Allocator
InvestingDefinition
Institutional investor whose job is to deploy capital across asset classes and managers — pension funds, endowments, family offices, sovereign wealth funds. Major decisions: strategic asset allocation, manager selection, rebalancing, tactical tilts.
The "endowment model" (Yale's David Swensen) emphasized illiquid alternatives — public equities ~30%, alternatives ~70%. Crushed by 2022's correlated drawdowns; subsequently moderated.
The "endowment model" (Yale's David Swensen) emphasized illiquid alternatives — public equities ~30%, alternatives ~70%. Crushed by 2022's correlated drawdowns; subsequently moderated.