Non-profit fiduciaries face elevated market and organizational uncertainty. This Viewpoint outlines practices for aligning investment programs with spending commitments and community needs by building an outcome-oriented strategic asset allocation (SAA) and managing risk at the total-portfolio level.
Key takeaways you’ll find in the paper:
- Outcome clarity: Match the SAA to your return objectives, risk tolerance, and illiquidity tolerance.
- Portfolio construction: Combine high-quality, complementary managers across public markets, real assets, private markets, and diversified hedge strategies.
- Liquidity design: Balance closed-end and evergreen fund structures to manage commitment pacing and redemption risk.
- Ongoing governance: Dynamically monitor total-portfolio risk and exposures as conditions evolve.