Investing with Purpose: Evidence from Private Foundations

• 成果类型: Article
• 署名作者: Binfare, Matteo; Zimmerschied, Kyle E.
• 署名单位: University of Missouri System; University of Missouri Columbia; University of Arkansas System; University of Arkansas Fayetteville
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082; 1540-6261
• DOI: 10.1111/jofi.70055
• 发表日期: 2026-08
• 页码: 2419-2468
• 关键词: LIMITED PARTNER PERFORMANCE; asset allocation; EQUITY PERFORMANCE; returns; decisions; yield; MODEL; RISK

摘要

We study the asset allocation and investment performance of U.S. private foundations that support the charitable sector. Large foundations generated positive risk-adjusted returns before 2008, driven by early access to private equity and venture capital funds, but have underperformed since. The median foundation underperforms by more than 100 bps. Foundations with concentrated stock holdings achieve higher returns but assume more risk. Due to the constraints imposed by the 5% minimum spending rule and accommodating monetary policy, foundations increase risk-taking and reach for yield. Over time, a conservative asset allocation decreases real wealth, reducing charitable giving.