The Twenty Minute VC (20VC) · Monday, September 14, 2026
David Morehead, CIO of Baylor University, explains their strategic move away from commingled funds towards direct relationships with General Partners (GPs). This approach allows them to have greater control over their risk-return profile and portfolio composition, avoiding the 'average' risk-return profile that is typical in commingled funds.
“Yeah, so basically, what we've done is typically higher ed outsources the investment of the endowment to a whole set of different managers.”
“The issue with commingled funds is, of course, at any given point in time, you're receiving the average risk return profile that that manager is providing in order to keep all of those LPs satisfied.”
“And so what we've tried to do is kind of go directly to the GP and say, hey, this commingled thing isn't like totally working for us.”