The way portfolios are built has changed. The endowment model, pioneered at Yale and adopted by leading institutions worldwide, showed what disciplined, long-horizon, multi-asset investing could achieve. Until recently that approach sat largely out of reach for private investors. That is no longer the case.
Three shifts have opened it up: a far larger opportunity set as private markets become more accessible; a new generation of asset-allocation frameworks that weigh public and private assets together by their underlying risk and return; and growing evidence that investor behaviour is among the largest determinants of long-term results.
Wealth Strategy Playbook
Ten principles for a new investing paradigm
Insights
Part of the Wealth and Legacy in Motion series
This paper sits within Wealth and Legacy in Motion, a connected body of work from Lipman Burgon anchored by the foundational paper of the same name. Related reading:
Wealth and Legacy in Motion
Practical governance for clarity across generations.
Applying the Endowment Model: From fashion to function
How families can turn a popular institutional idea into lasting family capital, by adapting it with discipline rather than copying it.
Family Governance in Motion: Practical governance for clarity across generations
Charter development, decision rights, meeting cadence and next generation education—integrated into a coherent governance system that supports clarity across generations.
Stewardship in Practice: A guide to investment governance for Australian not-for-profit organisations
For volunteer trustees, board directors and investment committee members governing a charitable corpus, with practical best practices for ensuring the corpus works in service of the mission.
Ten Common Pitfalls of NFP Investment Committees: And how to avoid or correct them
A practical reference for volunteer trustees, board directors and investment committee members of Australian not-for-profit organisations governing a charitable corpus.