Meredith Jenkins
Chief Investment Officer, Trinity Church Wall Street · 5 appearances on the record.
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Meredith Jenkins joined Trinity Church Wall Street in 2016 as its inaugural CIO, overseeing its diversified endowment and real estate portfolio. Prior to Trinity, she spent 16 years at the Carnegie Corporation of New York, serving as co-Chief Investment Officer from 2011 to 2016.
24statements → 3claims → 3claims resolved → 100%fully supported → 3.67/5average certainty → 2.04/5average debate potential → ≈4.0/5argument clarity, estimated → 38said about them ↓
3 supported 0 partly supported 0 contradicted how the 3 claims stand · each chip opens the sources
3 assertions · 6 opinions · 11 insights · 4 disclosures · every statement was checked. The predictions and assertions are the 3 claims: statements the public record can support or contradict. 3 are resolved. Everything else (opinions, insights, what ifs, disclosures) can never be settled by the record, so it carries no assessment.
The record, in short
What the tape says about how Meredith argues and how the claims held up. Everything they said, and everything said about them, is in the tabs below.
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Everything Meredith Jenkins said on Capital Allocators that made the record, most notable first. Filter by type, assessment or year in the ledger →
Jenkins: Governance structures are the institutional investment industry's Achilles heel
“And my own personal opinion, the governance structure is the Achilles heel of this industry, frankly, that some of the biggest mistakes that some of our peers have made have been because of the governance structures, and because the governance structure has pa…”
Jenkins: PE subscription lines create unpriced, hidden market leverage
“I think there's more leverage in the market than people realize, and we just, no one has yet sort of cogently spoken about it, but there's, it's a lot of little things that actually together add up to a lot, and so, you know, like all this stuff with the, with…”
Jenkins: African equities are an easier play on China than China itself
“Africa tends to do quite well when the commodity cycle is strong. They benefit. There's an argument to be made that it is an easier China play than China itself.”
Jenkins: AI will not change the apprenticeship model of investment management
“What we do is an apprenticeship business, and I don't think that AI's going to change that. Ultimately, the most effective are these interpersonal, how do you ask questions, hear the answer, and realize what the next question should be from what you've heard.”
Jenkins: Crypto is driven by crazy liquidity, not fundamental value
“It is the beneficiary of just ridiculous, crazy liquidity in the world, and I don't get where the fundamental value is right now.”
Jenkins: Sub-Saharan Africa Frontier Markets Are Exceptionally Cheap and Will Rebound
“Looking at frontier markets in Sub-Saharan Africa, I've had both phenomenal and absolutely awful experiences there. I would today absolutely put my money in it yesterday, given where valuations are, and if I'm a long-term investor, I do think it's gonna come b…”
Jenkins: Private equity co-investments are pro-cyclical and historically underperform
“The historical data on co-investments is, they are pro-cyclical,
And they don't turn out well.”
Jenkins: Asset-light startups allow well-funded VCs to stretch capital across cycles
“Venture capital firms have a lot more money than they had back then. And the nature of the businesses that have been founded over the past 10 to 15 years, those are very asset-like businesses, and so they're not expensive to keep going. The biggest expense, ho…”
Jenkins: African public company valuations trade at high single-digit multiples
“High single digit. There's some stuff in the teens, for sure, but that's crazy.”
Jenkins: Concentrated liquid managers induce poor investor behavior via volatility
“Concentrated managers works against that because they do tend to have much bigger swings in performance, and it can lead to really bad investor behavior if it's a liquid manager.”
Jenkins: IPOs are priced for sellers, not value buyers
“When you're taking something public, it's probably not a value option, a value play, right? You're taking, you're trying to take advantage of getting a good price in the market For the person who's selling their equity, not buying it.”
Jenkins: Back managers who sacrifice their own economics for LPs
“And the other circumstances, you know, that, that tended to work out back to sort of the alignment is the, when we could point to examples of when a manager did something that was either personally or economically painful to them in their firm to do right by t…”
Jenkins: Allocators in Asia must underwrite entire teams due to high turnover
“You had to go into it assuming there would be turnover, and so you'd have to take the extra time to really make sure you felt comfortable with everyone on the team so that you could make, because you would inevitably at some point probably have to make an asse…”
Jenkins: Fly-in diligence trips to Asia miss critical historical manager risks
“There were so many bodies that were buried that I, you know, I just,
I know I never saw before when I would fly in for those weeks, and I, it's almost impossible. The stuff you heard about over lunch, just sort of randomly, you weren't even necessarily doing d…”
Jenkins: Investing in Asia requires personal trust over legal structuring
“Versus, I feel like sometimes in the U.S. You might be more willing to, okay, we can structure this in a way that will be protected if it doesn't, and it's, and we know how it would play out sort of in a U.S. Legal system and all of that sort of, in terms of k…”
Jenkins: Co-CIO models carry inherent instability as leaders prove themselves
“There's, in contrast to the strengths that can be in that model, there's also, there can be a natural instability in that model. And, you know, each person's trying to maybe trying to prove themselves and whatever the case may be.”
Jenkins: Top allocators succeed by managing stakeholder anxiety during crises
“The people who've had the most success have not only been good investors, but they've been able to manage those dynamics so that they are in a position to do really interesting stuff when real interesting stuff happens. Which tends to be when people are most a…”
Jenkins: Trinity targets high single-digit net returns on hedge funds
“For what we'll do in hedge funds, I hope, we're looking for high single digits.
Net, actually.
High single digits net, so somewhere low double digits gross.”
Meredith Jenkins: Trinity cuts annual commitment budget by about 20%
“We've extended the lives on stuff in terms of what we assume is going to take in terms of getting our money back. And so we've reduced the commitments at the headline level. And so we've brought the headline annual commitment budget down about 20% for that.”
Jenkins: African equities are up 30% year-to-date and in portfolio
“Africa up about 30% this year so far, and we are in that manager, thankfully.”
Jenkins: Carnegie's co-CIO structure built in a senior devil's advocate
“Then the other person between Kim and I would be the secondary. And so the secondary's role was a built-in devil's advocate. And so the secondary, you know, anytime anything new or re-up or we were just sort of re-examining a manager for some reason, the secon…”
Trinity Wall Street netted $1.7B selling real estate stake to Norges
“They ultimately put together 11 of their core commercial buildings, and
Put it into a joint venture, sold 48%, 48% stake to Norges and one percent stake to Heinz to come in and manage it on a day to day basis.
And so that produced about 1.7 billion for the por…”
The other half of the tape: Meredith Jenkins's own voice is left out of every number here. Other people bring the name up 35 times in 10 episodes on Capital Allocators. 3 statements on the record name them. every mention, with the transcript →
Who brings them up most Ted Seides 20Kim Lew 7Nicholas (Nick) Csicsko 4Hank Sturmack 1Gary Sernovitz 1
Statements about Meredith Jenkins, by other people (3)
Carnegie Co-CIOs divided asset classes to maintain future solo CIO marketability
“One, we each had to be managing a full diverse portfolio so that when we went out to interview for jobs later on, We could say we had played the role of a CIO managing a cross asset class. So it wasn't a, you do publics and I do privates, or you do illiquids, …”
Maul: Carnegie implemented a primary and secondary coverage matrix for investments
“They created a matrix strategy where you were primary and secondary on a strategy because the portfolio was mature, it was fairly large, and the team, while not huge, wasn't tiny either, and you couldn't really bring seven people to a meeting, especially if yo…”
Carnegie Co-CIO model paired primary sponsor with asset allocation devil's advocate
“The way we structured it is, though, if you were the primary, your job was to really help the directors source and think about their strategy and support them in their work. And if you were the secondary, you were the devil's advocate. Not the devil's advocate…”
Every mention by year
tap a year for its mentions
2026 7 mentions in 3 episodes 2 per episode
2025 2 mentions in 2 episodes 1 per episode
2024 1 mention in 1 episode
2023 1 mention in 1 episode
2022 1 mention in 1 episode
2020 3 mentions in 1 episode
2018 20 mentions in 1 episode
Appearances (5)
| Episode | Date | Speaking time |
|---|---|---|
| Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) | Jun 30, 2025 | 8m |
| Training Grounds – Carnegie Corporation of New York (EP.377) | Apr 1, 2024 | 6m |
| Friends Reunion 2 – Five Allocators Riff on Investing with Meredith Jenkins, Casey Whalen, | Sep 19, 2022 | 7m |
| Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) | Sep 27, 2021 | 3m |
| Meredith Jenkins – A Path to Trinity (Capital Allocators, EP.31) | Nov 13, 2017 | 41m |