Yale Investments Office
NotableThe endowment that wrote the playbook for venture LPs.
Institutional LP CapitalFirmGlobal, U.S.-centric
Target market
A concentrated roster of venture managers, held across decades
Typical check
Large, recurring commitments to a deliberately small manager list
Geography
Global, U.S.-centric
Overview
The Yale Investments Office manages Yale University's endowment and is the institution most responsible for making venture a core endowment asset class. Under David Swensen, who led the office from 1985 to 2021, Yale built concentrated, decades-long relationships with a small roster of venture managers — the 'endowment model' every other allocator now imitates. Current CIO Matt Mendelsohn came up through Yale's venture portfolio. Access is famously tight: Yale backs few managers, holds them for many funds, and is the single strongest signal an LP base can carry.
Key facts
- Pioneered the endowment model of heavy venture and private-markets allocation
- David Swensen led the office from 1985 until 2021
- CIO Matt Mendelsohn previously ran Yale's venture portfolio
- Known for concentrated, multi-decade manager relationships
- Based in New Haven, Connecticut