Name: What's Next for University Endowments and Private Investments?
Uploaded: 2026-04-10T13:39:00Z
Duration: 2 min 21 s
Description: David Druley, CEO of Cambridge Associates, explains how changes, such as new taxes and lower research grants, are impacting university endowments.

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David Druley, CEO of Cambridge Associates, explains how changes, such as new taxes and lower research grants, are impacting university endowments.

https://m.wsj.net/video/20260416/cdd5d162-27a2-41a8-aad5-9df7e32f1e01/1/hls/manifest-hd-wifi.m3u8

What's Next for University Endowments and Private Investments?

You know, one of the classic endowment problems that these universities have had recently, I guess not classic, but recent-

Yeah.

Is exposure to privates.

Yeah.

And you know, that's just been this huge thing. The Swensen model, which you're well acquainted with, has been called into question. What is your take on that? Is this a temporary problem or are they gonna switch outta privates?

Well, in some ways the rules or what they need to spend has changed, as you know. Either taxes on the endowments of the foundations are being applied, or research grants are going down at the universities. And if you think about what endowments do, they actually help fill the operating budget that doesn't come from incoming revenues. And so if you take some of those other incoming revenues down, now the endowments have to meet more of the operating budget, or it has to be taken down. So what you've seen is, I think, the endowment model is very much alive and well in generating returns. What's happening is that the institutions have to incorporate higher levels of cash outflows out of the endowment and what that does to their privates. The headline here, which I think has been misinterpreted, is that the endowments still believe in the endowment model and investing a lot in private equity and venture capital in the efficient parts of the market. It's not that they don't, and that's why they're reducing that or selling it. It's because they need to adjust for a new economic paradigm as far as the cash flows that need to support their institutions.

Right. I mean, initially, people were pointing their finger at the cycle. But it's also this changing, I guess, environment from Washington DC-

That's right.

That has sort of ushered in this change. Has this led to the growth of the secondaries market?

It has, but the secondaries market still a fraction of the total market. I think you nailed it. It's changes in government policy, taxes, lower research grants. The cycle of the market does not help because there's not a lot of distributions coming back. I will tell you, we've seen IPOs and deal volume, especially the aggregate deal sizes going up the last couple quarters. So, that's probably close to an end, if not at an end.