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The much-disparaged endowment model got a bit of a dusting off from the likes of University of Virginia Investment Management Company CIO Larry Kochard at the 2013 National Association of College and University Business Officers' Endowment Management Forum last week.
Larry KochardKochard said the model, marked by its high allocation to illiquid assets, has evolved beyond a "plug-and-play" stage--in which any such private equity or hedge fund investment could be counted on for yield--to one in which endowments and...