In Pursuit of Endowment-Style Investing

Michael Hennessy discusses the endowment model and the future of alternative investing.


Michael Hennessy, co-founder and managing director of investments at $9 billion Morgan Creek Capital Management, likes to keep an eye on what the hedge fund managers he invests with drive. If one of them suddenly starts tooling around in a brand-new sports car, Hennessy begins to worry.

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