Massachusetts Institute of Technology

1. You primarily allocate via external managers and even back boutique firms early, sometimes as the sole external partner.

We are an entrepreneurial, owner-managed, small-AUM firm—set up for deep alignment and direct access—fitting your preference for specialist, external partners.

Evidence

“MIT primarily invests through external fund managers, allowing the Institute to access the best investment talent globally.” “As part of our approach, we partner with investment firms early – often from Day One – and sometimes serve as their sole external partner.” “By identifying a wide variety of top-tier investment managers with specific competencies, MIT can construct a broadly diversified portfolio while accessing deep sector expertise.”

2. Your policy favors equity and is heavily weighted toward less efficient markets.

We run a concentrated, high-conviction global strategy with dedicated emerging markets capability—targeting alpha in less efficient markets while keeping overall portfolio diversification in mind.

Evidence

“To generate high real rates of return, MIT’s investment policy favors equity investments over fixed- income instruments and is heavily weighted toward less efficient markets.” “MIT targets a diversified asset allocation that places greater emphasis on equity-based investments to achieve its long- term objectives within prudent risk constraints.”

3. You expect individual managers to exceed appropriate benchmarks and deliver total returns over time.

Our best-ideas, high-conviction approach is built to outperform global indices over full cycles, with a long, audited track record on a total-return basis.

Evidence

“MIT’s investment policy is based on the primary goal of maximizing return relative to appropriate risk such that performance exceeds appropriate benchmark returns at the total pool, asset class, and individual manager levels.” “To achieve its long-term rate-of-return objectives, MIT relies on a total return strategy in which investment returns are realized through both capital appreciation (realized and unrealized gains) and current yield (interest and dividends).”

4. You allocate to absolute return/marketable alternatives and emphasize diversification, hedging, and low-correlation exposures.

Our strategy targets a low-correlation return profile versus traditional equities and uses disciplined risk management (including currency and tail-risk awareness) to complement your diversifiers.

Evidence

“Marketable alternatives 12-22% 14% 14%” “MIT uses these instruments primarily to manage or hedge its exposure to extreme market events and fluctuations in asset classes or currencies.” “Equity:** Absolute return - - - 5,681,712 5,681,712”

5. You are comfortable with commingled/LP structures and a wide range of liquidity terms, including notice periods, lock-ups, gates, and even non-redeemable funds.

We offer institutional commingled vehicles with periodic liquidity and alignment-friendly terms, fitting within your accepted liquidity framework.

Evidence

“Most absolute return, domestic equity, and foreign equity commingled funds limit withdrawals to monthly, quarterly, or other periods, and may require notice periods.” “have entered into contractual arrangements that may limit their ability to initiate redemptions due to notice periods, lock-ups, and gates.” “Close-ended funds not available for redemption Not redeemable”

6. You screen managers for ESG and are executing a Net Zero plan with materially reduced fossil fuel exposure.

We integrate ESG risk analysis in our underwriting and maintain minimal fossil-fuel exposure—supporting your decarbonization and manager-screening priorities.

Evidence

“MITIMCo prides themselves on hiring asset managers that are screened for ESG investing,” “These actions led to an exit over the past decade from several oil and gas focused managers and over a 75% decline in oil and gas exposure.” “Net Zero Endowment Plan: MIT is committed to net-zero emissions in their portfolio by 2026.”

7. You maintain a global program with significant foreign equity exposure and tolerate extended lock-ups in foreign funds.

Our global mandate—including emerging markets—fits your international scope and willingness to allocate to foreign strategies with longer lock-ups.

Evidence

“Investments managed by external managers include those in (ii) domestic, foreign,” “Common equity: Domestic 844,786 ... Foreign 1,504,203 ... 1,704,451” “Foreign funds include funds that have remaining lock-up provisions up to 60 months.”

8. You emphasize long-term, inflation-adjusted returns and reference historical return data when setting assumptions.

We have a long, cycle-tested track record and a process built to compound real returns over time, aligning with your long-horizon objectives.

Evidence

“Delivering outstanding long-term investment returns for MIT” “The long-term rate-of-return assumption is determined based on several factors, including historical market index returns, the anticipated long-term asset allocation of the plans, historical plan return data, plan expenses, and the potential to outperform market index returns.”