Comparing Endowments: Factors to Consider

I am considering transitioning to an endowment (goal is to stay in the E&F space for the rest of my career), and have two investment management companies which I am very far along the process in. If I am fortunate enough to have the ability to choose, what are some of the factors I should consider? 

Factors Currently Being Considered:

Learning Experience / Intellectual Stimulation

Scalability of Responsibles / Ability for Internal Growth

People / Culture


Pay is very low on my priority list since both endowments' pay is commercial given the hours and high positive impact (~100k+ for analysts, ~200k+ for associates) 



Very passionate about LP / capital allocator space and love the mission of endowments

Summary of Firms

Endowment A is $10b+ fund with 15+ investment professionals. Offer is generalist.

Endowment B is $2b+ fund with 5 investment professionals. Offer would be for private assets. 

Most Helpful

Ignore title, transitioned to an E&F role this year. Early on in your career, I think generalist roles are pretty attractive just to get exposure to more asset classes before siloing yourself into one. Like any job, also think about the location cause you'll be there for the next couple of years as well as the people you'll be working with. Because E&Fs generally don't have too structured of a training program, you want to make sure the team members take mentorship pretty seriously. 


Consider the strength of the CIO/senior team -- how strong is input from the committee? Are any of the asset classes in rebuild mode? How tactical are they as it relates to coinvest? The fun part of the job is making new commitments and meeting with lots of new firms (imho), so I'd suggest thinking through your interview experience and what the work might look like over the next few years. Happy to chat if helpful.


Totally unrelated. Just got a gig at a E&F adjacent role (think pension fund, alternative investing)...

Can I PM you some small questions about the E&F industry? I just want a little guidance so as to be the best analyst out there.



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