Duke’s endowment assets are managed collectively. Much the way individual investors pool their assets in a mutual fund, each of the individual funds comprising the university’s endowment owns units in Duke’s Long Term Pool (LTP).

The Long Term Pool is managed by DUMAC Inc., a professionally staffed investment organization controlled by Duke University. DUMAC has a staff of about 55 employees and works with the assistance of more than 250 investment advisory firms and partnerships to help the university meet its investment goals.

Assets Managed by DUMAC

In addition to managing Duke’s $7.0 billion endowment, DUMAC manages the employees’ retirement pool and Duke University Health System’s investments, and invests much of the university’s working capital. DUMAC also manages the assets of The Duke Endowment, the private charitable trust established by Duke University’s founder, James B. Duke.

Duke is also one of a handful of universities that has been given permission by the IRS to invest charitable remainder trusts with the university’s endowment assets. Charitable remainder trusts provide donors and/or their loved ones with an income stream for life or for a period of years; the balance of these trusts ultimately supports the university. In total, DUMAC has almost $16 billion in assets under management.

History and Governance

In 1989, Duke University's Board of Trustees approved the creation of Duke Management Company as a separate, nonprofit support corporation of the university. The organization began operating in July 1990, and over time, evolved into DUMAC Inc.

DUMAC is controlled by an ten-member Board of Directors, comprised of the president and executive vice president of Duke University, the president of DUMAC, the chair of the Duke University Board of Trustees, and six other members appointed by the Board of Trustees' Executive Committee. The six other members are typically university trustees and/or investment professionals. DUMAC operates under a trustee-approved investment policy and has been delegated broad authority in managing the university's investments.

DUMAC Leadership

NEAL F. TRIPLETT is president of DUMAC Inc. He joined DUMAC in July 1999 and started working with public securities and hedged strategies. Eventually Mr. Triplett  began overseeing DUMAC's hedged strategies investments, and he was appointed president in January 2007. Prior to completing business school, Mr. Triplett was a credit officer for the corporate and real estate portfolios at Wachovia Bank. Mr. Triplett holds the Chartered Financial Analyst designation. (A.B., Duke University; M.B.A., Duke University)

ALICE E. GOULD joined DUMAC in 2004 and oversees DUMAC’s private investment portfolio, which includes venture capital, leveraged buyouts, real estate, and natural resources. Previously, she worked as a strategy consultant for technology-oriented businesses. Ms. Gould also spent 10 years at IBM, where she managed product development, marketing, and business planning. (B.S.E., Duke University; M.B.A., Duke University)

DAVID R. SHUMATE is executive vice president of DUMAC and has overall responsibility for DUMAC's investment and support operations, including assessing and managing risk across DUMAC's investment activities. Mr. Shumate holds the Chartered Financial Analyst designation and is a CPA who has served Duke University in various capacities for over 30 years. He was previously employed at Peat Marwick. (B.S./B.A., Western Carolina University)

DUMAC Board of Directors

RICHARD H. BRODHEAD is the ninth President of Duke University and the William Preston Few Professor of English. Since arriving at Duke in 2004, Brodhead has focused on enriching undergraduate education and expanding Duke’s financial aid endowment. Brodhead has made globalization a major strategic priority for the university: under his leadership Duke established the Duke Global Health Institute, launched the signature program DukeEngage, and created the Duke-NUS Medical School in Singapore and Duke Kunshan University in China. Elected to the American Academy of Arts and Sciences in 2004, Brodhead served as the Co-Chair of the Academy’s Commission on the Humanities and Social Sciences, which issued its report, The Heart of the Matter, in June 2013. Brodhead served as a trustee of the Carnegie Corporation of New York from 2004-2012 and was named a trustee of the Andrew W. Mellon Foundation in 2013. Before coming to Duke, he had a 32-year career at Yale, serving as the A. Bartlett Giamatti Professor of English and American Studies, Chair of the English Department, and Dean of Yale College. (B.A., Yale University; Ph.D., Yale University)

EDWARD A. GILHULY is a founding partner of Sageview Capital, a growth capital firm focused on the tech and tech-enabled service sector. Prior to starting Sageview Capital, Mr. Gilhuly was at Kohlberg Kravis Roberts & Co. (KKR) for 19 years. He joined KKR in 1986 in San Francisco, became a partner in 1995, and lived in London from 1998-2005 while establishing and overseeing all aspects of KKR’s business in Europe. He also served on KKR’s Investment Committee from its inception in 2000 until his departure in 2005. Mr. Gilhuly has been on over 25 corporate boards and is currently a member of the boards of directors of Alfresco, Avalara, Demandbase, Exaro III, GoPro and MetricStream. He is also a trustee emeritus of the California Academy of Sciences. (A.B., Duke University; M.B.A., Stanford University; trustee, Duke University; chair, DUMAC Board of Directors)

JEAN E. HOYSRADT is the former chief investment officer of Mousse Partners Limited, a private investment office for family members and entities affiliated with the Chanel business interests, a luxury goods company. Prior to Mousse, she served as senior vice president and head of the investment department and treasury at New York Life Insurance Company. Ms. Hoysradt previously held positions at AXA (The Equitable Life Assurance Society), Credit Suisse (The First Boston Corporation), and JP Morgan (Manufacturers Hanover Trust Company), where she was involved with a variety of investment management and transaction related areas. In addition to serving as a member of the DUMAC Board of Directors and chair of its audit committee, she is a director of W.P Carey Inc. and co- chair of its investment committee. (A.B., Duke University; M.B.A., Columbia University)

THRUSTON B. MORTON, III is chief executive officer and co-founder of Global Endowment Management LP, who served as CEO and CIO of DUMAC from 2000-2007. Prior to his time at DUMAC, he held banking, portfolio manager and senior advisor roles at JP Morgan in the United States and abroad. In addition to serving on the DUMAC board of directors, Mr. Morton is a director of The Conservation Fund and TreesCharlotte, and previously served on the board of The Investment Fund for Foundations (TIFF), as well as two terms on the Rockefeller Foundation’s Finance & Investment Committee. (B.A., Brown University)

GEOFFREY S. REHNERT is the co-chief executive officer and co-founder of Audax Group, an alternative asset management firm specializing in private equity and private debt investments in middle market companies. Prior to founding Audax Group, Mr. Rehnert was a general partner and managing director at Bain Capital Inc., which he helped to start in 1984. He previously also worked at Bain & Company and Morgan Guaranty Trust Company. Mr. Rehnert also serves on the Dean’s Strategic Council at Stanford Law School, the National Council of the American Enterprise Institute (AEI), and on the Board of the Joslin Diabetes Center in Boston. (A.B., Duke University; J.D., Stanford Law School)

DAVID M. RUBENSTEIN is co-founder and co-CEO of The Carlyle Group, one of the world’s largest private equity firms. From 1973-75, Mr. Rubenstein practiced law in New York. From 1975-76 he served as chief counsel to the U.S. Senate Judiciary Committee’s Subcommittee on Constitutional Amendments. From 1977-1981, during the Carter Administration, Mr. Rubenstein was deputy assistant to the President for domestic policy. After his White House service and before co-founding Carlyle, Mr. Rubenstein practiced law in Washington with Shaw, Pittman, Potts & Trowbridge. Mr. Rubenstein is chairman of the John F. Kennedy Center for the Performing Arts, a regent of the Smithsonian Institution, vice-chairman of the board of the Brookings Institution, and the president of the Economic Club of Washington. He is on the board of directors or trustees of Johns Hopkins University, the University of Chicago, Lincoln Center for the Performing Arts, Memorial Sloan-Kettering Cancer Center, Johns Hopkins Medicine, the Council on Foreign Relations, the Institute for Advanced Study, the National Museum of American History of the Smithsonian Institution, the National Museum of Natural History of the Smithsonian Institution, the Center for Strategic and International Studies, the American Academy in Berlin, and Ford’s Theatre. Mr. Rubenstein is a member of The Business Council, visiting committee of the Kennedy School of Government at Harvard, the Harvard Business School Board of Dean’s Advisors, the Woodrow Wilson School Advisory Council at Princeton, the Board of Trustees of the Young Global Leaders Foundation, the advisory board of the School of Economics and Management Tsinghua University, the Madison Council of the Library of Congress, and the International Business Council of the World Economic Forum. Elected to the Duke University Board of Trustees in 2005, he currently serves as chair. (A.B., Duke University; J.D., University of Chicago Law School)

TALLMAN TRASK III is executive vice president of Duke University. As principal administrator and financial officer, he is responsible for the budget, financial affairs, procurement, debt, campus planning, architecture, maintenance, construction, real estate, human resources, academic and administrative computing, audit, safety and security, and auxiliary services. Other duties include serving as an ex-officio member of the trustees’ committees on Business and Finance and Facilities and the Environment, and the Finance Committee of Duke University Health System. Prior to his assuming this position at Duke University in 1995, Dr. Trask was executive vice president at the University of Washington. From 1976 to 1986, Dr. Trask held several positions at the University of California, Los Angeles, culminating with his service as vice chancellor for academic administration. (A.B., Occidental College; M.B.A., Northwestern University; Ph.D., University of California, Los Angeles)

NEAL F. TRIPLETT is president of DUMAC Inc. He joined DUMAC in July 1999 and started working with public securities and hedged strategies. Eventually he began overseeing DUMAC’s hedged strategies investments, and he was appointed President in January 2007. Prior to completing business school, Mr. Triplett was a credit officer for the corporate and real estate portfolios at Wachovia Bank. Mr. Triplett holds the Chartered Financial Analyst designation. (A.B., Duke University; M.B.A., Duke University)

ASHOK VARADHAN is global co-head of the Securities Division at Goldman Sachs & Co. He is a member of the Management Committee, the Firmwide Client and Business Standards Committee and the Firmwide Risk Committee. Mr. Varadhan joined Goldman Sachs in 1998 in Swaps Trading. He became head of USD derivative trading in 2000, head of North American interest rate products in 2001, global head of foreign exchange in 2007, and global head of FICC emerging markets in 2008. Prior to assuming his current role in 2014, Mr. Varadhan was global head of macro trading, which includes interest rate products, foreign exchange and FICC emerging markets, and commodities in the Americas. He was named managing director in 2000 and partner in 2002. Prior to joining the firm, he was a vice president in swaps trading at Merrill Lynch. (A.B., Duke University; attended Ph.D. Finance program at Stanford University)

JAMES C. ZELTER is the managing director and chief investment officer of Apollo Management’s global credit platform, and chief executive officer and director of Apollo Investment Corporation. Prior to joining Apollo Management, Mr. Zelter was a managing director of Citigroup (and its predecessor companies), where he held a variety of senior positions in the global fixed income division. At Citigroup, Mr. Zelter ran the firm’s high yield and leveraged finance business and created the proprietary special situations group, a global credit opportunity mandate. In addition, he was chief investment officer of Citigroup Alternative Investments from 2003-2005. Prior to joining Citigroup, Mr. Zelter was a vice president at Goldman Sachs in New York. (A.B., Duke University)