Modern Endowment Model at Partners Capital

Stan Miranda is the Founder and Chairman of Partners Capital, a $50 billion OCIO that started in 2001 as a solution for private equity founders. Earlier in his career, Stan spent 17 years at Bain & Company, rising to Chairman of the Worldwide Executive Committee and leading its private equity practice.

Our conversation covers the founding of Partners, learning the endowment model from first principles, and scaling Partners over the years since. We discuss the firm’s original interpretation of the endowment model, manager selection process, evolution of the endowment model since. Along the way, we touch on a range of portfolio and business management challenges, including team structure, internal and external management, succession planning, and insights across asset classes.

Show Notes:

03:49 Founding of Partners Capital
09:49 Developing asset class expertise
11:24 Scaling the business
16:44 Strategy in early years
18:29 Manager selection
30:42 The endowment model evolution
38:30 Internal vs. External management
40:14 Team structure
41:59 Lessons learned across asset classes
55:31 Succession planning
59:19 Closing questions