DUMAC

DUMAC

DUMAC, Inc. is a professionally staffed nonprofit investment organization controlled by Duke University that provides investment management services to Duke University and its affiliated organizations in support of their missions (per DUMAC website). It manages Duke University’s endowment assets via the Long Term Pool, the university’s defined benefit pension plan assets, Duke University Health System’s investments, much of the university’s working capital, and the assets of The Duke Endowment (the private charitable trust established by founder James B. Duke) (per DUMAC website and Giving to Duke). Established in 1989 by Duke University’s Board of Trustees, DUMAC is governed by an 11-member board of directors and invests principally through external investment advisory firms and partnerships. It seeks an annualized real rate of return of at least 5.0% net of fees over the long term to fund spending needs and permit growth after inflation, taking a patient approach that emphasizes diversification across drivers of return including equity (public and private), independent/absolute return, commodities, high-yield credit, real estate, and investment-grade fixed income (per DUMAC website and 2024-25 Endowment Snapshot). As of June 30, 2025, the university endowment comprised more than 6,400 funds totaling approximately $12.3 billion; the LTP returned 9.0% for the fiscal year ending that date (per Duke University’s Endowment 2024-25 Snapshot). The Duke Endowment’s investment portfolio (managed by DUMAC since 2007) stood at roughly $4.96 billion as of December 31, 2024, with total net assets of $5.02 billion (per The Duke Endowment financials). Headquartered in Durham, North Carolina, DUMAC prioritizes long-term partnerships with managers and alignment with institutional missions.