Families Institutions

Our Outsourced Chief Investment Officer (OCIO) model enables us to deliver a tailored experience similar to having an internal CIO, supplemented by the expertise of asset class specialists and a comprehensive back-office support team.

Universities & Secondary Schools Charitable Foundations Faith-Based Organizations
Universities & Secondary Schools Charitable Foundations Faith-Based Organizations

We approach every client relationship with the belief that good governance is the key to successful portfolio management.

Our team has extensive tenure with non-profit boards, which provides substantial value for clients in that we serve as trustees ourselves.

Universities &
Secondary Schools

The PermCap story began with our founders serving together on a private NYC high school's investment committee. John Regan previously served as the Senior Investment Officer of an Ivy League university endowment, and Joe Steinberg has served on numerous investment committees, including a top university. Helping academic organizations solve their investment problems remains a key focus of our practice.

Our Approach In Practice

  • Investment governance and investment committee management
  • 403(b) plan management
  • Customized client asset allocations, manager selection and reporting
  • Third party admin and audit for all PermCap funds
  • Quarterly investment committee meetings
  • Integration between PermCap staff and institution's finance team

Charitable
Foundations

Having served on the boards of several non-profit organizations, PermCap’s leaders have developed our services to provide effective stewardship and efficient investment management to our foundation clients.

Our Approach In Practice

  • Investment governance and investment committee management
  • 403(b) plan management
  • Customized client asset allocations, manager selection and reporting
  • Third party admin and audit for all PermCap funds
  • Quarterly investment committee meetings
  • Integration between PermCap staff and institution's finance team

Faith-Based
Organizations

Since 2011, we have worked closely with some of the largest faith-based institutions in the U.S. We have successfully helped our faith-based clients navigate investment challenges and align their fiscal responsibilities with their purpose-driven missions.

Our Approach In Practice

  • Investment governance and investment committee management
  • Customized client asset allocations, manager selection and reporting
  • Third party admin and audit for all PermCap funds
  • Quarterly investment committee meetings
  • Integration between PermCap staff and institution's finance team

Universities & Secondary Schools

Large University Endowment

Goal

PermCap was engaged to establish an Investment Policy Statement (IPS) and governance structure for a large university’s endowment, while simultaneously growing investable assets with a moderate risk portfolio

Challenges

  • The endowment was required to offset interest from the issuance of bonds
  • The university needed liquidity for capital projects
  • The university was experiencing rapid expansion as a result of deploying a new business model

Steps Taken

  • PermCap developed and implemented both an Investment Policy Statement (IPS) and an underlying governance structure
  • PermCap created a bond defeasance portfolio to offset interest and established the long-term investment portfolio
  • PermCap constructed a highly liquid, conservative portfolio

Outcome

  • Today, the endowment is ranked within the top 100 U.S. university endowments
  • PermCap continues to serve as an extension of the university’s finance and accounting offices

Universities & Secondary Schools

Private Independent Boarding School

Goal

  • PermCap was engaged to find a solution that would address an unexpected increase in an existing client’s overhead costs driven by inflationary pressures
  • The client needed to continue to generate income to cover the annual endowment draw

Challenges

  • The client was unable to adjust tuition to offset unexpected rising costs
  • The endowment had been less reliant on the annual draw and more concentrated on growing the reserve assets, which was reflected in the asset allocation

Steps Taken

  • PermCap proposed an asset allocation towards a more risk-averse portfolio, favoring income generation from the fixed-income portfolio to cover the majority of the endowment’s annual draw
  • The remainder of the endowment targets steady appreciation to continue the growth of the reserves

Outcome

  • Customized investment portfolio aligns with the client’s current needs and goals
  • The endowment is able to comfortably fund the school’s annual draw with income generated by only a portion of the assets, leaving the remaining part of the endowment undisturbed

Charitable Foundations

Full-Service Solution for a Family Charitable Foundation

Goal

  • PermCap was engaged to implement daily accounting and cash flow management oversight for a foundation’s charitable trust
  • The client needed to establish consistency around its yearly distributions and donations

Challenges

  • The foundation lacked daily accounting maintenance and needed oversight of cash flow management

Steps Taken

  • PermCap undertook a comprehensive reconstruction of the trust’s investment strategies to meet its annual draws for distributions and donations, while also implementing additional support from our Family Office Personal Services team

Outcome

  • Full team dedicated to investment strategy and yearly cash flows
  • Accounting team monitors daily activity
  • Collaborative work from both accounting and investment teams ensures cash is ready for draws and each draw is met
  • All foundation / trust distributions monitored and executed

Faith-Based Organizations

Large Faith-Based Nonprofit

Goal

PermCap was engaged by a large non-profit organization to establish an Investment Policy Statement (IPS) and to construct a conservative investment portfolio

Challenges

  • The client is a rapidly growing church with excess cash reserves and capital projects
  • In addition to portfolio management, the church needed cash management and capital project investment programs

Steps Taken

  • PermCap worked closely with the church’s finance and accounting team to develop and implement an Investment Policy Statement (IPS)
  • PermCap created multiple liquid investment portfolios

Outcome

  • Portfolios have grown while funding capital projects
  • Customized reporting allows the client to view assets with full transparency
  • Greater access to institutional investment opportunities beyond regional options