This newsletter argues that while there may indeed be a “regime change” taking place in the world, the institutional investor’s response is not a wholesale pivot away from the endowment model to the Total Portfolio Approach (TPA). The recommended model is a “hybrid endowment” where investors retain deep asset-class expertise and diversified manager rosters, enhance portfolio-level factor oversight, and—crucially—delegate more authority to the CIO to act nimbly when conditions change. And most importantly, look for alternative sources of outperformance from asset classes other than private equity.