Baylor CIO: capital velocity beats multiple — three 3X funds over 18 years beat one 15X
MartinGTobias · x · 2026-09-17
Baylor University's CIO, in a conversation with investor Harry Stebbings, argues that VC fund lifecycles have stretched from 10-12 years to 15-18 years, slowing capital return. Doing the math: three consecutive 3X growth-equity cycles over 18 years (27X) beat a single 15X long-horizon fund. He says he optimizes for velocity of capital, not just returns, to maximize the endowment for students.
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