In 1989, Duke University’s Board of Trustees approved the creation of Duke Management Company (now DUMAC, Inc.) as a separate, nonprofit support corporation of the university.  The organization began operating in July, 1990 with Eugene J. McDonald as its President and Chief Investment Officer. 

DUMAC is controlled by an 11-member Board of Directors appointed by the Duke University Board of Trustees’ Executive Committee. We operate under a trustee-approved investment policy and has been delegated broad authority in managing the university’s investments.  DUMAC’s staff works with the assistance of about 130 investment advisory firms and partnerships to help the university meet its investment goals.

In addition to managing Duke’s endowment, DUMAC also manages the university’s defined benefit pension assets, 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.

Find out more about Giving to Duke and Duke University’s Endowment

The Duke Endowment is committed to pursuing its mission to strengthen lives and communities in the Carolinas

Managed Pools

  • Duke Long Term (Endowment) Pool
  • Duke University Health System
  • Employees’ Retirement Plan
  • The Duke Endowment

as of June 30, 2023

What is an Endowment?

An endowment fund is a collection of charitable donations given to support an institution in perpetuity. Each year a portion of the fund is distributed to support the donors’ purposes, and any earnings in excess of this distribution are used to build the fund’s market value. DUMAC manages these assets for Duke University to support its core missions of education, research, patient care, and service. In addition, DUMAC manages The Duke Endowment, promoting child & family well-being, health care, education and spirituality across the Carolinas.

Growth of an endowment fund comes from two sources: investment returns and gifts. There are two principal threats to real endowment growth: inflation and excess spending. Balancing these four elements is the crucial goal of the fund’s policymakers.