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˿Ƶ The Business of Investing

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Charles Richardson, vice president of operations at The Heinz Endowments, was in charge of systems shared with the family office and foundation.
The insurer began acquiring stakes in asset managers in 2017. It has already sold off two of the five it bought.
Dispersion is prompting searches and leading to lower fees.
Our reporter chronicles investors’ worries about liquidity, NAV loans, and continuation funds at II’s Endowments and Foundations Roundtable in Boston.
“Private funds will be under no obligation to provide critical information…leaving LPs to negotiate for terms that should be common sense,” says ILPA’s chief.
A 2015 FASB rule allowed buyers to boost their performance, and the market has soared.
“My suspicion is that a lot of people like investing money, and don’t think of this as a business.”
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