The Twenty Minute VC (20VC) · Monday, September 14, 2026

Baylor University's Portfolio Construction Emphasizes Private Allocation First

David Morehead, CIO at Baylor University, details their approach to portfolio construction, prioritizing the private allocation first due to its liquidity constraints. He states that their allocation range for private investments is between 35% and 55%.

personDavid Morehead

The tape

3 quotes

“I think it's really important, for if you're starting with a blank sheet and you're going to do private, you really need to nail down the private side first, right?”

“Because the private side is going to suck your liquidity and sort of hogtie your ability to allocate between managers or between strategies.”

“Our allocation range around privates is 35 to 55%.”

Heard on The Twenty Minute VC (20VC) — “20VC: How LPs Allocate to Venture in 2026: What They Want, What They Do Not Want | Why Fund Multiple Does Not Matter Without a Timeline | Why Velocity of Cashback is the Most Important Thing with David Morehead, CIO @ Baylor”, published Monday, September 14, 2026. Heardvine summarizes and quotes with attribution and timestamps, and links to the original everywhere.

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