Harvard Management Company

Hybrid Model

A Unique Investment Model

Deep internal expertise, broad external reach

Managing Opportunities and Risk - Deep expertise built on decades of experience

Our approach to endowment management employs a mix of internal and external investment management teams that focus on specific investment areas. We believe this gives us the best of both worlds—top quality internal and direct investment management teams, as well as access to best-in-class external managers who have the resources, skill and experience across a range of markets, strategies, styles, and geographies. We are not compelled to manage internally or externally in any particular proportion. Rather, we use the combination of internal and external managers that best represents our conviction regarding opportunities and gives us access to the best possible strategies.

Benefits of the hybrid model include:

  • Harvard's partnerships with investment management teams around the world provide diversification, insight, and perspective that goes beyond the reach of our team in Boston.
  • Our internal Public Markets team is constantly attuned and responsive to changing market conditions, and is frequently ahead of the curve in recognizing market inefficiencies and ways that we might profit from them.

"HMC's unique hybrid model encourages an integrated and collaborative investment approach to generate the income necessary to support a significant portion of Harvard University's operating budget." Richard Hall
Head of Private Equity