Indiana University

Nathan Feltman, IU's treasurer since 2023, oversees asset allocation decisions alongside the university's board of trustees. The investment office employs a 12-person team handling manager selection, risk monitoring, and performance reporting. External consultants assist with private-market commitments.

The endowment distributes roughly $150 million annually to cover Indiana University's operating expenses, a statutory obligation that prioritizes cash flow over long-duration commitments. This forces a larger allocation to public equities, fixed income, and liquid hedge fund strategies than many endowment peers maintain. Private-market exposure builds incrementally as distributions from existing commitments recycle back into the portfolio.

No. The Indiana University Foundation, a separate 501(c)(3), manages an additional $2.2 billion in long-term endowment funds with its own investment committee. The university's $3.5 billion endowment and the foundation's pool operate independently, though both support IU's academic mission.

IU primarily commits to private equity through fund-of-funds structures rather than direct fund investments, limiting co-investment activity to a small group of existing manager relationships. Venture capital exposure, below 3% of the portfolio, flows exclusively through established VC franchises with Midwest offices.

The real assets portfolio contains timberland and farmland concentrated in the Midwest, managed by external operators. A renewable-infrastructure mandate, activated in September 2023 with $80 million shifted from fixed-income reserves, targets North American solar, wind, and storage projects alongside one dedicated water-rights partnership.