Open Architecture and Next-Gen Technology Help Support Model Delivery
      More State Pension Plans Target Smaller, Direct Infrastructure Deals in ‘Their Own Backyards’

      More State Pension Plans Target Smaller, Direct Infrastructure Deals in ‘Their Own Backyards’
      Corporate Defined Benefit Plans Did Better than You Might Think During Recent Volatility

      Corporate Defined Benefit Plans Did Better than You Might Think During Recent Volatility
      Opinion: Too Much Dry Powder, Too Little Vision

      Opinion: Too Much Dry Powder, Too Little Vision
      How Endowments and Foundations Can Align Investment Portfolios with Their Missions

      How Endowments and Foundations Can Align Investment Portfolios with Their Missions
      Podcast: Opportunistic and Distressed Debt Investing: The Strategies, Stories, and Intricacies

      Podcast: Opportunistic and Distressed Debt Investing: The Strategies, Stories, and Intricacies
      Family Offices Struggle to Find Direct Deals: ‘We Weren’t Getting Paid For the Time We Were Investing’

      Family Offices Struggle to Find Direct Deals: ‘We Weren’t Getting Paid For the Time We Were Investing’
      Market Volatility May Boost Distressed Credit Opportunities

      Market Volatility May Boost Distressed Credit Opportunities
      Building Resilient Portfolios: Infrastructure’s Strategic Advantage

      Building Resilient Portfolios: Infrastructure’s Strategic Advantage
      The Rise of Oil Options: Why More Traders Are Getting Involved

      The Rise of Oil Options: Why More Traders Are Getting Involved
      MacArthur Taps Nature Conservancy Vet to Replace Outgoing CIO

      MacArthur Taps Nature Conservancy Vet to Replace Outgoing CIO
      Artificial Intelligence, Meet Private Equity. They’re Here to Help.

      Artificial Intelligence, Meet Private Equity. They’re Here to Help.
      More Deals May Be in the Works as Wilshire Names New CEO

      More Deals May Be in the Works as Wilshire Names New CEO
      Expert Perspectives: C-Suite Insights from II’s Exclusive Forums

      Expert Perspectives: C-Suite Insights from II’s Exclusive Forums
      Model Portfolios Simplify Wealth Managers’ Messaging with Clients

      Model Portfolios Simplify Wealth Managers’ Messaging with Clients
      Who Will Be the Next Larry Fink?

      Who Will Be the Next Larry Fink?
      Facing a Liquidity Crisis, Venture Must Move Past the ‘IPO or Bust’ Mentality

      Facing a Liquidity Crisis, Venture Must Move Past the ‘IPO or Bust’ Mentality
      The Rest of the Best: The 2025 Hedge Fund Rising Stars, Part II

      The Rest of the Best: The 2025 Hedge Fund Rising Stars, Part II
      II Honors Dmitry Balyasny With the 2025 Hedge Fund Lifetime Achievement Award

      II Honors Dmitry Balyasny With the 2025 Hedge Fund Lifetime Achievement Award
      Podcast: Opportunistic and Distressed Debt Investing: The Strategies, Stories, and Intricacies

      Podcast: Opportunistic and Distressed Debt Investing: The Strategies, Stories, and Intricacies
      MacArthur Taps Nature Conservancy Vet to Replace Outgoing CIO

      MacArthur Taps Nature Conservancy Vet to Replace Outgoing CIO
      “Dogespierre Has Left the Building,” Says JPM’s Michael Cembalest

      “Dogespierre Has Left the Building,” Says JPM’s Michael Cembalest
      Walton Family Consolidates Investment Offices Under Sole CIO

      Walton Family Consolidates Investment Offices Under Sole CIO
      More Deals May Be in the Works as Wilshire Names New CEO

      More Deals May Be in the Works as Wilshire Names New CEO
      Knight Brings Its $2.6B Portfolio Back In-House After Decades of Outsourcing

      Knight Brings Its $2.6B Portfolio Back In-House After Decades of Outsourcing
      Private Markets Investment Outlook Q2 2025: Opportunities Amid Uncertainty

      Private Markets Investment Outlook Q2 2025: Opportunities Amid Uncertainty
      VC Is Down — But Private Placements for Post-IPO Companies Are Up

      VC Is Down — But Private Placements for Post-IPO Companies Are Up
      The Troubles Plaguing Private Capital Create a Windfall for Secondaries

      The Troubles Plaguing Private Capital Create a Windfall for Secondaries
      REITs Are in a Rut

      REITs Are in a Rut
      Why Private Equity Wins: Reflecting on a Quarter-Century of Outperformance

      Why Private Equity Wins: Reflecting on a Quarter-Century of Outperformance
      Rising Federal Debt and Fewer Institutional Buyers Means an Increased Need for Private Credit

      Rising Federal Debt and Fewer Institutional Buyers Means an Increased Need for Private Credit
      OCIOs Gain Major Ground With Private Schools

      OCIOs Gain Major Ground With Private Schools
      NEPC’s Sarah Samuels Expects 'More Pain to Come' in PE, VC

      NEPC’s Sarah Samuels Expects 'More Pain to Come' in PE, VC
      CFOs and COOs Show Less Favor in Emerging Markets

      CFOs and COOs Show Less Favor in Emerging Markets
      Nvidia’s Newest Hedge Fund Investors

      Nvidia’s Newest Hedge Fund Investors
      Despite Turmoil, Hedge Funds Mostly Stood Pat on Their Favorite Stocks

      Despite Turmoil, Hedge Funds Mostly Stood Pat on Their Favorite Stocks
      A U.S. Pension Stopped Investing in Tesla. The Controller Expects More to Follow.

      A U.S. Pension Stopped Investing in Tesla. The Controller Expects More to Follow.
      Skye Global Slashes Its Stake in Amazon

      Skye Global Slashes Its Stake in Amazon
      Amid Strong Gains, D1 Capital Leads Tiger Cubs With Bold Moves

      Amid Strong Gains, D1 Capital Leads Tiger Cubs With Bold Moves
      The Rise of Oil Options: Why More Traders Are Getting Involved

      The Rise of Oil Options: Why More Traders Are Getting Involved
      Bridgewater, Renaissance Make Changes to Top Holdings

      Bridgewater, Renaissance Make Changes to Top Holdings
      Five Things to Watch in Energy Markets in 2025

      Five Things to Watch in Energy Markets in 2025
      SEC’s Hester Peirce on What to Expect From the Atkins Agenda

      SEC’s Hester Peirce on What to Expect From the Atkins Agenda
      What's Next for Global Monetary Policy?

      What's Next for Global Monetary Policy?
      Turbulent Markets Call for More than an Index

      Turbulent Markets Call for More than an Index
      Asset Managers (Not Surprisingly) Cheer Paul Atkins as ‘Enforcement-Lite’ SEC Pick

      Asset Managers (Not Surprisingly) Cheer Paul Atkins as ‘Enforcement-Lite’ SEC Pick
      Managed Futures Take Advantage of the Trump Trade

      Managed Futures Take Advantage of the Trump Trade

      Casdin Leads Life Sciences Funds in a Recovery Year

      Casdin Leads Life Sciences Funds in a Recovery Year
      How Do FX Markets Respond to U.S. Rate Cuts?

      How Do FX Markets Respond to U.S. Rate Cuts?
      Corporate Defined Benefit Plans Did Better than You Might Think During Recent Volatility

      Corporate Defined Benefit Plans Did Better than You Might Think During Recent Volatility
      Nvidia’s Newest Hedge Fund Investors

      Nvidia’s Newest Hedge Fund Investors
      Despite Turmoil, Hedge Funds Mostly Stood Pat on Their Favorite Stocks

      Despite Turmoil, Hedge Funds Mostly Stood Pat on Their Favorite Stocks
      Who’s in the Running? 2025 Allocators’ Choice Finalists Announced

      Who’s in the Running? 2025 Allocators’ Choice Finalists Announced
      Venture Capital’s Woes Could Get Worse

      Venture Capital’s Woes Could Get Worse
      David Einhorn’s Early Bear Call Propels Greenlight to the Top

      David Einhorn’s Early Bear Call Propels Greenlight to the Top
      VC Is Down — But Private Placements for Post-IPO Companies Are Up

      VC Is Down — But Private Placements for Post-IPO Companies Are Up
      Funding Continues to Slip Away From Start-Ups

      Funding Continues to Slip Away From Start-Ups
      Performance of Small and Large Endowments Once Again Diverge

      Performance of Small and Large Endowments Once Again Diverge
      Ackman’s Pershing Square Suffers from the ‘Passive’ Phenomenon

      Ackman’s Pershing Square Suffers from the ‘Passive’ Phenomenon
      Why DeepSeek’s Models Blindsided U.S. Tech Illuminati and Market Whizzes

      Why DeepSeek’s Models Blindsided U.S. Tech Illuminati and Market Whizzes
      Investment Management in a Box

      Investment Management in a Box
      Despite the Administration’s ‘Unconventional Approach,’ Dan Loeb Is Still Bullish for 2025

      Despite the Administration’s ‘Unconventional Approach,’ Dan Loeb Is Still Bullish for 2025
      Great Results and an Uncertain Future for an Energy Hedge Fund

      Great Results and an Uncertain Future for an Energy Hedge Fund
      Johns Hopkins Lands New CIO from Georgetown

      Johns Hopkins Lands New CIO from Georgetown
      Greenlight Posted Its Weakest Results in the Past Four Years

      Greenlight Posted Its Weakest Results in the Past Four Years
  • Market Intelligence
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      Custom Research | Comprehensive Data | Transforming Intelligence

      At Institutional Investor, we provide comprehensive data and independent research to support the investment community. Our Thought Leadership Studio creates impactful content that shapes industry conversations, while our Custom Research Lab produces primary research reports for clients' market outreach and business development. Together, these efforts help investment professionals stay informed and competitive.

      CFOs and COOs Show Less Favor in Emerging Markets

      CFOs and COOs Show Less Favor in Emerging Markets
      Out with the Old, in with the New

      Out with the Old, in with the New
      Expert Perspectives: C-Suite Insights from II’s Exclusive Forums

      Expert Perspectives: C-Suite Insights from II’s Exclusive Forums
      Allocators and Asset Managers Tell Us What Concerns Them Most

      Allocators and Asset Managers Tell Us What Concerns Them Most
      Rising Federal Debt and Fewer Institutional Buyers Means an Increased Need for Private Credit

      Rising Federal Debt and Fewer Institutional Buyers Means an Increased Need for Private Credit
      Trump 2.0 and the Markets

      Trump 2.0 and the Markets
      Strategic Gaps and Leadership Blind Spots

      Strategic Gaps and Leadership Blind Spots
      Shifting Product Priorities: What Firms Have Added in the Last Five Years

      Shifting Product Priorities: What Firms Have Added in the Last Five Years
      CIOs Tell Us What Concerns Them Most in 2025

      CIOs Tell Us What Concerns Them Most in 2025
      Expert Perspectives: C-Suite Insights from II’s Exclusive Forums

      Expert Perspectives: C-Suite Insights from II’s Exclusive Forums
      Bear Market Warning Signals Begin to Emerge

      Bear Market Warning Signals Begin to Emerge
      Rising Federal Debt and Fewer Institutional Buyers Means an Increased Need for Private Credit

      Rising Federal Debt and Fewer Institutional Buyers Means an Increased Need for Private Credit
      Trump 2.0 and the Markets

      Trump 2.0 and the Markets
      Valuations Have Dropped, but Not Enough to be “Cheap”

      Valuations Have Dropped, but Not Enough to be “Cheap”
      II Live: Seizing the Model Moment

      II Live: Seizing the Model Moment
      Corporate Defined Benefit Plans Did Better than You Might Think During Recent Volatility

      Corporate Defined Benefit Plans Did Better than You Might Think During Recent Volatility
      Gold and the U.S. Dollar: An Evolving Relationship?

      Gold and the U.S. Dollar: An Evolving Relationship?
      How Endowments and Foundations Can Align Investment Portfolios with Their Missions

      How Endowments and Foundations Can Align Investment Portfolios with Their Missions
      Podcast: Opportunistic and Distressed Debt Investing: The Strategies, Stories, and Intricacies

      Podcast: Opportunistic and Distressed Debt Investing: The Strategies, Stories, and Intricacies
      The Rise of Oil Options: Why More Traders Are Getting Involved

      The Rise of Oil Options: Why More Traders Are Getting Involved
      II Communities on Infrastructure

      II Communities on Infrastructure
      Fireside Chat: Fixed Income Market Structure Evolution

      Fireside Chat: Fixed Income Market Structure Evolution
      Rising Federal Debt and Fewer Institutional Buyers Means an Increased Need for Private Credit

      Rising Federal Debt and Fewer Institutional Buyers Means an Increased Need for Private Credit
      Trump 2.0 and the Markets

      Trump 2.0 and the Markets
  • Events
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      600 Asset Managers | 90+ Annual Events

      We drive growth by creating communities across the investment ecosystem and foster conversations where members share their collective intelligence, innovative observations, and experience as industry leaders in an off-recording setting.

      JUN 2-4

      Endowments & Foundations Roundtable East 2025

      Four Seasons Hotel Boston | Boston

      JUN 3-4

      AMI CEO Roundtable 2025

      The St. Regis Bal Harbour Resort | Miami Beach

      JUN 3-4

      Emerging Talent Academy - Boston 2025

      Four Seasons Hotel Boston | Boston

      JUN 12-13

      2025 Asia TraderForum Annual Meeting and Equity Trading Summit

      Four Seasons Hotel Hong Kong | Hong Kong

      JUN 17

      EI CEO June Lunch 2025

      London | Hook

      JUN 24

      Legal Forum Summer Workshop 2025

      Park Hyatt Chicago | Chicago

      JUN 25-27

      European Single Family Office Symposium 2025

      Beau-Rivage Palace, Lausanne | Lausanne

      SEP 9-12

      2025 International TraderForum

      Torre Melina, a Gran Meliá Hotel | Barcelona

      SEP 9-10

      2025 European Fixed Income Trading Summit

      Torre Melina, a Gran Meliá Hotel | Barcelona

      SEP 10

      第20回年次日本投資フォーラム 20th Annual Japan Investment Forum

      The Shangri-La Hotel Tokyo | Tokyo

      SEP 17

      2025 한국 글로벌 투자 포럼 2025 Korea Global Investment Forum

      Four Seasons Hotel Seoul | Seoul

      OCT 8

      2025 MEII Abu Dhabi Institutional Investor Summit
      OCT 14

      2025 Asia Private Market Leaders Forum

      Conrad Hong Kong

  • About Us
Mike Hennessy defends the endowment model
The endowment model is very difficult and internally expensive to implement well. It is clearly worth the candle, but no less intimidating
September 13, 2009

 Michael Hennessy, co-founder and managing director of investments at $9 billion Morgan Creek Capital Management, takes issue with popular reporting about endowments. Sure, a lot of them have lost money in 2008, but over any reasonable period of time, as he says below,

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