Partners Capital Risk-Managed Endowment Approach

By Arjun Raghavan, Joe Mason

The Endowment Model of investing was conceived in the 1990’s at the Yale Investment Office by David Swensen. He subsequently enshrined the principles of the model in his seminal book Pioneering Portfolio Management, published in 2000. Over the last two decades, there have been seismic shifts in the investment landscape with substantial capital flowing into both the active and passive management industries.

Against this backdrop, Partners Capital has made several important enhancements to the original model that we now term the ‘Partners Capital Risk-Managed Endowment Approach’ or (PRMEA). This whitepaper describes where we have got to on this journey, and how PRMEA will need to adapt dynamically to further shifts in the investment landscape.

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