WHEN DAVID SWENSEN died last year, the investing world mourned the loss of an icon. As head of Yale University’s nest-egg, Swensen pioneered the endowment model: eschewing bonds and lowering holdings of equities in favour of PE and property. His philosophy was that long-term capital could give up some liquidity for higher returns; and, with data scarcer in private markets, that it was easier for those who did their homework to gain an edge. In his 36 years at the helm, the endowment grew from $1.3bn to over $40bn, an average 13.7% compound annual gain.