E213: How Fordham Invests Its $1B Endowment

Sep 15, 2025

Geeta Kapadia, Chief Investment Officer at Fordham University, shares her insights on managing a $1B endowment with a small team. She talks about focusing on 30-40 core manager relationships to enhance liquidity while maintaining growth. She emphasizes the importance of passive equities with selective active investments, particularly in emerging markets. Geeta also discusses the strategic use of the Gabelli alumni network and student venture fund to expand sourcing. She highlights the balance of fees and roles in portfolio management like conducting an orchestra.

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INSIGHT

Reset For Liquidity Without Sacrificing Growth

Kapadia reset Fordham's portfolio toward more liquidity by trimming private allocations while keeping equity exposure for return.
The aim was balanced liquidity without sacrificing long-term growth potential.

ADVICE

Be Wary Of Interval Funds For Liquidity

Avoid semi-liquid interval funds if you need dependable crisis liquidity because redemption caps can block access.
Prefer fully liquid instruments or truly illiquid commitments where expectations are clear.

ADVICE

Default To Continuations When Merited

Default to saying yes to continuation vehicles when they make investment sense because alignment and fee resets can be attractive.
Expect investment committees to weigh liquidity needs even when continuation vehicles fit the portfolio thesis.

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How do you run a $1B endowment with a lean five-person team — while balancing liquidity, access, and high-conviction relationships? In this episode, I speak with Geeta Kapadia, CFA, Chief Investment Officer at Fordham University, about how she manages a concentrated portfolio of 30–40 manager relationships, the lessons she’s learned resetting the portfolio for liquidity, and why she favors passive equities with selective active bets in emerging markets and developed ex-US. We also dive into the shortcomings of interval funds, when to say yes to continuation vehicles, and how Fordham leverages the Gabelli alumni network and a student venture fund to extend sourcing and diligence reach.

Highlights:

Fordham’s endowment runs on ~30–40 core manager relationships.
Portfolio was reset to improve liquidity without losing growth.
Public equities are passive by default, with selective active in EM and ex-US.
Interval funds fall short when redemption caps kick in.
Continuation vehicles: default “yes” on merits, even if committees hesitate.
DPI is more important than headline IRRs in private markets.
At $1B, the edge comes from picking well, not chasing mega-funds.
Building relationships from Fund II to secure later allocations.
Gabelli alumni and student venture fund boost sourcing and diligence.
Operator’s mindset: manage fees, portfolio roles, and energy like an orchestra.

Guest Bio:

Geeta Kapadia, CFA is the Chief Investment Officer at Fordham University, where she oversees the school’s ~$1B endowment. Prior to Fordham, she managed ~$5B at a healthcare institution. At Fordham, Geeta focuses on concentrated manager selection, liquidity optimization, and leveraging the university’s alumni and student networks to expand sourcing and talent pipelines.

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Links Fordham University: https://www.fordham.edu/

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(0:00) Introduction (0:43) Portfolio construction and relationship management at Fordham's endowment (3:17) Leveraging alumni for investment opportunities and fund manager relationships (7:27) Team management and portfolio evolution under Geeta's leadership (12:40) Incorporating semi-liquid interval funds and dealing with fund term extensions (19:29) Evaluating investment performance and transitioning to passive management (27:40) Asset allocation strategies and the role of behavioral finance (32:16) Building GP relationships and aligning with the endowment's mission (38:28) Identifying valuable GP-LP relationships and balancing EQ with IQ (44:33) Access vs. picking in private markets and mid-sized endowment challenges (49:18) Embracing first principles in fund selection and openness to being wrong (52:17) Admitting mistakes and balancing listening with decision-making (55:44) Conclusion and future outlook (56:01) Closing remarks