Investment Managers | Endowment | Ways to Give | Giving to Duke

Duke’s endowment assets are managed collectively. Much the way individual investors pool their assets in a mutual fund, each of the individual funds comprising the university’s endowment owns units in Duke’s Long Term Pool (LTP).

The Long Term Pool is managed by DUMAC Inc., a professionally staffed investment organization controlled by Duke University. DUMAC has a staff of about 55 employees and works with the assistance of more than 300 investment advisory firms and partnerships to help the university meet its investment goals.

Assets Managed by DUMAC

In addition to managing Duke’s $7.9 billion endowment, DUMAC manages the employees’ retirement pool and Duke University Health System’s investments, and invests much of the university’s working capital. DUMAC also manages the assets of The Duke Endowment, the private charitable trust established by Duke University’s founder, James B. Duke.

Duke is also one of a handful of universities that has been given permission by the IRS to invest charitable remainder trusts with the university’s endowment assets. Charitable remainder trusts provide donors and/or their loved ones with an income stream for life or for a period of years; the balance of these trusts ultimately supports the university. In total, DUMAC has over $17 billion in assets under management.

History and Governance

In 1989, Duke University's Board of Trustees approved the creation of Duke Management Company as a separate, nonprofit support corporation of the university. The organization began operating in July 1990, and over time, evolved into DUMAC Inc.

DUMAC is controlled by a ten-member Board of Directors, comprised of the president and executive vice president of Duke University, the president of DUMAC, the chair of the Duke University Board of Trustees, and six other members appointed by the Board of Trustees' Executive Committee. The six other members are typically university trustees and/or investment professionals. DUMAC operates under a trustee-approved investment policy and has been delegated broad authority in managing the university's investments.

DUMAC Leadership

NEAL F. TRIPLETT is president of DUMAC Inc. He joined DUMAC in July 1999 and started working with public securities and hedged strategies. Eventually Mr. Triplett  began overseeing DUMAC's hedged strategies investments, and he was appointed president in January 2007. Prior to completing business school, Mr. Triplett was a credit officer for the corporate and real estate portfolios at Wachovia Bank. Mr. Triplett holds the Chartered Financial Analyst designation. (A.B., Duke University; M.B.A., Duke University)

ALICE E. GOULD joined DUMAC in 2004 and oversees DUMAC’s private investment portfolio, which includes venture capital, leveraged buyouts, real estate, and natural resources. Previously, she worked as a strategy consultant for technology-oriented businesses. Ms. Gould also spent 10 years at IBM, where she managed product development, marketing, and business planning. (B.S.E., Duke University; M.B.A., Duke University)

DAVID R. SHUMATE is executive vice president of DUMAC and has overall responsibility for DUMAC's investment and support operations, including assessing and managing risk across DUMAC's investment activities. Mr. Shumate holds the Chartered Financial Analyst designation and is a CPA who has served Duke University in various capacities for over 35 years. He was previously employed at Peat Marwick. (B.S./B.A., Western Carolina University)

DUMAC Board of Directors

VINCENT E. PRICE is the 10th President of Duke University, where he is also Walter Hines Page Professor of Public Policy and Political Science in the Sanford School of Public Policy and Trinity College of Arts and Sciences. Prior to coming to Duke, Price served as Provost of the University of Pennsylvania and was Steven H. Chaffee Professor in the Annenberg School for Communication and Professor of Political Science in the School of Arts and Sciences. As Provost and chief academic officer, he advanced initiatives to diversify the faculty and expand interdisciplinary research; guided the development of new forms of teaching and learning, both in the classroom and in the digital world; expanded the university’s global presence, including the launch of the Penn Wharton Center in Beijing; and enhanced arts and culture on campus, shepherding the creation of the Sachs Program for Arts Innovation. He led Penn’s role as one of the first partners with Coursera, the online open learning platform, and served as Chair of Coursera’s University Advisory Board. He came to Penn in 1998 after 11 years at the University of Michigan, where he was Chair of the Department of Communication Studies and a Faculty Associate of the Center for Political Studies. President Price is a leading global expert on public opinion, social influence and political communication. Price has held visiting appointments at the University of Paris-Sorbonne and the University of Amsterdam, and has lectured widely at universities around the world. (Ph.D., M.A., Stanford University; B.A., Santa Clara University).

JACK O. BOVENDER JR. is retired Chairman and Chief Executive Officer of Nashville, Tenn.,-based Hospital Corporation of America (HCA). He is a 40-year veteran of the health care industry and has worked at HCA for 32 years. Bovender began his hospital administrative career in 1969 as a lieutenant in the United States Navy stationed at the Naval Regional Medical Center in Portsmouth, Va. He later served as Chief Executive Officer of Medical Center Hospital in Largo, Fla., and West Florida Regional Medical Center in Pensacola, both owned by HCA. Bovender held several senior-level positions with HCA and in 1992 he was named Executive Vice President and Chief Operating Officer. Following HCA’s merger with Columbia in 1994, he retired and served on the boards of several public and private companies, including Quorum Health Group Inc., American Retirement Corp. and Nashville Electric Service. He returned to HCA in 1997 as President and Chief Operating Officer. He was appointed to HCA's Board of Directors in 1999 and was named President and CEO in 2001. He became Chairman and CEO of HCA in January 2002 and Chairman in January 2009. He retired in December 2009. Bovender is a founding member of the Nashville Health Care Council. He served on the Board of Governors of the American College of Healthcare Executives (ACHE). He has served on the boards of several Nashville human services and art organizations. In 2012, he was elected to the Board of Directors of Bank of America and now serves as the bank's Lead Independent Director. He is a member of the Duke University Health System board and the Board of Visitors at The Fuqua School of Business. Elected to the Duke University Board of Trustees in 2007, he currently serves as Chair. (A.B., M.H.A., Duke University)

EDWARD A. GILHULY is a founding partner of Sageview Capital, a growth capital firm focused on the tech and tech-enabled service sector. Prior to starting Sageview Capital, Mr. Gilhuly was at Kohlberg Kravis Roberts & Co. (KKR) for 19 years. He joined KKR in 1986 in San Francisco, became a partner in 1995, and lived in London from 1998-2005 while establishing and overseeing all aspects of KKR’s business in Europe. He also served on KKR’s Investment Committee from its inception in 2000 until his departure in 2005. Mr. Gilhuly has been on over 25 corporate boards and is currently a member of the boards of directors of Alfresco, Avalara, Demandbase, Exaro III, GoPro and MetricStream. He is also a trustee emeritus of the California Academy of Sciences. (A.B., Duke University; M.B.A., Stanford University; trustee, Duke University; chair, DUMAC Board of Directors)

JEAN E. HOYSRADT is the former chief investment officer of Mousse Partners Limited, a private investment office for family members and entities affiliated with the Chanel business interests, a luxury goods company. Prior to Mousse, she served as senior vice president and head of the investment department and treasury at New York Life Insurance Company. Ms. Hoysradt previously held positions at AXA (The Equitable Life Assurance Society), Credit Suisse (The First Boston Corporation), and JP Morgan (Manufacturers Hanover Trust Company), where she was involved with a variety of investment management and transaction related areas. In addition to serving as a member of the DUMAC Board of Directors and chair of its audit committee, she is a director of W.P Carey Inc. and co- chair of its investment committee. (A.B., Duke University; M.B.A., Columbia University)

THRUSTON B. MORTON, III is chief executive officer and co-founder of Global Endowment Management LP, who served as CEO and CIO of DUMAC from 2000-2007. Prior to his time at DUMAC, he held banking, portfolio manager and senior advisor roles at JP Morgan in the United States and abroad. In addition to serving on the DUMAC board of directors, Mr. Morton is a director of The Conservation Fund and TreesCharlotte, and previously served on the board of The Investment Fund for Foundations (TIFF), as well as two terms on the Rockefeller Foundation’s Finance & Investment Committee. (B.A., Brown University)

GEOFFREY S. REHNERT is the co-chief executive officer and co-founder of Audax Group, an alternative asset management firm specializing in private equity and private debt investments in middle market companies. Prior to founding Audax Group, Mr. Rehnert was a general partner and managing director at Bain Capital Inc., which he helped to start in 1984. He previously also worked at Bain & Company and Morgan Guaranty Trust Company. Mr. Rehnert also serves on the Dean’s Strategic Council at Stanford Law School, the National Council of the American Enterprise Institute (AEI), and on the Board of the Joslin Diabetes Center in Boston. (A.B., Duke University; J.D., Stanford Law School)

TALLMAN TRASK III is executive vice president of Duke University. As principal administrator and financial officer, he is responsible for the budget, financial affairs, procurement, debt, campus planning, architecture, maintenance, construction, real estate, human resources, academic and administrative computing, audit, safety and security, and auxiliary services. Other duties include serving as an ex-officio member of the trustees’ committees on Business and Finance and Facilities and the Environment, and the Finance Committee of Duke University Health System. Prior to his assuming this position at Duke University in 1995, Dr. Trask was executive vice president at the University of Washington. From 1976 to 1986, Dr. Trask held several positions at the University of California, Los Angeles, culminating with his service as vice chancellor for academic administration. (A.B., Occidental College; M.B.A., Northwestern University; Ph.D., University of California, Los Angeles)

NEAL F. TRIPLETT is president of DUMAC Inc. He joined DUMAC in July 1999 and started working with public securities and hedged strategies. Eventually he began overseeing DUMAC’s hedged strategies investments, and he was appointed President in January 2007. Prior to completing business school, Mr. Triplett was a credit officer for the corporate and real estate portfolios at Wachovia Bank. Mr. Triplett holds the Chartered Financial Analyst designation. (A.B., Duke University; M.B.A., Duke University)

ASHOK VARADHAN is global co-head of the Securities Division at Goldman Sachs & Co. He is a member of the Management Committee, the Firmwide Client and Business Standards Committee and the Firmwide Risk Committee. Mr. Varadhan joined Goldman Sachs in 1998 in Swaps Trading. He became head of USD derivative trading in 2000, head of North American interest rate products in 2001, global head of foreign exchange in 2007, and global head of FICC emerging markets in 2008. Prior to assuming his current role in 2014, Mr. Varadhan was global head of macro trading, which includes interest rate products, foreign exchange and FICC emerging markets, and commodities in the Americas. He was named managing director in 2000 and partner in 2002. Prior to joining the firm, he was a vice president in swaps trading at Merrill Lynch. (A.B., Duke University; attended Ph.D. Finance program at Stanford University)

JAMES C. ZELTER is the managing director and chief investment officer of Apollo Management’s global credit platform, and chief executive officer and director of Apollo Investment Corporation. Prior to joining Apollo Management, Mr. Zelter was a managing director of Citigroup (and its predecessor companies), where he held a variety of senior positions in the global fixed income division. At Citigroup, Mr. Zelter ran the firm’s high yield and leveraged finance business and created the proprietary special situations group, a global credit opportunity mandate. In addition, he was chief investment officer of Citigroup Alternative Investments from 2003-2005. Prior to joining Citigroup, Mr. Zelter was a vice president at Goldman Sachs in New York. (A.B., Duke University)