ELS26: Refining the Endowment Model
Live Event: 02/19/2026 at 2:00 PM (EST)
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Over the past quarter century, the endowment model has undergone a structural evolution shaped as much by the contraction of public markets as by the expansion of private ones. The last calendar year, 2025, in particular has tested the resilience of many endowment portfolios and higher education institutions. Governments have reduced their direct and indirect support; public capital markets have weathered substantial uncertainty; and private market distributions have remained subdued, creating pressure on cash flows. Endowment fiduciaries are reassessing asset allocation with fresh urgency. Join us to examine the longer-term evolution of both markets and endowment portfolios.
Recording
This webinar will be recorded. Registrants will receive an email when the recording is available.
CPE Available: 1 Credit in Finance
Each individual must register and attend separately to earn credit.
NACUBO is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website www.nasbaregistry.org
Event Information
- Level: Intermediate
- Prerequisites: Minimum 1-2 years of experience as a professional in higher education or a related private industry.
- Advanced Preparation: None
- Delivery Mode: Group internet based
- Field of Study: Finance
- Length: 60 minutes
Steps to Earn CPE Credit
You can only earn credit for attending the session live. CPE credit cannot be earned for watching the recordings.
To earn CPE credit, you will complete the following tasks under the Content tab, after the session has ended:
- Pass the CPE codeword quiz. Write down the codewords posted in the Zoom chat at random times throughout the session and complete the quiz at the end of the session.
- Submit the CPE check-out code displayed at the end of the session.
- Download your CPE certificate.
You have until 5 pm Eastern Time on February 20, 2026, to complete these three steps or report technology issues with this site to online@nacubo.org.
For more detailed instructions, review the CPE Instructions page.
Cori Trautvetter
Leader, U.S. Endowments and Foundations
Mercer
Cori Trautvetter is a Partner and serves as Mercer’s U.S. Endowment and Foundation Commercial Leader and is part of the Endowment and Foundation Leadership Team. She is located in the St. Louis office and is also a member of the firm’s Endowment & Foundation and Values-Aligned Strategic Research Teams. Prior to its acquisition by Mercer in 2018, Cori was a Managing Director at Pavilion Advisory Group Inc. where she provided strategic investment advice to endowments, foundations, defined contribution plans, defined benefits plans, healthcare organizations and Taft-Hartley funds along with heading up the firm’s Endowment and Foundation Practice. Cori joined Pavilion Advisory Group Inc. in 2000. Prior to joining Pavilion Advisory Group Inc., Cori served for five years as an Associate Banker at Illini Bank in Springfield, IL. At Illini Bank, her responsibilities included managing consumer loans for numerous clients.
Cori is a member of the Chartered Alternative Investment Analyst (CAIA®) Association. She earned a Bachelor of Science degree in Finance from Eastern Illinois University. She currently serves on the Eastern Illinois University’s School of Business Advisory Board. Cori is also a Board Member for Youth In Need, a nonprofit child and family services agency and is an Investment Committee Member for the Daughters of Charity – Province of St. Louise.
Texas Hemmaplardh
Partner, Endowment and Foundation Investment Practice Leader
Mercer
Texas Hemmaplardh is responsible for Mercer’s US Endowment & Foundation Investment Practice, providing a spectrum of research, advice, and solutions to over 900 mission-driven non-profits. Based in New York City, Texas leverages his experience to empower Mercer’s endowment and foundation practice to deliver outcomes-driven and values-aligned investments to Mercer’s US and global client base. Texas joined Mercer in 2018 through its acquisition of Pavilion Advisory Group where he had become a Managing Director working with endowment clients. He joined Jeffrey Slocum & Associates in 1997, holding research and investment consulting roles prior to its combination with Pavilion in 2016. Texas holds a BA in Economics from Yale University and an MBA (with honors) from the University of Chicago’s Booth School of Business. He is a CFA® charterholder, and a member of CFA Society New York. Texas is a founding board member of the Goodwill Easter Seals Minnesota Foundation.
Jeremy Heer
Managing Director, Investment Research and Engagement
University of Illinois Foundation
Jeremy Heer is Managing Director, Investment Research and Engagement at the University of Illinois Foundation. In his role he advances learning, research, and engagement activities within the Investment Office, leading and supporting the Foundation’s thesis-driven and outbound sourcing efforts. Jeremy has previously held investment management roles at the University of Chicago, Singer Partners, UBS, and Morgan Stanley, as well as other financial industry roles at Morgan Stanley and Cargill. Jeremy earned an MBA from New York University and a BS from the University of Illinois at Urbana-Champaign. He is a CFA and CAIA charterholder and an active volunteer for both of these communities.
Rebecca Farnsworth
Senior Investment Consultant
Mercer
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LockedOver the past quarter century, the endowment model has undergone a structural evolution shaped as much by the contraction of public markets as by the expansion of private ones. The last calendar year, 2025, in particular has tested the resilience of many endowment portfolios and higher education institutions. Governments have reduced their direct and indirect support; public capital markets have weathered substantial uncertainty; and private market distributions have remained subdued, creating pressure on cash flows. Endowment fiduciaries are reassessing asset allocation with fresh urgency. Join us to examine the longer-term evolution of both markets and endowment portfolios.
After this webinar, you will be able to—
- Explain the evolution of markets since the endowment model became widely adopted
- Develop a deliberate diversification approach for endowment portfolios
- Evaluate liquidity tiering for long-term portfolios and operating reserves
CPE Available: 1 Credit in Finance
Supported By:
This webinar is part of the 2026 Endowment Leadership Series. You can register for this webinar on its own or register for the series.
We partner with endowments and foundations to build innovative, resilient and agile portfolios that are aligned to their mission and designed to deliver their individual governance and investment needs.
We do this by leveraging our investment advisory heritage, our deep knowledge of the global investment universe, and our capabilities across research, advice and solutions.
As a partner to endowment and foundation portfolios, we look beyond any single perspective on the investment landscape to pursue outcomes that address today’s investment challenges and importantly, prepare our clients for the future.
Visit us online to learn more.
Resources
Top considerations for Endowments & Foundations 2026 - In this paper, we address four top considerations that E&Fs should keep in mind heading into the new year.
'Rumors of my demise have been greatly exaggerated’: The future of private markets – In this paper, we share key insights important to building a resilient, future-ready portfolio.
The endowment model in 2026 - Explore how the Endowment Model has evolved over 25 years and discover key strategies for 2026 to invest through unprecedented economic uncertainty.
Higher education: Evolving and advancing through the sector’s challenges – In our two-part series, we explore the complex challenges higher education institutions are currently facing and provide actionable insights to help navigate this evolving landscape.
Contact
Texas Hemmaplardh, U.S. Endowment & Foundation Leader, 212.345.0713, texas.hammaplardh@mercer.com
Cori Trautvetter, U.S. Endowment & Foundation Commercial Leader, 314.243.4533, cori.trautvetter@mercer.com
