The University of Richmond was founded in 1830 and today is among the nation’s leading liberal arts universities. Its $3.1 billion endowment fosters academic innovation, provides opportunities to talented students of all backgrounds, and engages local and global communities. This strong foundation and history of outstanding stewardship is the bedrock upon which Spider is built.
As the investment office for the University of Richmond, Spider’s goal is to preserve the assets we manage in perpetuity while generating investment returns for current spending needs. We also bring that expertise to bear for other endowments and foundations, partnering with them to deliver a particular type of investment philosophy. Unlike most of our competitors, we are not accountable to public shareholders or individual owners. We are investing for current and future generations. Given the important missions of the University and our partners, we have a lot to protect.
The endowment supports a significant portion of the University of Richmond’s annual operating expense. It helps the University attract top students, faculty, and staff by giving them opportunities to pursue unique and critical education and research. In addition, the endowment helps to fund major initiatives and scholarships that enable admitted students to afford a University of Richmond education regardless of their economic circumstances.
Our History
2001
Spider Management founded as University of Richmond's investment office
2008
Began offering investment services to like-minded non-profit institutions
2009
University of Richmond was a top-performing $1 billion+ endowment during the Global Financial Crisis*
2016
Soft closed to new partners
2020
Returned more than 20%, representing the highest 1-year return since opening to outside capital*
2021
Will McLean joined as President & CIO; selectively open to new partners
“The University of Richmond’s endowment is a bedrock of our financial health and a strategic advantage for our University. We invest our endowed funds in partnership with nonprofits, together sharing the expertise of Spider Management and benefiting from a mature and diversified portfolio.
Community engagement is a central pillar of our educational mission, and we are grateful to continue this partnership with so many great organizations.”
This material is neither an offer to sell nor a solicitation of an offer to buy interests in any investment fund managed by Spider Management Company, LLC (“Spider Management”) or its affiliates. Any such offering can be made only in accordance with the terms of the private placement memorandum and other governing documents. This is for informational purposes only. More information about Spider Management, its investment strategies, objectives and expenses can be found in Form ADV Part 2, which is available upon request.
There can be no assurance that the investment objectives of any account or fund managed by Spider Management will be achieved or that its historical performance is indicative of the performance it will achieve in the future. Spider Management does not warrant the accuracy, adequacy, completeness, timeliness or availability of any information provided by non-Spider Management sources. All market outlooks, themes, strategies, allocations and holdings discussed herein are subject to change.
Information shown is as of 6/30/2023 unless otherwise noted. Historical performance has been audited through 6/30/2023. Past performance is not indicative of future results.
* University of Richmond was the top performing $1 billion+ endowment according to the 2009 NACUBO Commonfund Study of Endowments. Return of more than 20% is on a net basis and for the 1 year period ending 12/31/2020. Spider Management's net return is the actual return of the entire Spider Management investment portfolio net of partnership expenses, management fees, and performance allocation for the investment fund limited partner class taken as a whole. Returns reflect the equalized return per the Rate of Return Agreement between the investment fund and the University of Richmond's endowment managed by Spider Management. Information regarding the Rate of Return Agreement is in the investment fund's governing documents. An individual limited partner's return may vary based on the timing of capital transactions and different management fee and performance allocation levels per the terms of the governing documents.