Carnegie Mellon University

Generated outreach message alignment report
1. You rely on external managers (including hedge funds) to run the endowment.
We’re an entrepreneurial, owner-managed hedge fund with a concentrated, high-conviction approach—structured for external LPs and designed to add a distinct, low-correlation return stream alongside your existing manager roster.
Evidence
“Substantially all endowment assets are managed by outside investment managers and overseen by the university’s Investment Office.” “This includes commingled funds of $258.9 million, and hedge and private equity funds of $2,593.4 million as of June 30, 2025.”
2. You can make new, reasonably sized commitments to value-creating managers.
As a smaller, capacity-constrained manager, a CMU-sized ticket would be meaningful and aligned with our ability to compound over the long term without diluting returns.
Evidence
“Carnegie Mellon’s endowment is of a size that permits new, reasonably sized commitments to value-creating investment managers that will be meaningful to the endowment’s asset allocation and investment return.”
3. You favor a broader, global portfolio over concentrated U.S. exposure.
Our global mandate (with EM capability) and concentrated best-ideas portfolio are built to exploit opportunities outside the U.S. mega-cap complex, aiming to diversify return drivers and enhance long-term compounding.
Evidence
“U.S. public equities, due to the strong outperformance of a very small group of large tech companies (often referred to as the Magnificent 7), may persist in delivering strong relative performance, but we believe a broader, global portfolio ultimately will outperform over the longer run...”
4. Emerging markets are explicitly part of your global diversification.
We have dedicated EM capability within a global framework—useful for adding differentiated alpha and diversifying CMU’s non-U.S. equity exposure.
Evidence
“Carnegie Mellon’s asset allocation emphasizes diversification across geographic markets (including emerging markets), industries, investment managers and asset classes...” “Equity securities at June 30, 2025 included 68.3% domestic equities and 31.7% international and emerging market equities.”
5. Your focus is on top-quartile, long-term performance and compounding, not short-term noise.
Our high-conviction, low-turnover process targets multi-year outcomes; we have a long track record and are comfortable with interim volatility in pursuit of superior long-term compounding.
Evidence
“goal is focused not on short-term swings but on top quartile long-term performance.”
6. You are comfortable with less liquid, lock-up structures and NAV-based vehicles.
Our concentrated strategy benefits from aligned, patient capital. Your willingness to accept initial lock-ups and structured liquidity is a strong fit with our approach.
Evidence
“Commingled funds and hedge fund investments held by the university may be subject to restrictions related to the initial investment that limit the university’s ability to redeem... typically known as a lock-up period.” “Alternative investments measured at NAV are less liquid than Carnegie Mellon’s other investments.”
7. You expect global managers to handle FX and risk management discretionarily.
We actively manage currency and use derivatives prudently to shape exposures and dampen downside, supporting a differentiated, low-correlation return profile within your global book.
Evidence
“Carnegie Mellon does not hedge international portfolios with respect to foreign currencies.” “Investment managers of these international portfolios have the discretion to, and certain do, manage foreign currencies through foreign exchange contracts...”