UPenn Portfolio Update

This week’s newsletter looks at the recently updated portfolio for UPenn, using the manager investments disclosed in a tax filing for its employee retirement plan. While the dollar amounts are a small portion of what the investment office manages, we believe the manager roster is representative of the overall portfolio.

In terms of returns, UPenn falls in the middle of the Ivy League pack, annualizing at 9.6% and 8.7% over the last 5 and 10 years, respectively.

In last Friday’s newsletter for our users, we shared ~25 of the largest manager investments in UPenn’s retirement plan, including Bracebridge, Parvus, and Attestor. We also noted the high level of overlap with Yale’s portfolio given CIO Peter Ammon’s background at Yale. Other disclosed managers for UPenn include CPMG, Ribbit, Hillhouse, Five Point Energy, and Y Combinator Management. For more details on UPenn and Yale’s portfolios, reach out to learn more about OWL!

Initialized Capital Management is one of UPenn’s disclosed VC relationships. Initialized was founded in 2011 by Alexis Ohanian and Garry Tan, and has other notable LPs including MIT, Duke, Harvard, and UTIMCO. Ohanian went on to lead Reddit and is currently the founder of Seven Seven Six, a $1 billion early-stage VC fund. Tan is now the President and CEO of Y Combinator, which manages $16 billion. As a reminder, our users can track former employees for thousands of managers in OWL, helping with reference checks and with identifying spinouts or interesting new funds.

Brett Gibson is now the managing partner at Initialized after co-founding several companies and working for Y Combinator. Initialized focuses on early-stage companies and has invested in 27 unicorns to date, including Coinbase, Instacart, Opendoor, and Flexport.

The firm’s AUM has grown substantially over the past few years. 2021 was a big fundraising year for the firm, and since then, they have doubled the number of funds and SPVs in their portfolio.

For our users, OWL has the fundraising history for thousands of managers on our platform, along with fund-level details for AUM and capital raised.

Other News & Events

• Chris Hohn (TCI) interviewed on Nicolai Tangen's Podcast

• MIT, Yale Face Endowment Tax Hike While Notre Dame Scores Break

• Columbia's $15 Billion Endowment Risks Big Hit on GOP Tax Tweak

• A Buffett-Backed College Faces GOP Tax Threats After Investment Success

• Bola Olusanya Named Vice President and Chief Investment Officer of the MacArthur Foundation

• University of Utah to ramp up alts, with OCIO help ‘here in our own backyard’

• VMG Partners Announces the $1.0 Billion Close of Consumer Fund VI

• Blog post on VC's Becoming RIA's

• How a $50M loan to CoreWeave became Magnetar Capital’s boldest bet

• Josh Kushner’s Thrive Capital Gains $522 Million From Carvana Trade

• RA Capital's biotech incubator lays off staffers

• Capital Allocators Hiring Head of Content

   

About Old Well Labs

OWL is an intelligence platform built for allocators, by allocators. Leading endowments, foundations, and family offices use the system to find, monitor, and connect with thousands of fund managers globally. OWL's analytics engine has collected over one billion data points from 65 countries. We make it easy for allocators to find and track information about the managers they care about – not just positions but also performance analytics, people data, business information, and details about the manager investments of other allocators.

Disclaimers

This newsletter and the material on the Old Well Labs platform are for informational purposes only and should not be considered investment advice or a recommendation of any particular security, manager, or strategy. Old Well Labs shall not be liable for any investment gain or loss that may occur from the use of this material. No part of this material may be reproduced in any form or used in any publication without express written permission from Old Well Labs.