Tulane University Endowment Report 2022

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ENDOWMENT MANAGEMENT COMMITTEE Letter from the CIO 1 Endowment Support 2–4, 13 Market Events 5 Endowment Returns 6–12, 14 Staff 15–16 Location 17 Table ofContents
Jefferies LLC Chair Michael A. Corasaniti Tourmalet Advisors, LP Vice Chair Carol L. Bernick Polished Nickel Capital Management Ex-Officio
William A. Marko
Suzanne B. Grant
State Pension Fund
Malkin GEM Realty Capital, Inc.
Élevage Capital
Richard M. Lerner Barry A.
E. Pierce Marshall Jr.
David M. Mussafer
International Corporation

What a difference a year makes. After a historic year for returns in fiscal year 2021, this past fiscal year proved much more difficult to generate strong or even positive returns. With MSCI ACWI down -15.8% and Barclay’s Aggregate also down double digits, a traditional blended portfolio of stocks and bonds would have been highly correlated and generated dismal results. Fortunately, our long-term commitment to alternative assets proved to be much needed diversifiers and enabled Tulane’s endowment to generate outsized returns.

During FY2022, Pooled Endowment and Eminent Scholars generated returns of 6.2% and -7.7%, respectively, well ahead of their benchmarks and the 65/35 passive benchmark return of -13.7%. Performance was led by strong results in our private capital and marketable alternatives portfolios. The private capital portfolio continues to generate a significant illiquidity premium that will be a driver of endowment performance for years to come. With marketable alternatives, our commitment and patience finally paid off as our managers were able to capitalize on idiosyncratic opportunities throughout the year. I am confident our marketable alternatives portfolio will hold up well and be a good diversifier in this particularly volatile and uncertain market environment. The stark difference in returns between Pooled Endowment and Eminent Scholars speaks to the diversification power of alternative assets in an environment where traditional asset classes have become highly correlated. Eminent Scholars’ limitation on alternative assets caused it to trail Pooled Endowment by nearly 1400 basis points during the fiscal year. Despite the difficult investment environment in FY2022, Tulane’s endowment reached a new high of $2.05 billion as of June 30, 2022.

Over the last ten years, Pooled Endowment and Eminent Scholars generated returns of 10.6% and 8.4%, respectively, ahead of their benchmark returns of 8.0% and 6.7%, respectively. Our consistent performance has led to long-term success. That consistency has been anchored by a wonderfully talented and incredibly stable team as well as unwavering support from our Endowment Management Committee.

While the current market environment feels daunting given persistent inflation, rising rates, a looming recession, geopolitical tensions, and global energy shortages, I am confident that our portfolio can withstand potential headwinds along the way. Over more than a decade, our staff and Committee have built a well-diversified, multi-asset class portfolio that can weather near-term challenges and uncertainty while enabling it to achieve its long-term return objectives. On behalf of myself and my entire team, we are honored to have the opportunity to manage the endowment and remain committed to serving the Tulane community.


F Hired five new managers and exited six funds across the marketable portfolios

F Added to or trimmed from 21 existing managers

F Added three new private capital relationships and re-upped with 13 others

F Closed three new co-investments

F Completed an extensive (12th annual) review of all managers in the portfolio

F Completed operational due diligence on 21 new and existing managers

F Conducted 550+ manager meetings calls and conferences

F Hired a new Investment Analyst, Harrison Pearlson (B ’22)

F Completed our 14th annual summer analyst program and sponsored a Girls Who Invest scholar

Dear Faculty, Staff, Alumni and Friends of Tulane University,
Richard Chau 2022 ENDOWMENT REPORT | 1


Protection – Innovation – Commitment

After 188 years, Tulane University has established itself as one of the world’s preeminent educational and research institutions. The University’s mission exists in perpetuity. However, to continuously offer new programs and new services requires an ever-growing pool of financial resources. The Endowment is unique among the University’s revenue streams since it provides perpetual support for Tulane’s students, both current and prospective. To put the power of the Endowment in perspective, a $1.0 million gift made ten years ago and invested in the Pooled Endowment generated more than $559,000 in distributions used to recruit the highest quality students regardless of financial need, to pay professorships and fund basic research, and to perpetuate community service initiatives. Most importantly, that original gift remains intact today and will continue to fund Tulane in the future. We urge you to support the Endowment because these specific gifts ensure the long-term financial strength of the Institution, benefiting future generations of Tulanians.

COMPONENTS OF MARKET VALUE THE ENDOWMENT Pooled Endowment $1,602,893.0 Eminent Scholars $233,730.0 Separately Invested $182,333.1 University-Owned Real Estate $16,647.7 Gift Annuities/Life Income Trusts $16,337.0 TOTAL ENDOWMENT $2,051,940.8 2 | 2022 ENDOWMENT REPORT ENDOWMENT SUPPORT
School of Medicine 22% General University 25% School of Social Work 1% School of Public Health and Tropical Medicine 2% A.B. Freeman School of Business 6% Athletics 1% School of Liberal Arts 11% Law School 5% Centers, Institutes and Libraries 7% School of Architecture 1% Financial Aid 14% School of Science and Engineering 4% 2022 ENDOWMENT REPORT | 3 ENDOWMENT SUPPORT ENDOWMENT SUPPORT BY PROGRAM 2022 $0 $500 $1,000 $1,500 $2,000 $2,500 F Y 1 9 8 6 F Y 1 9 8 9 FY 1 9 9 0 F Y 1 9 9 2 FY 1 9 9 3 F Y 1 9 9 5 FY 1 9 9 6 F Y 1 9 9 8 FY 1 9 9 9 F Y 2 0 0 1 FY 2 0 0 2 F Y 2 0 0 4 FY 2 0 0 5 F Y 2 0 0 7 FY 2 0 0 8 F Y 2 0 1 0 FY 2 0 1 1 F Y 2 0 1 3 FY 2 0 1 4 F Y 2 0 1 6 FY 2 0 1 7 F Y 2 0 1 9 F Y 2 0 2 2 T O T A L E N D O WM E N T (I N $ MM) POOLED ENDOWMENT EMINENT SCHOLARS SEPARATELY INVESTED G FT ANNUIT ES & L FE NCOME TRUSTS FY 1 9 87 F Y 2 0 20 TOTAL ENDOWMENT (IN$MM)


Tulane launches space law program with $1 million gift

Tulane Law will launch a new program in space law with a generous gift of $1 million from alumna Darleen Jacobs (L’81).

The program will leverage Tulane’s world-leading strength in maritime law to address related legal issues now emerging with the private exploration and exploitation of space.

The gift will create the Judge S. Sanford Levy and Judge Anna Veters Levy Endowed Fund, named for Jacobs’ late husband and his first wife, which will be used exclusively to develop the space law program at Tulane.

“We are enormously grateful for Darleen Jacobs’ vision and generosity and excited about what it will make possible,” said law Dean David Meyer. “This new program will put Tulane at the forefront of addressing new and urgent questions that will govern the coming age of private and commercial space exploration.”

Space law is primarily governed by the domestic and international laws that determine the use and exploration of outer space and is anchored in legal frameworks drawn from maritime law and the law of the sea. Tulane’s global leadership in these fields, as well as in international law and environmental law, position it uniquely to contribute to the study and development of space law.

Tulane’s program will launch at a turning point in the exploration of space, when space is no longer the sole domain of national governments and is rapidly opening to private exploration by companies such as Space X and Virgin Galactic. The dawn of private space travel has ushered in not only the possibility of tourism but also of the extraction of minerals and other resources and commercial activities.

The fast-paced developments are spurring new attention to legal questions related to the regulation of travel and economic activities for which there are presently no ready answers. The early decades of space law began with the Outer Space Treaty of 1967 and focused mostly on regulating the actions of superpowers in the Cold War-era Space Race, including the military use of space. With the arrival of private space exploration, new legal frameworks will be required to address a host of practical concerns ranging from liability for injuries and environmental impacts to navigation and jurisdiction.

“Space law is a well-established field that was originally concerned principally with military and scientific uses of outer space," said Prof. Martin Davies, who is the director of the Tulane Center for Maritime Law. "The increasing use of space for commercial purposes raises new questions about the legal regulation of commercial activity in areas beyond the national sovereignty of any single country. Maritime law and the law of the sea have long experience with exactly those kinds of transnational questions, which is the value that Tulane, with its historic strengths in these fields, hopes to add to space law studies, thanks to this generous gift."

Jacobs is a founding partner of Jacobs, Sarrat, Lovelace, Harris & Matthews, her firm in New Orleans which practices plaintiff litigation. She has earned a reputation in the legal world as a tough attorney who is a staunch advocate for her clients.

A local born and raised in the lower 9th Ward, Jacobs put herself through school, earning her undergraduate degree from Louisiana State University and her J.D. from Loyola College of Law, where she often was the only woman in her law classes. She received an LLM in admiralty law from Tulane Law School and is a prominent local trial lawyer, developer, and owner of Home Finders International. She also is a licensed pilot.

“Space law in the next three years will be at the height of all corporate agendas,” said Jacobs. “It is time to move forward to the next level of legal challenges, and Tulane Law School is in the best position to do that.

Jacobs made the gift in honor of her late husband and his first wife, both of whom made significant contributions to the law in Louisiana. Judge S. Sandford Levy was a Loyola University Law graduate who was first appointed to the bench in 1964 on the First City Court in New Orleans. He later was elected to Civil District Court in Orleans Parish where he served with distinction until 1983.

Judge Anna Judge Veters Levy (NC’13, G’15) was a Newcomb College and Tulane graduate who later attended Loyola Law. She was among the first women to practice law in Louisiana and in 1941 was the first woman elected judge in the state. She served on the Juvenile Court in New Orleans, pioneering the humane treatment of juvenile offenders. In 1956, she wrote the book, “Other People’s Children” advocating for a holistic approach to juvenile justice.


After FY2021 was one of the strongest years on record across nearly all risk assets, FY2022 saw a dramatic reversal of fortune. Russia’s invasion of Ukraine and its aftermath further exacerbated pandemic-induced supply/demand challenges, causing global inflation rates to reach 40-year highs. This rising level of inflation across most developed and emerging markets led central banks to become more aggressive in their monetary tightening plans. Consequently, correlations between bonds and equities became positive; bonds declined as a result of tighter policy measures, while equities weakened due to higher costs of capital and later, broader recession fears.

The US markets were not immune from global market troubles. The S&P 500 was down -10.6% for the fiscal year; the first double-digit annual loss since the Global Financial Crisis. Large caps outperformed small caps (Russell 2000 -25.2%) and the Russell 3000 Value Index (-7.5%) outperformed the Russell 3000 Growth Index (-19.8%). Concerns over higher costs of capital were poignant in companies that have been burning cash to fuel high revenue growth. The pain was most evident in the biotechnology and emerging IT cloud sectors, which were down -27.2% and -49.7%, respectively. Conversely, the war in Ukraine disrupted the supply/demand fundamentals for oil and natural gas, resulting in energy (+39.5%) being the best performing sector.

International developed market sentiment was even worse than the US with the MSCI Europe Index and the MSCI Japan Index falling -16.8% and -19.5% in USD terms, respectively. Currency was a large detractor for both regions as divergent central bank policies led to a strengthening of the USD. The euro and British pound were down -12% each, while the Japanese Yen fell -22.1%. Emerging market currencies also weakened as funds flowed back to developed markets. Combined with higher sensitivity to inflation, emerging markets posted the worst regional performance at -25.1%. China was particularly hard hit (-31.7%), especially in 2H21 as the government enacted a series of regional lockdowns in its attempt to implement a zero COVID-19 strategy.

Private markets posted strong returns over the trailing one-year ending March 31, 2022 with the Cambridge US Private Equity Index up +27.4% versus +13.2% for the Russell 1000 public market equivalent. The strong one year returns also meaningfully extended the outperformance of private markets over public markets on both a 5- and 10-year horizon. While private capital fundraising volumes fell from 1H2021 across all fund types, $3.6 trillion of dry powder remains.

As markets priced in an increasingly steep hiking cycle by the Fed, all high-quality bonds came under pressure. Duration was the primary driver of the -14.2% return for US Investment Grade Bond Index. High yield credit, with lower duration, saw its -12.8% return driven by a combination of duration and credit spread widening. The yield-to-worst across nearly all fixed income sectors is now well above the 10-year median even though spreads remain at average historical levels.

After 10+ years of extremely accommodative monetary and fiscal policy across all major global markets, it is safe to say that investors are operating in a new financial milieu. The war in Ukraine and its impact on Europe, China’s continued zero-COVID policy, and the Fed’s hawkish pivot to control inflation at the cost of a recession, have caused asset prices to significantly de-rate. While there is plenty of pain embedded in today’s cheaper valuations and many things that could still go wrong, markets also stand to rebound if policy decisions reverse course. Amidst the continued market uncertainty and the ensuing volatility, we remain steadfast in our approach to invest in best-in-class managers, who have the investment discipline and organizational infrastructure to weather the storms and focus on the long-term compounding of capital.


F Total Endowment ended the year at $2.05 billion

F Distributions to support the operating budget totaled $72.0 million

F 55 new Endowment Funds were created during the fiscal year

F New gifts and transfers into the Endowment totaled $142.3 million

F Combined return of +4.1% for Pooled Endowment and Eminent Scholars





NASDAQ -23.4% 12.2% 23.5% 15.5%

RUSSELL 2000 -25.2% 4.2% 5.1% 9.3%

S&P 500 -10.6% 10.6% 11.3% 12.9%


MSCI AC ASIA EX-JAPAN -24.9% 2.4% 3.4% 5.8%

MSCI AC WORLD EX-US -19.0% 1.9% 3.0% 5.4%

MSCI EMERGING MARKETS -25.1% 0.9% 2.5% 3.4%


BARCLAYS AGGREGATE -10.3% -0.9% 0.9% 1.5%

BARCLAYS 5-YR OTR TIPS 1.1% 3.5% 3.0% 1.6%

MERRILL LYNCH HY MASTER II -12.6% -0.6% 1.6% 3.7%


HFRI EQUITY HEDGE -8.3% 8.0% 6.4% 6.4%

HFRI FUND OF FUNDS -3.8% 4.6% 4.0% 3.9%

HFRI EVENT DRIVEN -3.4% 6.3% 5.1% 5.6%




The market value of the Pooled Endowment was $1.603 billion as of June 30, 2022. The investment of Tulane University's endowment assets is governed by the Investment Policy Statement, which is reviewed at least annually by the Endowment Management Committee of the Board of Administrators. This document sets forth governance principles, investment objectives, and risk parameters. The Policy Portfolio for the Pooled Endowment included in the Investment Policy Statement represents the expected allocation of assets that will satisfy these return objectives and risk parameters. While formulated based on long-term data series, the Policy Portfolio is dynamic and responsive in its implementation to prospective economic conditions, risks, and opportunities presented by market dislocations. The static benchmark uses the Policy Portfolio's weights as shown to the right and serves as one of the Pooled Endowment's performance benchmarks. Over the long term, the goal is to preserve the endowment's purchasing power after spending and inflation.

Core Fixed Income 9.0%

Cash 1% Global Equity 32.5%

Marketable Alternatives 27.5%

Private Capital 30.0%


6 2% 14 0% 11.6% 10.6% -0 8% 9 3% 8 6% 8 0% 14 5% 10.2% 9 1% 7 7% -5% 0% 5% 10% 15% 20% 1 Year 3 Year 5 Year 10 Year Pooled Static Benchmark Spending + CPI



The Endowed Chair and Endowed Professorship programs under the Louisiana Board of Regents matching program are collectively known as the Eminent Scholars Endowments. The same Investment Policy Statement governs both the investment of these assets as well as the Pooled Endowment. However, the Eminent Scholars’ Policy Portfolio is tailored to satisfy specific conditions of this matching program. These conditions include greater reliance on public stocks and bonds and limited use of hedge funds and private capital. Therefore, the resulting benchmark for the Eminent Scholars endowments shown to the right is different from that of the Pooled Endowment. In recent years, the matching program conditions were broadened, allowing for a more dynamic, diversified asset allocation. Mindful of the conditions under which these funds are generously matched by the state, many of the same investment managers and strategies are used in both portfolios.


- 7.7% 7.4% 7.1% 8.4% - 9.5% 5.4% 6.0% 6.7% 14.5% 10.2% 9.1% 7.7% -15% -10% -5% 0% 5% 10% 15% 20% 1 Year 3 Year 5 Year 10 Year Eminent Scholars Static Benchmark Spending + CPI Private Capital 7.5% Marketable Alternatives 10.0% Fixed Income 25.0% Cash 1.0% Global Equity 56.5%




The Endowment’s Global Equity portfolio is comprised of 15 managers who invest in publicly listed companies across the U.S. and international markets. The portfolio aims to capture the growth of the global economy and outperform passive indices by investing with high quality active managers. Fiscal year 2022 proved difficult for equity markets as valuation multiples compressed in the face of rising global inflation. The MSCI All Country World Index fell -15.8% for the year and Global Equity fell similarly, down -16.4%. Longer term, the portfolio’s results remain strong with Global Equity having outperformed the MSCI ACWI over the last three, five, and ten years. During the year, we added two new managers, a China growth at a reasonable price (GARP) manager and an international special situations manager. We also exited three funds and consolidated one existing holding within Public Real Assets into Global Equity.


The Endowment’s Private Capital portfolio consists of approximately 60 managers investing globally across buyout, venture capital, growth equity, distressed, natural resources, and real estate strategies. The portfolio generated a strong return of 27.2% during the year, ahead of the Cambridge Associates combined Private Equity and Real Assets index return of 23.9%. Our team remained active during the year, adding four new managers including three in venture and one in sustainable energy infrastructure. In addition, we completed three co-investments and re-upped with thirteen managers, including six venture, four buyout, and three growth equity managers.


The Endowment’s Marketable Alternatives portfolio aims to achieve attractive risk-adjusted returns that are uncorrelated to traditional asset classes, providing valuable diversification and downside protection in times of market stress. This portfolio consists of 21 managers providing exposure to strategies such as long/short equity, multi-strategy, event-driven, and opportunistic credit. During the fiscal year, the Marketable Alternatives portfolio returned 0.3% versus the HFRI Fund of Funds Composite return of -5.5%. Strong returns in Enhanced Fixed Income (15.0%) and Absolute Return (6.0%) offset losses in Long/Short Equity (-12.9%). An equity activist strategy, small cap long/short manager, and multistrategy manager were the largest contributors to returns. The two notable detractors were managers focused on technology and global growth. During the year, we added three new relationships, completed one re-up commitment, and exited two funds.


The Endowment’s Core Fixed Income portfolio includes exposure to U.S. Treasuries, agency mortgages, and investment grade bonds. Fixed income generally provides moderate returns but dampens volatility as a hedge against deflation and declining equity markets. We view this portfolio as a source of liquidity under crisis conditions. During the fiscal year, fixed income markets declined sharply amidst sustained inflation and rising central bank policy rates. The Core Fixed Income portfolio generated a return of -4.0%, outperforming the -6.4% return of the Barclays’ U.S. Intermediate Treasury Index, largely due to shorter duration. Given today’s risk versus reward, we remain underweight the asset class, which is offset by a higher cash allocation.



Together, the Endowment Management Committee and Staff strive to add value over the Policy Portfolio through manager selection, constructive asset allocation, and tactical implementation without adding undue risk. As shown in the graph below, our collective effort over the last 13 years has produced a compounded $382.2 million of additional value, resulting in $58.0 million of additional payout to the University. During this period, the Endowment has also had a lower realized volatility. Our collective investment process seeks to continuously enhance the portfolio's risk-adjusted returns to preserve the purchasing power of the Endowment over time, given the current economic environment.

10 | 2022 ENDOWMENT REPORT ENDOWMENT RETURNS POOLED + EMINENT VS. STATIC BENCHMARKS $15.1 $2.1 $22.1 $13.0 $30.6 -$7.0 $37.2 $17.1 -$8.1 $21.0 $54.4 $110.9 $$50.0 $100.0 $150.0 $200.0 $250.0 $300.0 $350.0 $$50.0 $100.0 $150.0 $200.0 $250.0 $300.0 $350.0 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 POOLED + EMINENT VS. STATIC BENCHMARKS -$12.7




importantly, our three-, five-, and ten-year returns also fall within the top quartile. Much like U.S. News & World Report rankings, these data points make for good cocktail chatter but are not our primary objective. We have immense respect for our industry colleagues, each of whom has a unique risk profile driven by institutionally specific criteria. We often invest in many of the same managers and openly share our research and analysis. And so, while our peer ranking is noteworthy, it is just one metric among many that we use to evaluate results.


A wide variety of metrics, such as a constructed asset class benchmark based on our policy portfolio or a passive market index, are used to evaluate the performance of our portfolios. Most importantly, we measure our long-term results versus our principal objective, which is to preserve the purchasing power of the Endowment after spending and inflation. However, we also pay attention to how our colleagues at other foundations and endowments manage similar long horizon portfolios. In this regard, Tulane had a strong year given that the average endowment returned -7.56% and the cutoff for top quartile was -4.45%. Of the ~380 institutions reporting to Cambridge Associates, Tulane’s 4.1% for fiscal year 2022 is within the top quartile of all returns in the country. Even more TOP 5% TULANE





20% 1 Year 3 Years 5 Years 10 Years

Tulane² 4.1% 10.9% 10.3% Top Q -4.5% 8.8% 8.6% Median -7.8% 7.2% 7.5% N 378 371 344 ¹Preliminary Cambridge data as of September 6, 2022 ²Represents the performance of the Endowment's Total Combined Assets

13.0% 9.7% 7.8% 376

25%–50% 50%–75% MEDIAN BOTTOM 5% X


Tulane’s Endowment has enjoyed particularly strong results over the last five and ten years. Generally, strong returns should be viewed with some skepticism, since higher returns are often the result of taking additional risk. However, Tulane has achieved strong returns without taking on additional risk, as evidenced by the Sharpe ratio. Over the last five years, the Endowment’s Sharpe ratio was 1.13, ranking Tulane in the 99th percentile among peers. Similarly, over the last ten years, the Endowment achieved a Sharpe ratio of 1.41, placing it in the 99th percentile among peers.

Another way to show the relationship between risk and return is using a scatter plot. When compared to the 345 endowments in the Cambridge Associates Endowment Composite database, the Endowment ranks in the 94th and 1st percentiles for both return and volatility, respectively, as shown in the upper left quadrant of the chart below. The combination of unusually muted market volatility along with Tulane’s asset allocation and strong manager selection has resulted in exceptional risk-adjusted returns over the last five and ten years.

Tulane dian 65/35 Index 0% 2% 4% 6% 8% 10% 12% 14% 0% 2% 4% 6% 8% 10%12% 14% Tulane vs.Cambridge EndowmentComposite As of 6/30/22 10 YEAR RISK VS. PEERS 0.17 0.37 0.57 0.77 0.97 1.17 TULANE UNIVERSITY SHARPE RATIO (5 YR.) 5th 25th 50th 75th 95th Percentile Percentile Percentile Percentile Percentile 10 YEAR RETURN 10 YEAR VOLATILITY

New Presidential Chair Established At School Of Medicine

A husband-and-wife team who first met as Tulane undergraduates is donating $5 million to create the university’s ninth Presidential Chair, which will be based at the School of Medicine.

The Drs. Philip and Cheryl Leone Presidential Chair Endowed Fund will support a medical school professor who will also hold a joint appointment in another school or unit and focus on areas such as public health, immunology, parasitology or anthropology.

Phil (A&S ’64, M ’68) and Cheryl (NC ’66, M ’69) Leone are retired pathologists and current members of the School of Medicine Board of Governors. They view their donation as an expression of gratitude to their alma mater and an important investment in medical education and innovation.

“Tulane University has played a major role in our lives and the lives of our family members,” Phil Leone said. “Our son graduated from Tulane, and Cheryl’s siblings earned undergraduate and graduate degrees from the university. Our education impacted us all personally and professionally in very positive ways, and we have always wanted to give back.”

“Endowing a Presidential Chair with an emphasis on interdisciplinary academic study allows us to contribute to the university in these challenging times,” Cheryl Leone added. “We hope our gift will strengthen the medical school and help train future physicians who can significantly advance the field of medicine.”

Over the years the Leones have given prolifically to Tulane. In 2015 they set up the Drs. Philip and Cheryl Leone Scholarship Endowed Fund to benefit medical students in financial need. In 2020 they donated $1 million to launch the Leone Learning Center, the primary teaching center for first-year medical students.

“Phil and Cheryl’s deep devotion to Tulane could not be more inspiring,” said L. Lee Hamm, MD, senior vice president and dean of the School of Medicine. “Their support — from scholarships to the state-of-the-art learning center and now to their Presidential Chair — propels the school forward in every mission and at every level. Their Tulane spirit is phenomenal.”

Residents of Naples, Florida, the Leones have worked in both academic and private practice. They belong to Tulane’s National Campaign Council for South Florida, which supports Only the Audacious, The campaign for an ever bolder Tulane, and the Paul Tulane Society, which honors individuals and organizations that have donated $1 million or more to the university.

The Leones have two children, including Seth (A&S ’95).



Large endowments, typically $1 million or more, which are not invested in the Pooled Endowment due to specific donor restrictions are invested separately. These funds are overseen by the Department of Treasury and Trust Investment Office in New Orleans. At fiscal year-end, the Separately Invested Endowment Funds totaled over $182 million. They are comprised of common stock, fixed income, private equity, venture capital, money market, and donor-directed externally managed accounts.


Tulane University Life Income Trusts and Annuities totaled over $16 million as of June 30, 2022. Most of these assets are managed by State Street Global Advisors (SSGA), and payments are made to the donor or other designated beneficiaries for a specified term or life of the beneficiaries. The remainder assets are typically contributed to Tulane's Endowment. These funds are comprised of common stock, fixed income, and real estate investment trusts. The asset allocation is determined based on age of beneficiaries, term of trust, payout rate, and any special circumstances.

Institute $101.3 Celia Scott Weatherhead $55.4
Stone CIPR Trust $19.1 Vanselow / Pediatric $3.6 All Others Combined $2.9 TOTAL SEPARATELY INVESTED $182.3


Richard joined the Investment Management Office in September 2013. Prior to Tulane, he helped manage a multi-billion dollar global private equity portfolio in Bessemer Trust’s Private Equity Funds Group. Before Bessemer, Richard worked in the investment office at The Andrew W. Mellon Foundation. His previous experience also includes investment banking at Houlihan Lokey and investment consulting at Cambridge Associates. Richard has a BA in Economics and Chinese from Williams College and an MBA from Columbia Business School.


Julia joined the Investment Management Office in May 2014 and is responsible for all public markets investing. From 2006 to April 2014, Julia was an investment officer at AI International, a NYC-based family office, where she was responsible for co-managing a multi-asset class portfolio. Prior to her experience at AI International, Julia worked at Jefferies & Company and Ernst & Young. Julia has a BA in Economics from the University of Chicago, an MBA from The Wharton School at the University of Pennsylvania and is a CAIA charterholder.


Paul joined the Investment Management Office in September 2008. From 2005 to 2008, Paul worked at OpHedge Investment Services as Director of Fund Accounting where he was responsible for managing the accounting group and for calculating NAVs of large, complex hedge funds. Before OpHedge, Paul had over 20 years of experience working in various accounting related roles for both hedge funds and large financial firms. Paul holds an MBA with a concentration in International Finance from Pace University.


Jake joined the Investment Management Office in June 2013 after previously completing an internship with the Office. He graduated summa cum laude from Tulane’s A. B. Freeman School of Business in 2013 with a BSM in Finance and as a member of the William Wallace Peery Society, which recognizes 15 graduating seniors for academic excellence. Jake also earned a minor in Spanish and completed an international business program in Madrid, Spain. Jake is a CFA charterholder.



Lily joined the Investment Management Office in June 2021. From January 2019 to June 2021, Lily was a Senior Vice President for Wells Fargo Global Manager Research, a division of Wells Fargo responsible for overseeing approximately $750 billion in assets. Prior to joining Wells Fargo, Lily was the Head of Legal Due Diligence for Alternative Fund Solutions at Credit Suisse. Lily started her financial career with K2 Advisors, a subsidiary of Franklin Templeton Investments. Lily earned her Juris Doctor from the University of Mississippi School of Law and received her BSBA from Mississippi College where she was a Presidential Scholar.


Brad joined the Investment Management Office in July 2015 after completing an internship with Intrepid Capital Management the previous summer. He graduated cum laude from Tulane’s A. B. Freeman School of Business in 2015 with a BSM in Finance and Economics and a Specialization in Entrepreneurial Management. Brad is a CFA charterholder.


Edward joined the Investment Management Office in August 2018 after completing an internship with the Office. He graduated magna cum laude from Tulane’s A. B. Freeman School of Business in 2018 with a BSM in Finance and Management Consulting and a minor in Economics. Edward is a CFA charter holder.


Max joined the Investment Management Office in February 2019. From August 2016 to January 2019, Max worked at Grant Thornton LLP in their Advisory Services department. He graduated cum laude from Tulane’s A.B. Freeman School of Business in 2016 with a BSM in Finance and a Master of Accounting. Max is a CPA and is a CFA charter holder.


Harrison joined the Investment Management Office in July 2022 after completing an investment banking internship at Deutsche Bank the previous summer. He graduated cum laude from Tulane’s A.B. Freeman School of Business in 2022 with a BSM in Finance and a minor in Accounting. Harrison is a CFA level I candidate.


Janine joined the Investment Management Office in August 2016. Before joining the team, she worked for ten years as the VP of Administration for Lincoln Healthcare Leadership where her role encompassed Human Resources and Office Management. She also worked as an Executive Assistant for Greenbriar Equity. Janine has a BS in Business Management from the University of Redlands.


Robert joined the Investment Management Office in January 2017. From November 2014 to January 2017, Robert worked in the Margin Lending department at Goldman Sachs. Before that, he worked at Interactive Brokers and interned at UBS Private Wealth Management. Robert received his BS in Mathematics and Finance from Sacred Heart University in 2012.


Mary joined the Investment Management Office in February 2020. She has worked most of her career in accounting and finance roles for government contractors, Norden Systems, a division of United Technologies, as well as Northrop Grumman. She also has experience in the non-profit sector as an accountant at Norwalk Hospital Foundation and Americares Foundation. She is a graduate of the University of Connecticut with a BS in Accounting.



As one of the first universities to locate their investment office away from campus - 1,354 miles away in Darien, Connecticut - Tulane has been recognized for its innovative approach to endowment management, paving the way for several other schools to follow our path and locate off-campus. Our motivation to locate the office in the New York City region was to provide staff with the best possible access to investment managers, research firms and industry conferences that are frequently held within the New York and Boston corridor. Conveniently located near the Metro North rail line and I-95, the office location allows for a quick trip into Manhattan or other nearby financial centers including Greenwich, Stamford, Boston, and Washington, DC.


Celebrating the return of in-person Convocation, the Class of 2026 dances down McAlister Place with their second line umbrellas.

Each year, first-year students are greeted by President Fitts, the deans, and the Tulane band and cheerleaders to kick-off the school year and welcome them to their new home.

Tulane University • Investment Management Office • 9 Old Kings Hwy, South • Darien, CT 06820 • (203) 716-8470

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