Endowment avatars are not all alike

• Large university with its own investment office. Deep staff, long diligence, small number of new managers each year, high bar on operations.
• Mid-size college with an outsourced CIO. The OCIO picks managers. You are really pitching the OCIO.
• Small college with a part-time committee. Leans on a consultant. Often prefers simpler, liquid funds.
• Private foundation. Similar to an endowment, with a payout rule and its own board.
• Public university foundation. May face public disclosure rules and in-state preferences.

Questions to fill in your avatar

From the book, adapted:

• Why would they invest? Why would they not?
• How educated are they about your asset class?
• How do they look good to their own board if they pick you?
• What do they need to see in your materials and branding?
• Which advisers, consultants or OCIOs influence them?

Write it down

Do the exercise on one page. Name the size band, the type, who makes the decision, who influences it, what they already own and what they worry about. Share it with your team. Everyone who touches the raise should know who you are trying to reach.

One tailored pitch beats ten generic ones

Once the avatar is written, tailor your one-pager and deck to it. Show the asset class fit. Speak to their spending needs and liquidity. Address the questions a committee member will ask staff after the meeting.