Ohio State University

The Investment Committee of the Board of Trustees sets policy and approves key allocations. Day-to-day portfolio management is executed by the Office of Investments, led by a chief investment officer reporting to the Senior Vice President for Business and Finance, Michael W. Papadakis. The committee includes trustees and external investment professionals with institutional asset management backgrounds.

The university accesses private market opportunities through a mix of fund commitments, co-investments alongside trusted general partners, and direct investments in select situations. The endowment's scale and long-standing relationships with top-tier managers provide preferential access to co-investment deal flow across buyout, growth equity, and venture capital strategies.

Real assets, including real estate and natural resources, make up a meaningful strategic allocation within the portfolio. The endowment has participated in agricultural co-investments and direct property acquisitions alongside fund investments to generate inflation-hedging returns. These holdings are managed within the broader private markets program overseen by the investment office.

The endowment uses a hybrid model. The internal investment staff manages asset allocation, risk oversight, manager selection, and a growing co-investment platform. External managers are retained for specialized strategies in private equity, venture capital, hedge funds, and certain real asset mandates where specialized local or sector expertise is required.

The Ohio State University Foundation raises private donations that eventually flow into the endowment's long-term pool, but the investment office independently manages the pooled assets. The foundation focuses on fundraising and donor stewardship, while the investment committee and staff at the university level handle all portfolio construction and investment decisions.

The endowment has steadily increased its direct co-investment activity, particularly in private equity and real assets. By investing directly alongside fund managers in specific deals, the university reduces fee drag and gains greater control over capital deployment. This capability is supported by the internal investment team's analytical resources.

The university reports annual endowment performance in its audited financial statements. In recent years, the fund has generated returns consistent with large public endowments heavily allocated to private markets, though detailed manager-level performance data remains confidential. Public disclosures focus on aggregate pool returns and asset allocation ranges.