Real estate investing a private foundation s approach
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Real Estate Investing: A Private Foundation’s Approach. Presented by: D. Ellen Shuman Vice President & Chief Investment Officer Carnegie Corporation of New York. Perpetuity as a Mandate.

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Real estate investing a private foundation s approach

Real Estate Investing: A Private Foundation’s Approach

Presented by:

D. Ellen Shuman

Vice President & Chief Investment Officer

Carnegie Corporation of New York


Perpetuity as a mandate

Perpetuity as a Mandate

  • “My desire is that the work which I hav [sic] been carrying on, or similar beneficial work, shall continue during this and future generations.”

    • Andrew Carnegie, November 10, 1911

    • First Letter of Gift

    • Carnegie Corporation of New York


Carnegie grants with impact

Carnegie Grants with Impact

  • TIAA-CREF (1915)

  • Gunner Myrdal, An American Dilemma:

  • The Negro Problem and American Democracy (1944)

  • Sesame Street (1969)

  • New York City small schools initiative (2003)


Carnegie corporation of new york actual asset allocation by fiscal year

Carnegie Corporation of New YorkActual Asset Allocation by Fiscal Year


Carnegie corporation of new york actual real estate allocation by fiscal year

Carnegie Corporation of New YorkActual Real Estate Allocation by Fiscal Year


Carnegie corporation of new york annual performance fy ending 9 30

Carnegie Corporation of New YorkAnnual Performance (FY ending 9/30)


Carnegie corporation of new york current property exposure by type

Carnegie Corporation of New YorkCurrent Property Exposure by Type


Carnegie corporation of new york private real estate portfolio characteristics

Carnegie Corporation of New YorkPrivate Real Estate Portfolio Characteristics

  • 20 private real estate managers

  • 40 commingled funds

  • $200M market value (out of total Carnegie portfolio value of ~$2.1B)

  • 55% average property level leverage

  • 230 individual properties

  • 1/3 in Southern California


Carnegie corporation of new york top 10 properties by equity exposure

Carnegie Corporation of New YorkTop 10 Properties by Equity Exposure

Three managers own these assets that represent 27% of total value of the real estate portfolio


While a few of our holdings are landmarks

While a Few of Our Holdings Are Landmarks…


Much of the portfolio is far less glamorous

…Much of the Portfolio Is Far Less Glamorous


Carnegie corporation of new york manager selection criteria

Carnegie Corporation of New YorkManager Selection Criteria

  • “Local sharpshooter”

    • Focus on property type and/or geographic market

  • Proper alignment of interests

    • Meaningful co-investment

    • Back-ended incentive compensation widely distributed among the team

  • Principal ownership of the firm

  • Qualitative factors

    • Principal mentality

    • Investment discipline w/ ability to assess risk as well as return


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