Marguerita (Rita) Cheng, CFP®

The FY25 NACUBO‑Commonfund Study of Endowments is live. This year's results show how higher‑ed endowments stayed resilient and mission‑focused despite a dynamic market environment. Worth a read for anyone in higher‑ed finance or governance.

5

Multiple parties asked us: “what to do with a K-1?”. Some are preliminary, some are final. Schedule K-3 may be attached. Some say that a K-1 can be disregarded, others say that you need to file a U.S. corporate/ personal income tax return. What to do with a K-1?

29

The Rise of Institutional Families Family offices are no longer just managing wealth they’re learning to become institutions. What’s shifting isn’t just the numbers it’s the mindset. Families are no longer just preserving capital They’re building platforms, educating heirs, and shaping policy. But here’s the truth most miss: They’re not institutional yet  They’re outsourcing smartly to learn how. From CIOs to governance frameworks, from tech partners to investment syndicates. Today’s family offices are outsourcing to professionalize, not to delegate blindly. They’re learning. They’re upgrading. In the Middle East, this transformation is accelerating. The intersection of legacy, liquidity, and ambition is creating a new kind of powerhouse: The Institutional Family. The Emirates Family Office Association #EFOA #InstitutionalFamilies #FamilyOffice #NextGenWealth #Legacy #PrivateCapital #Governance #MiddleEastFinance

54

5 Comments

"A factor-based TPA framework, like the one we describe here, offers a practical blueprint for implementation to help wealth managers systematically analyze, integrate and optimize portfolios that include private assets." Read more from Dhruv Sharma, Ph.D. on CAIA Association's blog. #TPA #totalportfolioapproach #factorinvesting

38

1 Comment

The possibility of permanent layoffs among federal workers, as well as delays in economic releases, could make the government's first shutdown in six years more consequential than previous instances. Learn more: https://lnkd.in/gy6A6ixu ​

2

The S&P 500 has stalled this year in part due to rising geopolitical tensions, but new market leaders and broader diversification have helped balanced portfolios stay resilient despite the tech pullback. Portfolio Strategist Tom Larm breaks it down in this month’s portfolio brief.

2

Getting an institutional “yes” (and the 8- or 9-figure check that comes with it) requires surviving a long series of potential “no’s.” Many of those “no’s” will come from people you never meet. It’s tempting to think of fundraising as a single-elimination tournament: win the meeting, advance to the next round. But the real game extends well beyond any single room. Inside an institutional LP, ideas move through layers. Associates and directors turn over rocks and go deep. Senior staff and CIOs refine priorities and decide what advances. Investment Committees may weigh in. At every step, someone can say, “let’s continue the work” or “let’s pass.” Fund managers typically hear only the outcome, not the reasoning. If you want to improve your odds of surviving those internal conversations, focus on two things: 𝗜𝗱𝗲𝗻𝘁𝗶𝗳𝘆 𝘆𝗼𝘂𝗿 𝗰𝗵𝗮𝗺𝗽𝗶𝗼𝗻. An institutional “yes” requires at least one person inside the LP to advocate for you. That person is taking career risk to move your opportunity forward. Arm them with your clear edge. Anticipate pushback. Provide crisp follow-up materials. Equip them to defend the investment when you are not in the room. 𝗠𝗮𝘁𝗲𝗿𝗶𝗮𝗹𝘀 𝗺𝗮𝘁𝘁𝗲𝗿. Your champion may not be the most seasoned voice in the debate. Your deck and materials carry your voice into conversations you will never enter. As a CIO, when something was borderline, I would go directly to the manager’s materials to resolve uncertainty. If I saw something weak or incomplete, it often tipped the decision to “let’s pass.” Depth, clarity, and coherence could push it to “continue.” For the first meeting, meet the LP where they are. Deepen your understanding of the person in front of you. But also assume senior colleagues will later scrutinize your materials. They need to recognize real substance without ever meeting you. 𝗗𝗼 𝘆𝗼𝘂𝗿 𝗵𝗼𝗺𝗲𝘄𝗼𝗿𝗸. Many institutions publish letters or publicly outline their philosophy. Use them. Show explicitly how your strategy connects to their stated interests. 𝗟𝗲𝗮𝗿𝗻 𝘁𝗵𝗲𝗶𝗿 𝗽𝗿𝗼𝗰𝗲𝘀𝘀. Ask about timeline, decision path, and check size in the first meeting. It is neither impolite nor unexpected, and it gives you invaluable insight into how to nurture the relationship. In institutional fundraising, best to understand you are not pitching a person. You are equipping an internal debate. Make sure you win the rooms you’ll never see. ============= This is one of a series of posts of how Challenger firms can tell their stories to LPs. Prior postings have covered framing your market, the current opportunity, and various ways of sourcing ideas. Click the 🔔 next to my name to get future postings.

67

How are institutional investors rethinking credit in today’s market? Nuveen, a TIAA company's latest piece explores the convergence of public and private credit, with nearly 95% of institutions now holding private credit in their portfolios. Discover how flexible structures, unified strategies, and agile execution are shaping the new architecture of institutional credit. https://hubs.la/Q03xcKyT0 #InsuranceAUM #Nuveen #PrivateCredit #InstitutionalInvesting #FixedIncome #CreditStrategy

10