Name: University of Richmond: Spider Management Company
Assets Under Management: $2.1 Billion (Source: University of Richmond on 3/31/ 2014)
Portfolio Insights: “A Gift Acceptance Committee (the “GAC” or “Committee”) has been formed to review proposed Gifts-in-Kind to University of Richmond. The Committee will represent the University’s interest in evaluating the property for a use related to the University’s mission.
Proposed Gifts-in-Kind shall be made to the University (not to an individual faculty or staff member or student) and shall be consistent with IRS rules and regulations governing charitable gifts.
Gifts that fall under this committee’s review include tangible personal property, and other assets, including gifts of books and collections for the library, and works of art. The category “other assets” can include, but is not limited to, life insurance, intellectual property, closely held stock, partnership interests, and restricted securities.” (Source)
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Top University of Richmond Endowment Fund Headlines:
1) The University of Richmond’s endowment investment return historically has ranked in the top quartile of its university peers. Spider Management Company LLC, the investment manager for the University of Richmond’s endowment, is managed by a professional staff team and is overseen by a Board that offers deep experience globally and access to superior managers across a broad range of investment strategies. Gaining access to a mature, well-diversified investment portfolio managed by a seasoned staff with an excellent performance record represents a great opportunity for The Community Foundation. (Source)
2) Among top local schools, the University of Richmond’s endowment surpassed the $2 billion mark during 2013, reaching $2.02 billion for the year, up from $1.86 billion, according to the report. That’s an increase in value of 8.3 percent. UR’s fund was ranked 34th out of 849 schools covered by the report.
Virginia Commonwealth University saw its endowment skyrocket last year, but the figure comes with an asterisk.
The market value of VCU’s endowment grew by almost 203 percent during fiscal 2013, compared with the previous year.
It was valued at about $1.32 billion at the close of fiscal 2013, making it the 61st largest on the NACUBO’s list. In 2012, the university reported an endowment of about $438 million. (Source)
3) The University of Richmond’s endowment was $1.87 billion, up from $1.61 billion in fiscal 2010, and above its $1.86 billion pre-recession peak, UR spokesman Brian Eckert said. Washington and Lee University’s endowment for fiscal 2011 was $1.2 billion, an increase from just over $1 billion. The university broke $1 billion for the first time in fiscal 2008, then dropped to $897 million the following year, said Steven G. McAllister, W&L’s treasurer and vice president for finance. With a new study finding education endowments recovering nationwide, VCU is taking steps to further strengthen its investment portfolio. (Source)
4) The University of Richmond and The Citadel Foundation are initial limited partners in the Fund. The Richmond Fund is only available to qualified 501(c)3 organizations and “accredited investors” within the meaning set forth in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended. The change in investment strategy from a traditional equity/debt investment allocation to an absolute return strategy provides a wider degree of diversification. By engaging in this transaction, we have diversified our holdings from six active investment managers in two asset classes to one hundred thirty-four active managers across six asset classes. The structure of the transaction leverages the size of The University of Richmond’s endowment with ours, giving economies of scale that allow The Citadel Foundation to invest in asset classes to which it would not ordinarily have access. (Source)
5) Lou Moelchert, a vice president for business and finance at the University of Richmond and a Common Fund board member, says he first recommended hedge funds to the university’s investment committee six years ago. “We built an asset allocation model so that our investment program would not be highly correlated to domestic equities,” he says. Over the past five years, hedge funds have grown to comprise 12% of the $500 million endowment through two funds-of-funds, including the Common Fund, and direct investments in three arbitrage funds. Moelchert says he selected those funds through a network he has built up over 20 years in the endowment world. “I see and talk to a lot of people at other colleges and hear about managers,” he says. The hedge funds earned the endowment an 18% return last year. (Source)