This short report from Neuberger Berman on the Endowment Report concisely summarizes some of the most sensible evolutionary changes to the endowment model of institutional investing. These modifications include many of the features of the Total Portfolio Approach (TPA) including focusing on fewer managers (hence larger allocations) with whom the institution can build strategic relationships.  We like their suggestion of changing the liquidity profile of private markets allocations through less VC and Growth and more buyouts, co-investments, secondaries, and private debt in the mix.