ELS26: Refining the Endowment Model

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:

1. 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. 
2. Submit the CPE check-out code displayed at the end of the session. 
3. 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.

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.

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 help higher education institutions, including universities, colleges, and foundations, invest for change. Our research, advice, and customized investment solutions aim to help you achieve your investment outcomes while helping to advance your mission. Our services are flexible and tailored to meet the unique needs of your institution. Visit us online to learn more.

Resources

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. 

Top considerations for endowments and foundations 2025 – In this paper, we address four top considerations that E&Fs should keep in mind heading into the new year. 

Swing state: investment themes and opportunities in 2025 and beyond – Through the course of this paper, we outline some of the key themes and opportunities we see over the next five years and beyond.

Optimizing operating cash: Effective liquidity management for Endowments & Foundations – We delve into the strategies for managing liquidity to ensure that your organization can meet its operational needs while maximizing potential investment opportunities.

Thoughts about rainy day funds (emergency reserves) – Many E&F’s experienced severe disruptions during the COVID pandemic and their reserves helped keep them afloat until government relief programs kicked in. Explore how we encourage E&Fs to react. 

2025 Endowment & Foundation Quarterly Update – Each session will delve into the latest market trends, industry updates, and important topics that impact E&Fs, aiming to ensure you stay informed and prepared for the evolving environment.

Contact

Texas Hemmaplardh, U.S. Endowment & Foundation Leader, 212.345.0713, texas.hammaplardh@mercer.com