Three of the most respected institutional investors in the U.S. share candid insights on running endowments and foundations in today’s market. Jennifer Heller (Brandywine Group Advisors), Carlos Rangel (W.K. Kellogg Foundation), and Kim Lew (Columbia Investment Management Company) discuss whether the endowment model is dead, how they fire managers, navigate board relationships, and prepare their teams for AI.
With combined oversight of billions in assets across a 275-year-old university, a 96-year-old foundation, and multi-generational family wealth, these leaders get refreshingly honest about the constraints, career risks, and realities of long-term investing.
Key topics:
- Is the endowment model dead? (First principles vs. asset class thinking)
- Managing boards and investment committees
- The “STAB” framework for redeeming managers
- Lower return expectations and alpha compression
- Finding the “next venture capital”
- AI’s impact on investment teams
Speakers:
- Jennifer Heller, President & CIO, Brandywine Group Advisors
- Carlos Rangel, CIO, W.K. Kellogg Foundation
- Kim Lew, CFA, CEO & President, Columbia Investment Management Company
- Rahul Moodgal, Director & Partner, Parvus Asset Management (Moderator)
Timestamps:
0:00 Introduction
3:38 Why long-term thinking is harder than it sounds
14:23 “My board said: You’ve been saying that since your predecessor”
15:33 “We need to find the next venture industry”
17:00 “Managing the board is my superpower”
21:55 The “STAB” framework for firing managers
28:09 “AI sucks the cynicism out of memos”
Recorded at Global Alts Miami 2026 | Presented by iConnections
