Rockefeller University

“Nobody pays tuition. Quite the opposite. We actually, if you want to be technical, we have negative tuition. We actually pay people. They're heavily recruited and they're paid stipends to attend Rockefeller.”

“We think it's okay to have groups like that, but we don't want them to have too much because if they're a sector that is out of favor, could be out of favor for a decade, and we kind of want folks that can make money at any time period, but there's a role in t…”

“So we're now today at 5.5%, which is still high, still aggressive, plus inflation.”

“Of the folks that are on the public side, we think between three and five percent per each manager of NAV makes sense. So that on average, that might give us, you know, 15 to 20 managers on the public side.”

“We made a hiring mistake, and we realized, we kind of thought, well, we'll just let it, you know, let's let the person kind of ride out to the end of the program, which was fine, but what it did to our culture, and again, you're looking around, there's only ki…”

“On the other side of the hedge fund slice, where that was 25%, we reduced that down to 12. And we're currently today at about 10.”

“Earnings from the endowment support about a third of our operating budget Every year.”

“We actually kind of thought that we should be getting, I'll just use, you know, privates as an example, we should be getting kind of four to 500 basis points above the public market equivalent, whatever that is... And we were pleasantly surprised to see that n…”

“One of the things we did most recently at this February, getting back to your question about the February meeting, we increased our allocation of privates incrementally. So we went from, you know, originally it was five, 15%, then it was at 20% the last severa…”

“At the time, I think it was over 10% of our total NAV of the entire endowment was in venture. And of that, over half of it was healthcare, D.C.”

“So what's interesting is while at Rockefeller, we had put in a conflict of interest policy in place. It was one of the first things we did. And to be honest, I think it was one of the best things we ever did. So that we could actually not commit or invest in a…”

“We only have 35 students, no tuition, not a lot of gifts, a completely different risk profile. So it's not really like a university portfolio.”

“I would say the vast majority of the things that we put on the books here at Wallace have been relationships that I've had either at Rockefeller or Wintergren or any of the other organizations in which I'm affiliated with.”

“One of the things that, that I had to train folks at Rockefeller when they came from other jobs, they put everything and anything into the memo. And I said, let's just distill this down. We're not going to put all the work that we did, you know, quite the oppo…”

“Now I think that world is changing, so right now I think access is less of an issue.”

“Like, 20% long short equity. It's like a lot. It's not crazy, but I asked each person, why do we have this? And nobody had an answer.”