Baylor holds Anthropic to generate excess returns from private investments needed to fund distributions amid declining enrollment.

Baylor negotiates separate accounts with GPs to control factor exposures, using Nvidia as a case study where they can accept or reject marginal additions based on existing portfol…

SpaceX is referenced as a benchmark for extreme capital velocity (5x in 5 months) but Baylor holds no position, highlighting the endowment's focus on compounding speed over headli…

Anthropic represents a meaningful but diversified venture position for Baylor, accessed through fund managers rather than direct investment, serving as a stage diversifier in the…

Baylor gains exposure to leading AI company Anthropic through manager allocations, representing 2.5% of the $2.6B endowment.

Anthropic represents a significant venture position for Baylor, accessed through fund managers rather than direct investment, reflecting conviction in AI foundation models.

Anthropic represents a significant venture allocation for Baylor at 2.5% of endowment, accessed through fund managers rather than direct investment, serving as portfolio diversifi…

The endowment has a 2.5% position in Anthropic through manager allocations, not direct selection.

Software selloff was overdone; Baylor methodically bought into the decline after verifying with real businesses that AI would not replace mission-critical software, viewing softwa…

Large venture platforms like a16z face diminishing returns due to law of large numbers; a 50x fund return on a $20M check only moves the needle 2% at a $40-50B endowment scale.

The rise of multi-billion-dollar venture platforms like a16z is a structural response to the capital-deployment constraints faced by mega-endowments (Harvard, Yale) where small ch…

Permitting bottlenecks and community opposition to power/water usage have made already-permitted, powered data center land scarce and valuable; Baylor's sites have appreciated 50%…

Permitted, powered data center land has become scarce and valuable due to local permitting pushback, driving 50% appreciation in Baylor's holdings in six months.

Permitted and powered data center sites have appreciated 50% in six months due to local permitting pushback creating scarcity value for approved sites.

Took profits on energy positions when crude went above $100 amid US-Iran tensions, viewing the spike as a tactical exit point rather than structural opportunity.

Baylor added to private equity sponsor funds in early 2024, distinguishing them from disliked private credit, based on better risk-return characteristics.

Private credit offers equity-like downside without equity upside, making the risk-reward profile unattractive; Baylor prefers direct equity exposure instead.

Private credit offers equity-like downside without equity upside, creating an unfavorable risk-reward profile; Baylor prefers direct equity exposure instead.

Baylor respects Brown University's endowment due to its strong team and superior historical returns compared to Baylor's own.

David Moorehead expresses strong admiration for Benchmark, naming it as the venture fund he would most like to be invested in but currently cannot access.

David Moorehead identifies Benchmark as the venture fund he would most like to allocate to but has been unable to access due to Baylor's later arrival to top-tier VC brands.

Benchmark is the single venture firm Baylor would most like to access, indicating high regard for their investment track record and strategy.

Despite limited access to top-tier VC brands, Moorehead singles out Benchmark as the most desirable fund allocation, signaling high conviction in its franchise quality.

David Moorehead respects Benchmark as a top-tier VC firm but has been unable to gain access to their funds.

Biotech will be more impactful in the next 10 years than the last 20, with science less correlated to markets and companies actually curing diseases rather than treating symptoms;…