UTIMCO Portfolio Update - August 2026

This week we’ll take a look at some recently updated performance data from UTIMCO spanning both its hedge funds and private investments.

The endowment totals $68 billion and oversees investments for both the University of Texas and Texas A&M University. UTIMCO has been led by president, CEO and CIO Rich Hall since 2018 after his time at Harvard Management Company and the Teacher Retirement System of Texas.

Before we dig into the data, we created an interactive dashboard where readers can view all of the underlying data. Below is a screenshot of the hedge fund chart, check out the full dashboard here.

In Friday’s newsletter, users received a table of UTIMCO’s top-performing active hedge fund investments as of 12/31/25, ranked by annualized net return since inception. Notably, 5 of the top 23 are from D.E. Shaw. As we covered in our UTIMCO update last September, the endowment has a significant allocation to large quant funds and multi-manager platforms.

Dockside Fund II, UTIMCO’s top-performing active hedge fund investment, is a managed account platform overseen by Walleye Capital. The platform was founded in 2023 in partnership with UTIMCO and the State of Wisconsin Investment Board.

As we covered in our last UTIMCO update, the endowment described its relationship with Dockside as having “reached critical mass across the endowment” in its disclosures at the time. OWL data shows that managers including Eminence, JAT, Candlestick, Iron Triangle, and Marble Bar have historically disclosed relationships with Dockside.

When we last covered UTIMCO in March, we discussed its recent $300 million commitment to 59 North Partners, a long/short equity manager based in Houston that was founded in 2019.

Between 12/31/24 and 12/31/25 UTIMCO also added a number of new vehicles from managers including Millennium, Silver Point, Two Sigma, and Woodline.

An analysis of UTIMCO’s historical hedge fund investments (active plus exited) shows that the endowment typically exits if a manager has negative returns since inception, but has stayed invested with the majority of managers generating returns above 10%:

In Friday’s newsletter, users also received a table with UTIMCO’s 22 highest-returning active private investment managers.

Within its private portfolio, UTIMCO’s best returns are heavily focused in Venture Capital. Rolling up UTIMCO’s active relationships at the manager level, Union Square Ventures has generated more than $1 billion in profits for the endowment over the past 20 years. The bulk of the nearly $1.2 billion in profits has come from USV’s 2004 and 2012-vintage funds.

Between 5/31/25 and 5/31/26, UTIMCO added 43 new vehicles to its private portfolio including funds from D1, Stone Point, Thrive Capital, and TPG. The endowment also disclosed commitments to a few managers for the first time, including Cosmic Management, Founders Fund, Gemspring Capital, and Ribbit Capital. Both Gemspring and Ribbit have not been funded yet.

UTIMCO first invested with hedge fund Freestone Grove at its launch in January 2024. Based in San Francisco, Freestone Grove was founded in 2023 by CEO and CIO Todd Barker and head of quantitative strategies Daniel Morillo. The pair most recently worked at Citadel where Barker spent 17 years, most recently serving as a partner and head of Surveyor Capital, one of Citadel’s fundamental equity strategies. Morillo spent six years at Citadel as a partner and head of equity quantitative research.

Freestone reportedly launched in 2024 with $3.5 billion in AUM and has largely flown under the radar, but crossed $6 billion in AUM earlier this year. Its strategy of being an “anti-pod” manager has drawn plenty of attention.

The firm initially launched with a tight focus on six specific sectors – consumer, financials, healthcare, industrials, TMT, and energy, with each group reportedly focusing on a smaller range of stocks than most multi-managers do. It wound down its energy group earlier this year after a rocky start to 2026, with group head Michael Pope reportedly stepping down last month.

As of 12/31/25, UTIMCO had invested $435 million in Freestone and the investment’s value at the time was $518.3 million, while its annualized net return was 9.7%, placing it 35^th out of 67 active hedge funds with returns disclosed by UTIMCO.

In its disclosures, UTIMCO lists 24 private investment funds that it has committed to but that have not yet called any capital. The commitments total roughly $2.2 billion, or approximately 5% of the $44 billion UTIMCO currently discloses as invested in private funds (inclusive of distributions that may have been reinvested) as of 5/31/26.

Of these unfunded commitments, three show 100% ownership by UTIMCO, including the Alpine Investors UT-named fund (likely a “fund of one”), the GTCR Strategic Growth Fund B, and the Pennybacker Capital co-investment fund. UTIMCO also discloses a 99% ownership stake in Moontower’s MHMH Longhorn, which given the name is likely another so-called “fund of one.”

UTIMCO has backed other funds from all of the managers included on the table above except for Gemspring and Ribbit, as previously mentioned.

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.

Returns represent the return on invested capital of publicly disclosed long positions, as calculated by OWL. Actual returns may vary based on a number of factors, including (but not limited to) undisclosed positions, short exposure, non-equity holdings, cash holdings, and lagged disclosure of positions.

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