The $25 billion management company of the Massachusetts Institute of Technology's endowment was named as having the "best emerging manager program" in a survey by the global fintech platform Clade of its institutional clients.
MITIMCO's success is credited to its track record for backing new fund managers, providing intellectual capital to help them scale, and identifying lucrative investment trends. The firm bested competitors such as the $458.9 billion California Public Employees' Retirement System, Sacramento; Durham, N.C.-based DUMAC, which manages Duke University's $12.1 billion endowment and other long-term investment assets; the $94.7 billion Massachusetts Pension Reserves Investment Management Board in Boston; the $179.4 billion Texas Teacher Retirement System in Austin; and the $248.5 billion New York State Common Retirement Fund in Albany.
"Joel Cohen and the whole MITIMco team are a remarkable example of how intellectual horsepower, calculated risk-taking and heterodox manager selection can come together for a winning trifecta," said Jonathan Lipton, CEO of Clade.
Other takeaways from the survey:
- 61.7% of all institutional LPs will only invest in an emerging manager if their assets under management are more than $100 million.
- Well over half of all new investment allocations will go to fund managers with DEI characteristics.
- More than 50% of LPs require at least four meetings with a GP before making an investment.
- Most often, LPs "ghost" GPs simply because they can't get through their email inbox.
Clade's fintech platform is used by over 400 institutional allocators, representing more than $3.6 trillion.