How Endowment Staff Read a Fund One-Pager in Ten Minutes

Adapted for endowment staff and the managers pitching them from Chapter 10 of The Single Family Office by Richard C. Wilson.

The one-pager is the first filter. In my experience, most allocators can read one in 5 to 10 minutes and know whether to ask for more. That means every line has to earn its place.

What a one-pager should include

  • Investment performance, with an audited track record if one exists
  • Team bios and history
  • Investment process and philosophy
  • Structure, terms and fees
  • Disclosures
  • Contact details

What endowment staff scan for first

From watching allocators work through stacks of these, the order is usually:

  1. Strategy in one line. Can I tell what you do in 10 seconds?
  2. Fit with our policy. Does this match an asset class and range we already have?
  3. Track record. How long, audited or not, and through what kind of markets?
  4. Team. Who are the decision makers and how long have they worked together?
  5. Terms. Fees, lockups, minimums.

If item 1 or 2 fails, nothing else gets read.

What gets the PDF closed

  • A strategy description that could fit 50 other funds
  • Returns with no period, no benchmark and no note on fees
  • A team page with titles but no track record
  • Ten pages pretending to be one

For managers pitching endowments

Write the one-pager for the person reading it at 6 p.m. with 40 others in the queue. Lead with the one-line strategy and the policy fit. Make the next step obvious.

I have run a capital raising and pitch deck business for years. The single biggest fix we make is cutting. Less text, clearer numbers, one clear ask.

For endowment staff

Write down your own 60-second screen. Five questions, yes or no. It keeps first-pass reviews consistent and makes it easier to explain a pass to a trustee who referred the manager.

Frequently asked questions

Should a one-pager show gross or net returns?

Net of fees, with gross shown separately if at all. Allocators compare net numbers.

Do endowments want a one-pager or a full deck first?

Most prefer the one-pager first. It respects their time.

What if our track record is short?

Say so and show the team's earlier record with clear notes on where it came from.

Sources

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

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