Episode summary
From Anthropology to Investing: How Drexel's Endowment Makes Investment Decisions with Stephen Chase
Dakota Live!
· · Hosts: Robert Morier · Guests: Stephen Chase
Summary
Stephen Chase describes how Drexel University’s three-person investment office oversees about $1.25 billion across the university and Academy of Natural Sciences endowments with a long-term, highly collaborative process. He says the team works across manager research, portfolio construction, risk management, liquidity, and alternatives, while taking a patient approach to new commitments because the office must balance illiquid private markets against daily cash needs and the university’s perpetual capital base.
A major theme is how Chase’s anthropology background shapes his investing. He says humanities training gave him a qualitative lens, while his MBA added the quantitative side needed to underwrite and value investments. He argues that good decision-making starts with asking questions, reading widely, and understanding the “brick” in front of him before trying to fit it into the broader portfolio puzzle.
Chase also emphasizes trust, both in managers and in Drexel as an allocator. He says the office wants to understand track records, challenges, redemption history, and how managers behave in different market cycles, while being honest about its own timing and fit. He points to AI as a useful tool for operations, reporting, and summarizing research, but says it cannot replace original thinking, preparation, or long-term judgment.
Key takeaways
- Stephen Chase says Drexel’s investment office is built around a long-term, perpetual-capital mindset that makes liquidity planning central to every private-market decision.
- Chase argues that his anthropology training helps him start with qualitative understanding, while his MBA supplies the quantitative tools for underwriting and portfolio construction.
- He says trust is earned by both sides through candid conversations about track record, market-cycle behavior, redemption history, and realistic timing.
- Chase says AI is already helping Drexel with operational automation, reporting reconciliation, and research synthesis, but not replacing original analysis.
- He believes the best manager meetings are conversational and often involve more listening than talking, because fit and problem-solving matter as much as the pitch.
Notable quotes
“We're not market timers. We operate with the mindset that these are investments forever”
“luck is not a strategy. Hope is also not a strategy”
“I start with the qualitative and I my colleagues, some of them um and others in our our space start with the quantitative”
“it's not the number, it's what it's what behind the number, what else is is there that really build up to that”
How the episode opens
Welcome to the Dakota Live podcast. I'm your host, Robert Morier. The goal of this podcast is to help you better know the people behind investment decisions.
We introduce you to chief investment officers, manager research professionals, investment consultants, and other industry leaders to help you sell in between the lines and better understand the investment sales ecosystem. If you're not familiar with Dakota and our Dakota Live content, please visit our website at dakota.com. Before we get started, I need to read a brief disclosure.
This content is provided forformational purposes and should not be relied upon as recommendations or advice about investing in securities. All investments involve risk and may lose money. Dakota does not guarantee the accuracy of any of the information provided by the speaker who is not affiliated with Dakota.
Not a solicitation, testimonial, or an endorsement by Dakota or its affiliates. Nothing herein is intended to indicate approval, support, or recommendation of the investment adviser or its supervised persons by Dakota. Today's episode is brought to you by Dakota Marketplace.
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Our guest today is Steven Chase, associate director of investments with Drexel University's investment office. In his role, Steven helps support the management of Drexel University's endowment and investment portfolio alongside the broader investment office team.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- university endowment management
- manager due diligence
- private markets
- real assets infrastructure
- ai in investment research
Companies and tickers mentioned
- Drexel University
Watch the episode
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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Dakota Live!, this episode and its artwork belong to Robert Morier. Octagon is not affiliated with the show; this page is an independent summary.
