Kristin joined NEPC in 2003, with investment experience dating back to 1999. Kristin is a member of our Philanthropic and Private Wealth consulting practice and focuses on leading research efforts for our clients. Kristin’s expertise is in total enterprise management, asset allocation and portfolio construction, modeling and implementation of spending based asset allocation studies, and evaluation and selection of alternative investment managers. She is a member of the Partner’s Research Committee, which sets direction for firm research. Kristin developed a model for Total Enterprise Management. This model integrates the short-term operational needs with the long-term goals of an organization. Total Enterprise Management is an extension of Spending in an Integrated Asset Liability Framework, a white paper Kristin published that discussed the model that analyzes the spending requirements of Endowment and Foundation clients. She is a frequent speaker at industry conferences, where she generally is asked to speak about the Endowment Model, Total Enterprise Management, Integrated Spending Policy, and Portfolio Construction. Prior to joining NEPC, Kristin worked at Citigroup Asset Management, where she specialized in executive compensation structures for large corporate clients. She worked closely with clients to develop and manage financial service strategies. Prior to her investment career, Kristin worked as a loan service officer at a community cooperative bank where she was responsible for external audit compliance, escrow fund accounting, and loans receivable.
By conducting an extensive due diligence process before investing with a fund and being proactive with ongoing due diligence, endowments can put themselves in a stronger position than they otherwise would have been. When misconduct does occur, it is important that fund investors establish a dialogue with the asset manager and evaluate the situation on a case-by-case basis.
Performance centered on the level of private investment that folks had in their portfolios. The reason I say that is trailing one-year returns for private equity and venture capital were positive and there are a couple of reasons for that, but usually people report that on a lag and those returns were less impacted by the near-term effects of COVID.
I can get more juice out of my private equity investments if I go in on a manager’s best ideas through a co-investment. While only 23 percent of foundations and endowments surveyed currently use co-investing strategies, another 12 percent said they were considering it, a number that has been rising in recent years.