Effective July 1, 2013, the ASU Foundation for A New American University (ASUF) shifted its investment portfolio from the advisory model previously contracted to Cambridge Associates LLC to an outsourced chief investment officer model (OCIO) offered by Perella Weinberg Partners. This endowment and pension management structure has gained popularity among institutional investors due to its suitability for dealing with complexities in the global investment landscape.
The foundation’s Investment Committee issued an RFP to nine firms. Based on their responses to the RFP, interviews were conducted at the foundation’s offices with the finalists. Based on their responses to the RFP and interviews, Perella Weinberg Partners was selected, and site visits and due diligence meetings were subsequently conducted at the firm’s offices in Denver and New York.
On June 24, 2013 the ASUF Investment Committee unanimously approved the appointment of Perella Weinberg as the foundation’s OCIO.
The ASU Foundation board of directors empowers an investment committee of eight board members, assisted by advisers from ASU, the ASU Alumni Association and the financial community. The committee invests each gift to the endowment as part of a pooled fund comprised of a diversified, professionally managed portfolio. Combining individual endowments in a single, strong fund maximizes returns, increases investment opportunities and minimizes administration fees.