Knudsen: Crisis-Forged Thinking & The OCIO's 'No Right to Exist'
Michelle Knudsen's career, from Goldman Sachs in 2008 to Partners Capital, reveals a playbook for managing downside risk and demanding manager "edge" under relentless fee pressure.
Michelle Knudsen: How She Rebuilt NYU's $8B Endowment in Two Years
With Ted Seides, Michelle Knudsen · Sunday, August 2, 2026
The episode features an in-depth conversation with Michelle Knudsen, who discusses her career journey, including formative experiences at Goldman Sachs and Partners Capital. She details her recent work in rebuilding NYU's $8 billion endowment over two years, outlining the new governance structure, growth-oriented asset allocation, and innovative manager selection process. Knudsen also shares insights on building a high-performance investment team, adapting to market risks, and integrating AI into the endowment's operations.
Key takeaways
- Michelle Knudsen's start at Goldman Sachs in the 2008 financial crisis ingrained a non-negotiable approach to portfolio management, prioritizing worst-case scenario planning and clear stakeholder communication. Read more →
- NYU's $8 billion endowment underwent a complete "blank sheet of paper" rebuild under Michelle Knudsen, shifting from a conservative, bottom-up portfolio to a growth-oriented strategy. Read more →
- Michelle Knudsen, leading NYU's $8 billion endowment, explicitly warns against the "aggressive fundraising cycle in private markets" and the risk of FOMO propelling over-investment, necessitating disciplined commitment pacing. Read more →
- NYU Endowment, under Michelle Knudsen, fosters a “partner of choice” dynamic, prioritizing deep availability and providing thought partnership to its managers. Read more →
4 articles from this episode
NYU's $8B Endowment Rebuild: Governance & Growth Strategy
Michelle Knudsen overhauled NYU's $8B endowment with an equity-heavy allocation and delegated governance, signaling a new era for institutional capital allocation.
NYU Endowment's Knudsen Battles Private Market FOMO with AI-Driven Scrutiny
NYU's Michelle Knudsen details how she's using aggressive stress testing and AI to counter private market FOMO and dissect manager financials, signaling a new era for sophisticated allocators.
NYU's Edge: Why Managers Call Michelle Knudsen First
NYU's $8B endowment rebuilt under Michelle Knudsen is a 'partner of choice' for top managers, blending data with institutional reach and thought partnership.
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