Endowment Management Investment Fellowship

Are you interested in investing? Have you always wanted to learn more about investing in stocks, bonds, hedge funds, real estate, and venture capital? Did you know you can invest while supporting great causes, like a foundation’s philanthropic programs or a university operating budget? In 2018, several prominent foundations and universities came together to create a prestigious Endowment Management Investment Fellowship for a select group of bright students entering their Junior and Senior years in college. Our goal was to teach these undergraduates fundamental investment concepts, introduce them to careers in endowment management, and potentially recruit them into careers or help place them in other finance- and investment-related positions after they graduate. 

What is Endowment Management?

Nonprofit organizations, whether universities or foundations, usually support their ongoing programs by spending the returns from a large investment pool called an endowment. The goal of the endowment is to grow its principal value with inflation, while contributing a certain amount of payout to the operating expenses of the institution each year. The endowment is invested globally across a broad variety of asset classes, including stocks, bonds, real estate, private equity, venture capital, and hedge funds. These asset classes combine to create investment portfolios with a return and risk profile that is tailored to fit the needs of the institution. Most institutions spend only about 5% of assets a year as payout, enabling them to have a strategic long-term investment horizon. As such, these institutions are preferred partners to the best investment managers in the world.

What is the Endowment Management Investment Fellowship (EMIF)?

Participating institutions of EMIF will select several students each year entering their Junior and Senior years in college. These students will come together at the beginning of the summer for a multi-day seminar to learn investment concepts and gain exposure to senior investment professionals who will talk about their experiences managing endowments. Students will read a selection of books and case-studies on investing. Each student will be assigned to an investment team at a major university or foundation for an eight-week fellowship. Mentors will guide students through the program, helping them select one major project for the summer (for example, a study on investment opportunities in the timber industry, a white paper on investment opportunities in Vietnam, or an analysis of the appropriate liquidity budget for a portfolio). Mentors will work toward ensuring that students have a well-rounded experience, have the opportunity to work across asset classes and with various team members, and help students think about career goals. At the end of the summer, the students will come together as a group to discuss their experiences and learning.

What kinds of institutions will be participating?

Prominent university endowments and philanthropic foundations with successful investment programs and assets of $500 million or more plan to participate. Institutions participating in 2024 include:

• Amherst College

• Annie E. Casey Foundation

• Berkeley Endowment Management Company (University of California, Berkeley)

• Brown University

• Columbia Investment Management Company (Columbia University)

• Conrad N. Hilton Foundation

• David & Lucile Packard Foundation

• James Irvine Foundation

• Kamehameha Schools  

• KFF (Kaiser Family Foundation)

• Mother Cabrini Health Foundation

• Mount Holyoke College

• Rainwater Charitable Foundation 

• Tufts University

• UCSF Foundation Investment Company (UCSF Foundation)

• University of Southern California

• Wesleyan University

• Williams College

Will the participating institutions offer different experiences?

The participating institutions have plenty in common with respect to their investment approach and the program is designed to create a common experience. That said, each institution has a unique investment style, and as such, experiences will vary by institution.  Requests for placement in particular geographies or with particular institutions will be considered but are not guaranteed. 

Are there additional participation requirements for fellows?

By accepting their summer offer, fellows agree they must:

• Complete the assigned reading for the Seminar

• Attend and participate in the entire 3-day Seminar

• Attend all Manager Speaker Series and Thursday Forums hosted during the summer fellowship unless excused for vacation, illness, or another important conflict

• Complete a project on a topic of interest to all institutions and make a final presentation

• Attend the Final Presentation Day and make a final presentation

What are the 2024 program dates?

The dates for the 2024 seminar and fellowship are below:

• 3-Day Introductory Seminar: June 5 - 7, 2024 (remote)

• 8-Week Fellowship: June 10 - August 2, 2024 (in-person with host institutions)

What are the 2025 program dates?

The dates for the 2025 seminar and fellowship are not yet finalized but will be similar to 2024.