Events over the last few years have tested the resilience of many endowments and foundations. Governments around the world have reduced direct and indirect support, challenging non-profits who receive public funding, and increasing the urgency of many non-profits’ missions. On the investment side, public markets remain volatile while private markets are presenting new liquidity and distribution challenges.

Against this backdrop, investment committees are reassessing asset allocation with fresh urgency, seeking portfolios that draw on diverse sources of return while maintaining sufficient liquidity to sustain their missions in an environment defined by uncertainty.