Mandate Drift
Mandate drift is when an allocator’s actual behavior shifts away from its stated or historically observed mandate.
Allocator relevance: Explains why “fit” changes—drift creates new opportunities and prevents you from relying on outdated targeting rules.
Expanded Definition
Mandate drift can happen due to leadership changes, liquidity events, macro regime shifts, or new governance priorities. A family office may move from venture to private credit; an endowment may reduce illiquids; a pension may change risk limits. Drift is detectable via change logs, new deals, or updated policy signals.
Decision Authority & Governance
Governance is both the cause (policy changes) and the detection mechanism (tracking signals, refresh cadence, and tagging drift events). A strong system records drift as a structured change event.
Common Misconceptions
- Drift is always bad (it can be strategic).
- Drift can be inferred from one headline.
- Drift is identical to style drift (different concept).
Key Takeaways
- Drift is a timing signal for outreach and diligence.
- Detect drift via evidence, not assumptions.
- Label drift and refresh mandate signals.