Getting to Know Your Committee

• Tell us your role and primary responsibilities for the endowment or foundation (brief)
• Who typically participates in investment committee conversations? Select all that apply. Options: CIO / Head of Investments, Investment Committee Chair, Board Treasurer / CFO, External Trustee with finance background, General Counsel, Executive Director / CEO, External Advisor / Consultant, Other
• How often does the full investment committee meet, and is there a standing subcommittee for private or alternative investments? Options: Monthly, Quarterly, Every 6 months, Annually, Ad hoc / by need, Yes — standing subcommittee exists, No subcommittee
• When decisions need to be made between meetings (e.g., manager commitments, capital calls), who holds the authority to act? Options: CIO or delegated officer, Investment Committee Chair, Full committee approval required, Executive committee or treasurer, Board approval required, Other
• How confident are you that the current committee structure and cadence let you make timely investment decisions? Options: Very confident, Somewhat confident, Occasionally constrained, Frequently constrained

If Your Committee Had to Defend This Strategy, What Would You Say?

• When asked 'what does good look like' for trustees—do they think about spending stability, long-term purchasing power, peer ranking, or something else? Options: Preserve purchasing power (real return), Consistent annual distributions, Outperform endowment peer median, Minimize near-term volatility, Maintain liquidity for operations, Other
• Which committee members are most vocal about short-term income vs long-term growth, and how does that tension show up in decisions? Options: Chair / trustees prioritize growth, CFO / treasurer prioritizes liquidity, Mixed views across trustees, Not sure / hasn't been discussed
• How clearly defined are decision roles (e.g., who approves fees, manager hires, and changes to spending policy)? Options: Very clear and documented, Mostly clear with occasional ambiguity, Often unclear and debated, Undefined
• Tell us about a recent decision that stalled because of governance or role confusion—what happened and what was the impact?
• Are there topics that consistently trigger strong debate (e.g., private allocation size, use of leverage, fee levels)? Select which apply. Options: Private allocation targets, Vintage diversification, Use of hedge funds/derivatives, Fee levels and performance pay, Liquidity buffers vs return-seeking assets, None / low conflict

What Evidence Would Prove Your Allocation Isn’t Working?

• You may believe the current allocation matches your goals—what single piece of evidence would make you conclude it does not?
• Please provide the portfolio size and current annual spending rate (or a brief summary if exact figures are sensitive).
• Which broad asset classes are in your policy today? (select all that apply) Options: Public Equity, Fixed Income / Cash, Private Equity, Real Assets / Infrastructure, Venture Capital, Hedge Funds / Absolute Return, Other
• Where do you currently see the largest reporting or data gaps (e.g., private valuation cadence, cash-flow forecasting, attribution)? Options: Private investment valuations, Cash-flow and capital call forecasting, Performance attribution vs peers, Manager-level fee transparency, Custodian feed completeness, None / all good
• How confident are you in the portfolio’s liquidity runway to meet distributions and operational needs over the next 12–36 months? Options: High confidence, Moderate confidence with caveats, Low confidence — concerning, Unknown / not modeled

Where the Current Model Lets You Down

• Which aspects of managing the endowment cause the most stress for you and the board right now?
• How often have short-term cash needs forced you to alter long-term allocations or delay commitments in the past 3 years? Options: Never, Rarely, Occasionally (1–2 times), Frequently (3+ times)
• Have you experienced private investment pacing issues (e.g., overcommitments, clumped vintages, or poorly timed capital calls)? If yes, describe. Options: Yes — significant pacing issues, Some issues, manageable, No major issues, Not sure
• How do reporting delays or unclear private cash-flow forecasts affect committee confidence and decision-making?
• Which operational problems would you fix first if you could (pick up to three)? Options: Faster custodian feeds, Automated private cash-flow models, Clearer manager fee breakdowns, More frequent committee-ready reporting, Defined delegation protocols, Other

What Returns Do You Actually Need — Not Hope For

• If you had to state a single annual real-return objective (after spending and inflation) the committee would sign off on, what range would that be? Options: < 1% real, 1%–2% real, 2%–3% real, 3%–4% real, 4%+ real, Unsure / need modeling
• What level of interim volatility or maximum one-year drawdown is acceptable to the committee in pursuit of that target? Options: Very low (<5%), Moderate (5%–10%), High (10%–20%), Very high (>20%), No explicit tolerance / undecided
• Describe the liquidity needs tied to your spending policy (select all that apply and then specify if possible). Options: Annual distribution only, Quarterly distributions, Monthly payroll & operations, Planned capital projects / grant cycles, Ad hoc emergency liquidity, Other
• How important is vintage-year diversification for your private allocations, and what would you consider an acceptable cadence to achieve it? Options: Critical — must stagger vintages, Important but flexible, Not a priority, Unsure / need advisor input
• Are there donor, legal, or regulatory constraints that restrict investment types, leverage, or geographic exposure? Please summarize.

How Would Tomorrow Look If This Worked?

• Imagine 12 months from now trustees are uniformly comfortable—what changed in reporting, governance, or outcomes to make that happen?
• Which specific reporting items would most reduce trustee anxiety? Select all that apply. Options: Private cash-flow forecasts and pacing, Real-time liquidity runway dashboard, Peer-relative performance attribution, Manager-level fee and net-return detail, Stress-test scenarios vs spending policy
• What behavioral or communication shifts among committee members would most accelerate consensus (e.g., pre-read discipline, decision templates, delegated authorities)?
• How would you want success framed to external stakeholders—total return, spending met, ranking vs peers, or other? Options: Total/real return, Consistent distributions per policy, Peer-relative ranking, Reduced volatility vs policy, Improved transparency / trust
• Who are the key stakeholders that must feel informed and comfortable during a transition, and how often should each receive updates? Options: Full Board — quarterly, Investment Committee — monthly/quarterly, C-suite / CFO — monthly, Donor liaison — as needed, External auditor / counsel — as required

Operational Roadblocks — What’s Stopping Execution?

• What operational or custodian issues have blocked onboarding managers or delayed capital movements in the past?
• Do you currently have automated data feeds from custodians and managers into your reporting system? Options: Yes — fully automated, Partially automated, Manual spreadsheets / monthly exports, No centralized feeds
• Who signs off on custodian access, account openings, and subscription documents? Please name titles or roles.
• Have operational controls (e.g., segregation of duties, custody controls) ever required remediation by auditors or counsel? Options: Yes — required remediation, Minor recommendations implemented, No issues found, Not recently audited
• What timeline constraints or blackout periods (e.g., fiscal year close, audit windows) would affect an onboarding or reallocation project?

Fees, Contracts, and the Real Trade-offs

• If a lower fee structure reduced access to top-quartile managers, would the committee prefer lower cost or stronger manager access? Options: Prefer lower fees, Prefer stronger manager access, Willing to accept a blend, Undecided — need modeling
• What is your current total fee level (manager+advisory) as a percent of AUM, or select a range if exact is sensitive? Options: < 25 bps, 25–50 bps, 50–100 bps, 100–200 bps, > 200 bps, Unknown
• Are there existing contractual or legal commitments (e.g., GP side letters, long lock-ups) that constrain reallocation or manager replacement? Options: Yes — significant constraints, Some commitments but manageable, No major constraints, Unsure
• How long does your legal/counsel review typically take for new manager agreements or advisory contracts? Options: < 2 weeks, 2–4 weeks, 1–3 months, 3+ months, Varies widely
• What fee or service-level trade-offs would the committee accept to get better reporting and private access?

Decision Rhythm & Timeline — When Must This Be Done?

• What is the latest acceptable date for material portfolio changes before they negatively affect the next fiscal year’s distributions? Options: Immediately / urgent, Within 3 months, Within 6 months, By fiscal year end, No firm deadline
• Are there upcoming board meetings, audit deadlines, or fiscal events that will constrain when decisions can be presented or implemented? Options: Board meeting scheduled — date known, Audit / fiscal close window, Capital campaign / large gift timing, No imminent constraints, Other
• How quickly does the committee expect to see meaningful change after implementation (e.g., improved reporting, cash-flow clarity)? Options: Within 1 month, 1–3 months, 3–6 months, 6–12 months, Longer
• What internal approvals are required to authorize an advisor to act on your behalf (e.g., delegated authority, mandate letter, full board vote)? Options: CIO delegated authority, Investment committee approval, Full board approval, Specific contract/mandate required, External counsel sign-off
• If we proposed a phased plan, which milestone would be the committee’s minimum acceptance criteria to move from Phase 1 to Phase 2? Options: Data & reporting live, Pilot manager commitments executed, Liquidity runway verified, Board sign-off on policy changes, Other

What Small Bets Would Convince You?

• What is the smallest, time-boxed experiment or pilot that would meaningfully increase trustee confidence?
• Would you be open to a short pilot (e.g., 6–12 months) that demonstrates private pacing, reporting upgrades, or fee transparency before a full mandate? Options: Yes — strongly open, Maybe — under conditions, Unlikely, No
• If running a pilot, what size would be credible but low-risk (select a range as percent of AUM)? Options: < 1% AUM, 1%–3% AUM, 3%–5% AUM, 5%–10% AUM, > 10% AUM, Undecided
• What acceptance criteria would you require to call the pilot successful (select up to three)? Options: Accurate private cash-flow forecasting, Improved trustee satisfaction, Clearer fee transparency, Demonstrable vintage diversification, Operational readiness / custodian integration
• Who should be involved from your side to run a successful pilot (titles or roles), and how much time can they realistically commit?

Start With What’s Real Today

• Roughly how large is the pool we’re discussing (select the best range)? Options: <$200M, $200M–$500M, $500M–$1B, $1B–$3B, >$3B, Prefer not to say
• Which legal or structural buckets make up this portfolio (pick all that apply)? Options: Unrestricted endowment, Restricted endowment/term endowment, Operating reserves, Quasi-endowment, Charitable gift annuity / split-interest, Foundation subsidiary, Pooled separate accounts, Other
• Do you have a formal policy asset allocation (target) document today? Options: Yes — fully documented, Yes — high-level only, Draft in progress, No
• When was the last time the full portfolio (not just a single strategy) was reviewed or stress-tested? Options: Within 6 months, 6–12 months ago, 1–3 years ago, 3+ years ago, Never
• Who currently owns day-to-day portfolio execution and who has final approval for allocation or manager changes? (list titles/roles)

Where the Money Actually Lives — and Why That Might Surprise Your Board

• If I mapped every dollar, what line item would most likely surprise committee members about where risk or liquidity actually sits?
• Which asset classes or strategies are present in the portfolio today (select all that apply)? Options: Public Equity, Public Fixed Income, Cash/Short-term, Private Equity / Buyout, Venture Capital, Real Estate (direct/REITs), Real Assets (infrastructure, commodities), Hedge Funds / Absolute Return, Private Credit, Other
• Approximately what percent of NAV is currently committed to private/illiquid strategies (best estimate)? Options: 0–10%, 10–20%, 20–35%, 35–50%, 50%+
• Do you have any single-manager or single-asset concentrations that are >5% of NAV today? If yes, which ones and why were they allowed? Options: No, Yes — concentrated manager(s), Yes — concentrated asset(s), Unsure
• How frequently are you able to rebalance or reduce exposure to a given strategy (e.g., quarterly, annual, only at rare windows)? Options: Continuous (daily/liquid), Quarterly, Semi‑annual/Annual, Only on manager windows/limited, Not possible / one-way commitments
• Tell us about any legacy positions or legacy terms that constrain what you can do today (e.g., long lock-ups, co-investments, preferred return structures).

Liquidity: The Quiet Stress Test

• If an unexpected 25% spike in distributions or a mid-year capital call shock hit tomorrow, would you be confident the portfolio could meet it without forced selling into a stressed market? Options: Confident — yes, Somewhat — depends on timing, No — would require distressed selling, Unsure
• How is your annual spending requirement defined and delivered (select the best match)? Options: Fixed % of assets (policy rate), Fixed dollar amount, Rolling 12-month payout based on budget, Hybrid (floor/ceiling), Other
• When during the year are distributions made (months or cadence)? Please list timing and any predictable seasonal peaks.
• What committed but undrawn capital calls do you expect over the next 1–3 years (approx total and timing)?
• Do you maintain an explicit liquidity buffer (in months of distributions or % of NAV)? If yes, choose the closest size. Options: No formal buffer, <3 months / <2% NAV, 3–6 months / 2–5% NAV, 6–12 months / 5–10% NAV, >12 months / >10% NAV
• When liquidity is scarce, what order of actions would you prefer (select up to three): sell public, draw on line of credit, delay distributions, call on committed capital, renegotiate terms, other? Options: Sell public holdings, Draw on credit line, Delay or reduce distributions, Call committed capital sooner, Negotiate manager redemption/secondary, Other

Rules That Shape Every Decision

• How often do existing governance rules — or their ambiguity — slow or block timely investment action? Options: Never, Rarely, Occasionally, Often, Always
• Who formally signs off on changes to the Investment Policy Statement, and what is the approval workflow and typical timeline? Options: CIO only, Investment Committee, Full Board, Executive leadership + committee, External fiduciary / counsel required, Other
• Which of these elements are explicitly defined in your IPS or governing documents (select all that apply)? Options: Spending rule formula, Real return objective (above inflation), Acceptable volatility / risk limits, Liquidity targets, Manager concentration limits, ESG / exclusions, Leverage and derivatives policy, None of the above
• How predictable is committee membership and expertise (turnover, availability, financial sophistication)? Options: Stable and financially sophisticated, Stable but mixed expertise, High turnover / variable availability, Currently dysfunctional / needs attention
• Describe any governance pain points that have directly affected investment outcomes (e.g., stalled decisions, inconsistent voting, unclear delegation).

Blind Spots in Reporting and Oversight

• If your committee saw last quarter’s performance package without commentary, what would provoke the most follow-up questions or anxiety?
• Which reports do you receive regularly today (choose all that apply)? Options: Quarterly performance report, Monthly cash-flow forecast, Private investment capital call/valuation reports, Manager due diligence memos, Peer benchmarking vs. endowment universe, Risk exposures / factor analysis, Audit & compliance reports, Other
• How would you rate the accuracy and timeliness of your private investment cash-flow forecasts? Options: Excellent, Good, Fair — room to improve, Poor / unreliable, We don’t have one
• Do your performance numbers use special adjustments for illiquids (e.g., smoothing, PME, time-weighted vs. IRR)? Please specify which method if known. Options: Time-weighted, IRR / Money-weighted, Public Market Equivalent (PME), Smoothing applied, No adjustments / unsure
• What reporting gaps force manual reconciliation, create surprises, or limit the committee’s ability to make decisions?

What Keeps Your Committee Up at Night?

• What unresolved concern from the last committee meeting still feels urgent or uncomfortable to you?
• How confident are trustees in the pacing and vintage diversification of private allocations? Options: Very confident, Somewhat confident, Neutral / mixed, Uncomfortable, No opinion / not discussed
• Which topics consistently trigger the longest or most heated discussions (pick up to three)? Options: Fees and manager economics, Liquidity / distributions, Benchmarking / peer comparison, Manager selection and diligence, Risk and volatility, ESG / mission alignment, Operational controls
• What types of educational materials have helped trustees engage productively (select all that resonate)? Options: One‑page executive summaries, Simple scenario visuals, Full technical memos, Interactive workshops, Short recorded briefings, Case studies / peer examples
• When decisions become urgent, what timeline and communication path would make the committee most comfortable (e.g., emergency subcommittee, ad hoc calls, delegated authority)? Options: Emergency subcommittee, Chair + CIO delegation, Full committee call with 24–48 hour notice, Executive leadership decision with retrospective report, Other

If This Portfolio Could Be Reimagined

• If you could redesign the portfolio from scratch, what single decision or legacy constraint would you reverse first?
• Which one measurable objective matters most over the next 5–10 years (pick one)? Options: Real return target above inflation, Stable predictable distributions, Minimize liquidity shortfalls, Maximize access to top alternative managers, Reduce fee drag, Improve reporting and transparency, Other
• What constraints must remain non‑negotiable (e.g., no certain asset classes, ESG restrictions, leverage caps)? Please list and explain why.
• Which operational improvements would unlock the most value (select up to two)? Options: Improved cash management / forecasting, Consolidated custody and reporting, Delegated manager selection authority, Access to top-tier alternative managers, Fee renegotiation and expense transparency, Reporting automation / dashboards
• How quickly would you be willing to pilot a phased change (e.g., liquidity buffer policy, private pacing plan, consolidated reporting)? Options: Immediately, Within 3–6 months, 6–12 months, 24+ months, Unsure / need discussion
• Who else should we include in follow-up discussions (name and title, e.g., CFO, Treasurer, external counsel, custodian contact)?

Start with Your Why — the mission behind the money

• Who is the primary beneficiary of the portfolio’s distributions and what percent of the annual operating budget depends on investment spending? Options: Students / Financial aid, Patient care / health services, Grantmaking / philanthropic programs, General operations, Other
• How large is your total investable pool today (approx.)? Options: Under $50M, $50M–$200M, $200M–$500M, $500M–$2B, Over $2B
• How would you describe the board/committee’s appetite for change when it comes to investment strategy? Options: Eager to change, Open but cautious, Prefer stability, Resistant to change
• Tell us briefly about one recent decision (strategy, manager, or policy) that went well—or poorly—and what you learned from it.

What if staying the same quietly undermines your mission?

• If your current strategy continued unchanged for the next five years, what specific risks do you think would materialize for your spending power or program goals?
• Has there been a time in the past 3–5 years when distributions forced a difficult trade (sell assets, cut spending, delay projects)? Describe what happened.
• Which of these concerns keeps you up at night about the portfolio’s ability to support the mission? Options: Erosion of real purchasing power, Unexpected liquidity shortfalls, Excessive volatility affecting spending, Concentration in managers or vintages, Lack of clarity for trustees, Other
• How long have these concerns been present and how have you tried to address them?
• On a scale from 1–10, how urgent is it to change strategy or advisor to mitigate those risks (1 = not urgent, 10 = immediate)? Options: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10

Who really decides—and what would they accept?

• When investment decisions are required, who has final authority (board, investment committee, CFO, president, delegated CIO, other)? Options: Board vote, Investment committee, CFO/treasurer, Executive director/president, Delegated CIO/outsourced CIO, Other
• How would you describe the committee/board’s financial sophistication and comfort with alternatives? Options: Highly experienced, Moderately experienced, Some members inexperienced, Mostly inexperienced
• Do you currently have formal decision rules (delegation policy, thresholds for approvals, quorum requirements)? If yes, which areas are delegated? Options: Manager selection, Allocation changes, Rebalancing, Liquidity authorization, None documented
• When was the last time the investment policy statement (IPS) or spending policy was updated and what triggered the update? Options: Within 12 months, 1–3 years, 3–5 years, Over 5 years, Never
• How do trustees prefer to receive complex trade-offs (detailed memos, scenario modeling, workshops, one-page executive summaries)? Options: Workshops / in-person education, Detailed technical memos, Scenario-driven dashboards, One-page summaries + Q&A, Combination

Where liquidity actually meets obligations — and where it breaks down

• Tell us about your liquidity rhythm: what percent of annual distributions is paid quarterly, monthly, or on an ad-hoc basis? Options: Mostly annual lump-sum, Quarterly distributions, Monthly distributions, Ad-hoc / variable
• Have you experienced a cash shortfall tied to private investment drawdowns or timing mismatches? Describe the last instance and how you covered the need.
• What’s your comfort level with maintaining a dedicated liquidity buffer (cash or short-term liquid assets) expressed as months of operating expenses? Options: 0–3 months, 3–6 months, 6–12 months, 12+ months
• Which of these would you consider acceptable temporary actions if a private drawdown coincided with a spending need? Options: Suspend new commitments, Draw on credit line, Sell liquid public assets, Delay distributions, Use board-approved contingency fund
• How well do your existing systems forecast private investment cash flows and how often are those forecasts updated? Options: Real-time / automated, Monthly manual updates, Quarterly, Ad-hoc / irregular, No reliable forecasting

Are your private allocations actually diversifying risk — or concentrating it?

• What percent of your portfolio is currently allocated to private markets (private equity, venture, real assets, private credit)? Options: 0–10%, 10–25%, 25–40%, 40–60%, 60%+
• How intentionally are commitments paced across vintages to avoid clustering? Describe your approach.
• Have you faced access or capacity constraints to top-quartile managers that you wanted to invest with? If yes, how have you addressed them? Options: Yes—we under-allocated, Yes—we paid higher fees, No—access is adequate, Not applicable
• Which private market risks worry you most (J-curve drag, concentration, manager selection, valuation opacity, illiquidity)? Options: J-curve / early drag, Concentration by manager/vintage, Manager underperformance, Valuation uncertainty, Timing of capital calls, Other
• Would you be open to a structured pacing plan (multi-year commitment schedule) that may require larger near-term allocations to reach a durable target? Why or why not? Options: Yes—we prefer structured pacing, Maybe—need more analysis, No—we prefer opportunistic commitments, Unsure

If we measured success in 3–5 years, what would make you proud?

• What is your target real-return objective (net of fees, above inflation) over a 10-year horizon? Options: Under 2%, 2%–4%, 4%–6%, 6%–8%, 8%+
• What level of annualized volatility or drawdown is the board willing to tolerate to achieve that target? Options: Conservative—low volatility, Moderate—some volatility, Aggressive—higher volatility acceptable, Not sure / need guidance
• Which peer universe matters most for benchmarking and communication to trustees (similar-sized endowments, mission peers, public university systems, private foundations)? Options: Similar-sized endowments, Mission-specific peers (e.g., healthcare), Top decile endowments, Custom peer group, Other
• How would you prefer to see trade-offs between liquidity, return, and volatility presented to your committee? Options: Scenario-based modeling, Probabilistic outcomes, Deterministic target scenarios, Visual dashboards with stress tests, Combination
• What would be the single most meaningful indicator to show at each quarterly committee meeting that progress is being made?

What would it take for you to trust a new partner?

• Which of the following matter most in selecting an advisor (rank up to 3)? Options: Access to top alternative managers, Net-of-fees performance vs peers, Operational / custody integration, Transparent reporting and attribution, Client education and governance support, Fee competitiveness
• What minimum contractual or service guarantees would you expect before committing to change (notice periods, transition timelines, fee caps, SLA metrics)?
• Have you used an OCIO or outsourced manager before? If yes, what worked and what didn’t? Options: Yes—worked well, Yes—some issues, No—never used OCIO, Currently evaluating
• How important is fee transparency and the firm’s ability to secure reduced manager fees or preferred access? Options: Critical, Important, Nice to have, Not important
• What are realistic acceptance criteria the committee would require to sign off on a new advisory relationship?

Data, operations, and the practical pieces that break or make onboarding

• Which custodians and accounting systems does your organization currently use?
• Do you currently have automated performance and position feeds from custodian(s) and private managers, or is reporting largely manual? Options: Automated feeds in place, Partial automation, Mostly manual, No reporting feeds
• Who has authority to commit capital and sign subscription documents (roles and limits)? Please list titles and approval thresholds.
• Would your operations team be willing to support initial manager onboarding (KYC, custodian set-up, capital call coordination) and how much internal bandwidth can you allocate? Options: Full support / high bandwidth, Limited support / moderate bandwidth, Minimal support / low bandwidth, Outsource completely
• Which operational pain points have slowed past transitions (e.g., delayed custodian access, long legal review, slow KYC, manual cash reconciliation)? Describe the most recent obstacle.
• Would you be open to a short operational readiness checklist workshop to map integration gaps (data feeds, accounting treatments, reporting templates)? Options: Yes—schedule a workshop, Maybe—need more info, No—not interested

Making a decision feel safe — timelines, pilots, and the first small bets

• Would the committee be more comfortable with a pilot (limited mandate or phased onboarding) or an immediate full-transition approach? Options: Pilot / phased, Immediate full transition, Hybrid / selective pilots, Undecided
• What would a successful 12-month pilot look like—what outcomes, reporting, and governance approvals must be achieved?
• What timeline constraints (budget cycles, fiscal year-end, trustee terms) would influence when a transition could realistically begin? Options: Immediate / within 3 months, 3–6 months, 6–12 months, Over 12 months, Dependent on board calendar
• What leftover questions or biggest unknowns would you need answered before recommending a next step to your committee?
• Finally, who else should be involved in this conversation (titles or specific trustees) so we can make the next discussion productive?

Getting Comfortable: A One‑Minute Snapshot

• In one sentence, what single outcome matters most for your endowment this year?
• What is your current investable endowment/foundation size (approx)? Options: <$50M, $50M–$200M, $200M–$500M, $500M–$1B, $1B–$5B, >$5B
• Who on your team or board is the primary day-to-day owner of investment decisions? Options: CIO/Head of Investments, Treasurer/Finance Director, Investment Committee Chair, Executive Director/CEO, Outsourced Chief Investment Officer (OCIO), Other
• How would you describe your committee’s appetite for taking illiquidity in pursuit of higher real returns? Options: Very comfortable, Moderately comfortable, Neutral, Cautious, Avoids illiquidity
• How confident are you that current investment reporting gives the board the clear view it needs? Options: Very confident, Somewhat confident, Uncertain, Not confident

Are We Just Managing Liquidity—or Avoiding a Crisis?

• If markets tightened for 12–36 months, what would you do first to meet annual distributions? Options: Tap reserves/cash, Sell public securities, Delay/reduce distributions, Draw credit/line, Call managers/secondary sales, Other
• How many months of operating distributions can you cover with immediately available cash or highly liquid assets? Options: 0–3 months, 3–6 months, 6–12 months, 12–24 months, 24+ months
• What percent of your portfolio is currently committed to private investments (PE, VC, real assets, etc.) but not yet called? Options: 0–10%, 10–25%, 25–50%, 50–75%, 75%+
• Describe a recent year when liquidity needs strained portfolio decision‑making—what happened and how did it feel to you and your board?
• Do you have formal liquidity rules tied to the spending policy (e.g., reserve floor, buffer sizing, replenishment rules)? Options: Yes—detailed and enforced, Yes—high level only, Under development, No

Where the Reporting Fog Lives (and Who Suffers)

• When you open the monthly performance packet, what’s the first thing that feels confusing, missing, or misleading?
• Which reporting elements are highest priority for your committee’s decisions? Options: Total return vs. spending rate, Private investment cash‑flow forecast, Peer/endowment benchmarking, Liquidity/runway analysis, Manager-level attribution, Risk/volatility measures
• How do private investments currently get reported to your board? Options: Detailed cash-flow and exposure models, Quarterly NAV snapshots only, Ad hoc narrative updates, Not reported clearly, Other
• Give an example of a time a report changed a committee decision—what part of the report made the difference?
• Which format helps your non-investment board members most: high-level narratives with a few visuals, or dense data with appendices for staff? Options: High-level narratives + visuals, Dense data with appendices, A mix of both, Depends on the topic

Who Really Decides—and How Comfortable Are They?

• If a major allocation shift were required tomorrow, would your committee reach a decision in a single meeting, or would it take multiple rounds? Options: Single meeting, Multiple meetings, Requires external counsel/approval, Unsure
• Which of the following best describes the committee’s experience mix? Options: Mostly experienced investment professionals, Mixed (some experienced, some lay members), Mostly non-investment trustees, Committee relies heavily on outside advisors
• How often do governance or fiduciary questions (legal, procurement, conflicts) slow investment decisions? Options: Frequently, Sometimes, Rarely, Never
• What would ‘good’ look like at your next committee meeting—what decision, comfort level, or product would make you leave the room satisfied?
• Who else outside the committee needs to be comfortable for major changes (e.g., CFO, President, Audit Committee)? Please list roles and what would win them over.

What’s Eating at Returns—Fees, Access, or Implementation?

• Roughly how much of your expected gross return do you estimate is absorbed by fees and implementation costs annually? Options: <0.5%, 0.5%–1.0%, 1.0%–2.0%, 2.0%–3.0%, >3.0%, Don't know
• Do you feel you have access to the kinds of top-tier private managers you’d want at scale? Options: Yes—access is good, Partial—access limited by size, No—access is limited, Not sure
• Have past transitions (manager changes, rebalances) caused meaningful tracking error, delays, or unexpected costs? Tell us about one example.
• Which fee model would you most prefer to explore for alternatives access? Options: Traditional % of AUM, Performance‑based fee blend, Subscription/retainer for advisory + lower manager fees, Tiered/negotiated structure, Open to multiple models
• What internal or external constraints (procurement rules, donor restrictions, board mandates) limit your manager choices?

If We Rebuilt the Portfolio, What Would You Insist We Keep?

• What one investment relationship, allocation, or policy would you refuse to change even during a full redesign?
• Which portfolio principles are non‑negotiable for your institution? Options: Preserve spending power, Maintain liquidity for distributions, Tax or regulatory constraints, ESG/mission alignment, Concentration limits, Other
• What target long-run real return (net of fees and after spending & inflation) does your committee believe is necessary to sustain the institution? Options: <2% real, 2%–3% real, 3%–4% real, 4%–5% real, >5% real, Unsure
• How important is vintage diversification in your private program today? Options: Critical—must diversify vintages, Important but not formalized, Not prioritized, We don’t invest in privates
• Are there mission or donor constraints (e.g., restrictions on certain asset classes or geographies) the portfolio must respect? Options: Yes—specific prohibitions, Yes—guiding preferences, No constraints, Unsure

What Would Success Feel Like—Beyond the Numbers?

• Imagine three years from now the board says you ‘nailed it’—what language do they use that goes beyond return percentages?
• Which peer comparisons matter most when judging success? Options: Endowment peer median/percentile, Institutions with similar mission/size, Custom peer group we track, Public market benchmarks, None
• How important is predictability of distributions versus absolute return in your committee’s mind? Options: Predictability far more important, Both equally important, Absolute return slightly prioritized, Absolute return far more important
• What would need to change in the committee’s experience for them to feel less anxious about private allocations?
• Do you want the advisor to play a proactive education role for trustees (e.g., workshops, one‑pagers, simulations)? Options: Yes—regular education, Occasional deep dives, Only when asked, No

What’s Really Holding Us Back from Moving Forward?

• When proposed changes stall, what’s the most common root cause? Options: Lack of data or reporting, Governance/process issues, Committee risk aversion, Procurement/legal hurdles, Staff bandwidth, Other
• Which of these practical barriers would you rank as highest friction to implementing a new advisory approach? Options: Custody/legal setup, Data feed/integration, Board approvals, Transition costs, Manager availability, Other
• How long would it realistically take for your institution to approve a new advisory relationship or material strategy change? Options: <3 months, 3–6 months, 6–12 months, >12 months, Depends on scope
• Tell us about a past change that failed to gain traction—what was the conversation, and why did it stop?
• What internal support (legal, procurement, executive sponsorship) would be required to get comfortable moving ahead?

Early Signals: What Would Make You Say Yes (Data & Measures)

• Name three measurable acceptance criteria that would convince you to onboard a new advisor or implement a new allocation (e.g., fee cap, reporting standard, transition timeline).
• Which of these would you require before committing to manage private allocations? Options: Detailed cash‑flow models, Third‑party operational due diligence, Reference checks with similar institutions, A pilot mandate or phased onboarding, Clear fee offsets/credits
• How important is seeing a projected distribution/runway model (including stressed scenarios) before approval? Options: Critical, Important, Nice to have, Not necessary
• What benchmark or peer set would you insist on for evaluating performance in the first two years? Options: Custom peer group, Endowment universe median, Relevant public market benchmark, Manager peer quartile, Combination
• Are there absolute thresholds (e.g., max implementation cost, minimum liquidity buffer) that would stop approval if exceeded? Options: Yes—specific thresholds, Possibly—would negotiate, No hard thresholds, Unsure

Taking the First Step: Practical Readiness and Next Moves

• Which of the following data and operational items are already available to share for onboarding? Options: Custodian login/feeds, Detailed holdings and NAV history, Cash-flow and spending history, Legal/charter constraints, Manager agreements, None of the above
• Do you have a preferred timeline for a discovery → mutual commit → onboarding sequence? Options: <3 months, 3–6 months, 6–9 months, 9–12 months, Flexible/depends on scope
• Which communication channel do you prefer for progress updates to the committee during discovery? Options: Short written briefs, Dashboard snapshots, Presentation + Q&A, Regular phone/virtual check-ins, Combination
• Who on your side would need to be involved in technical onboarding conversations (name roles)?
• What’s one small, low‑risk action we could take next week to build momentum?