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 about 250 investment advisory firms and partnerships to help the university meet its investment goals.
Assets Managed by DUMAC
In addition to managing Duke’s $8.6 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 $19 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 an 11-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 seven other members appointed by the Board of Trustees' Executive Committee. The seven 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.
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)
ANIL MADHOK joined DUMAC in October 2017 as chief operating officer. He is responsible for the direction and oversight of all non-investment teams and functions as well as assisting in the evaluation of economic conditions and overall portfolio positions. Prior to joining DUMAC he was Managing Director, Investments, and Chief Operating Officer at the Howard Hughes Medical Institute, where he worked for more than 20 years. As a senior management executive of a 30-person investment team, he oversaw the management of the $19 billion medical research endowment. He was directly responsible for the oversight of four business units covering investment operations, risk and analytics; manager evaluation and due diligence; technology and custom software development for trading, attribution analysis, exposure management, risk mitigation; and strategic business administration/budget oversight. (B.Com. with honors, University of New Delhi; M.B.A., George Washington University)
MARK E. CORIGLIANO re-joined DUMAC in January 2014 as co-head of the public securities team. He now heads the private investments team, which manages investments in venture capital, private equity, real estate, and natural resources. Previously, Mr. Corigliano founded and managed a $250 million hedge fund. Prior to that, he worked at Proxima Alfa Investments. Mr. Corigliano initiated his investment career at DUMAC in 2001 where he co-managed the hedge fund portfolio and developed a unique commodity futures trading program. He holds the Chartered Financial Analyst designation. (B.S., Cornell University; M.B.A. (Beta Gamma Sigma), University of North Carolina at Chapel Hill)
EVAN L. JONES joined DUMAC in 2010 and manages the Direct Investments portfolio. Prior to joining DUMAC, Mr. Jones was co-founder and portfolio manager of Brightleaf Capital, a long/short U.S. equity hedge fund. Prior to founding Brightleaf Capital, Evan was founder, CEO, and chairman of TSI Soccer, a retail and mail order sporting goods business, which was ranked as one of the top 500 fastest growing companies in the country by Inc. Magazine in 1995 and 1996. Prior to founding TSI Soccer, Mr. Jones was an investment banking analyst in the M&A Group at Prudential-Bache Capital Funding in New York. He holds the Chartered Financial Analyst designation. (A.B., Duke University; M.B.A., University of North Carolina at Chapel Hill)
JUSTIN B. NIXON joined DUMAC in August 2007. Mr. Nixon heads the Public Securities team. From 2005-2007, he worked as an Investment Analyst for the Solaris Group, a New York-based investment advisory firm. From 2003-2005, he was an Investment Banking Analyst at JPMorgan in the Equity Capital Markets division. He holds the Chartered Financial Analyst designation. (B.S. University of Virginia)
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 worked at HCA for 32 years. Mr. 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. Mr. 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. Mr. 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. 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)
T. RITSON FERGUSON is CEO of CBRE Global Investors and CEO of its equity securities management subsidiary, CBRE Clarion Securities. He is also the firm’s Global Chief Investment Officer. Mr. Ferguson is responsible for the global management of the firm and has broad responsibilities for coordinating the investment decision-making and program offerings of CBRE Global Investors across the range of listed and unlisted real estate markets. Prior to joining CBRE Global Investors, Mr. Ferguson was on the global management committee of ING Real Estate Investment Management. He was one of the founding principals who formed the predecessor entity to CBRE Clarion Securities. Earlier in his real estate career, he worked at K.S. Sweet Associates and Trammell Crow Company. He was also a consultant at Bain & Company and a Captain in the U.S. Air Force. Mr. Ferguson earned an M.B.A. with distinction from the University of Pennsylvania’s Wharton School of Business and a Bachelor of Science from Duke University, where he graduated summa cum laude and was elected to Phi Beta Kappa. He is active in many real estate organizations (including PREA, EPRA, APREA and NAREIT) and is a CFA charterholder. (B.S., Duke University; M.B.A., University of Pennsylvania)
EDWARD A. GILHULY is a founding partner of Sageview Capital, LP, an investment firm with approximately $1.5 billion in assets under management. Prior to founding 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 from 1998 to 2005 he lived in London where he established and oversaw 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 director of Avalara, Demandbase, Elastic Path Software, Legrand SA, MetricStream and Pantheon Systems. He is Chair of the DUMAC Board of Directors, a Trustee of Duke University, and a Trustee Emeritus of the California Academy of Sciences. (A.B., Duke University; M.B.A., Stanford University)
CYNTHIA L. MEYN is the Chief Operating Officer of Venerable Holdings Inc., a private company that acquires and scales variable annuity blocks of business. Ms. Meyn has been in this role since January of 2018. From 2008–2017, she served as Executive Vice President and co-head of Investment Operations at PIMCO. From 2006–2008, she served as Managing Director of North American Operations for Morgan Stanley Investment Management. From 2000–2006, Ms. Meyn served as global co-director of Fixed Income and Derivatives Technology at AllianceBernstein. Before this, she held leadership roles as Managing Director of Global Fixed Income Technology at Cantor Fitzgerald, Chief Technology Officer and Chief Risk Officer at Mizuho Capital Markets and Vice President of Derivatives Technology at Lehman Brothers. Ms. Meyn started her career at Morgan Stanley in 1985 within both the Technology and Controllers & Accounting departments supporting the derivatives product business. She has more than three decades of investment operations, technology and risk management leadership experience within financial services firms. Currently, Ms. Meyn serves as a member of the Board of Visitors of Duke University Fuqua School of Business, the CUSIP Board of Trustees and the Steering Committee of the Smith College Women’s Business Network. In early 2017, she completed a five-year term serving on the Board of Directors of the DTCC and a six-year term serving on the Board of Managers of Omgeo. (B.A., Smith College; M.B.A., Duke University)
THRUSTON B. MORTON III is the founder of Global Endowment Management LP, and 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. 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 start in 1984. He previously worked as a consultant at Bain & Company and as a commercial banker at the Morgan Guaranty Trust Company (now JP Morgan and Co.). Mr. Rehnert also serves on the Dean’s Strategic Council at Stanford Law School, the National Council of the American Enterprise Institute (AEI) and the boards of directors for the Beth Israel Deaconess Medical Center and 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’ Resources Committee, Audit and Compliance Committee, 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 co-president of Apollo Global Management LLC, sharing responsibility for all of Apollo’s revenue-generating and investing businesses. Mr. Zelter focuses on Apollo’s credit and yield business, and has led Apollo’s broad expansion of its credit platform. He serves on the Credit Investment Committee as Chief Investment Officer. He is also Chief Executive Officer and a Director of Apollo Investment Corporation. Before joining Apollo in 2006, Mr. Zelter was with Citigroup Inc. and its predecessor companies where he was Chief Investment Officer of Citigroup Alternative Investments, after leading the firm's global high-yield and leveraged-finance franchise. Before joining Citigroup, Zelter was a high-yield trader at Goldman Sachs. Mr. Zelter earned an economics degree from Duke University. (A.B., Duke University)