The First Call With a Fund Manager: What Endowments Should Ask

Adapted for endowment staff from Chapter 10 of The Single Family Office by Richard C. Wilson.

The first call is step three of the review process. The manager usually walks you through the deck. Your job is different. You are there to find what the deck left out.

Pitch books are built to make the fund look good. The call is where careful allocators poke holes in the strategy and the numbers.

Before the call

Read the deck once. Write down three things you don't believe yet. Those are your agenda.

Questions that get past the script

On the edge

  • Who else does what you do, and why do you win?
  • What would have to change in the market for your edge to go away?

On the team

  • Who makes the final call on each position?
  • Who has left in the last five years, and why?

On performance

  • Which year are you least proud of, and what did you change after it?
  • How much of your record came from one or two positions?

On risk

  • What is your worst drawdown, and how long did recovery take?
  • What rules force you to cut exposure?

On fit

  • What share of your capital comes from endowments and foundations?
  • How do you handle a client that needs liquidity early?

Listen for how they answer

A manager who answers a hard question directly earns more trust than one with a perfect answer that sounds rehearsed. Notice who on their side talks. If only the marketer answers investment questions, ask to speak with the portfolio manager next time.

Keep it short on purpose

Active family offices try to keep these calls tight. Endowment staff are just as busy. Forty-five focused minutes beats two hours of slides.

After the call

Write a half-page note the same day. What you learned, what still worries you and whether to move to the DDQ. That note becomes the start of the committee memo if the manager gets that far.

Frequently asked questions

Should a committee member join the first call?

Usually not. Staff or the OCIO run it. Committee members join later for larger commitments.

How many calls before diligence starts?

Often one or two. Some managers move straight to a DDQ after a good first call.

Should we record the call?

Ask permission first, and check your own policy.

Sources

  1. The Single Family Office, Chapter 10, Richard C. Wilson .

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