At Asset Management Colloquium, Paula Volent ’97 Talks Mission-Driven Investing and the Yale Model

At the Asset Management program colloquium on March 27, two leaders in asset management—Paula Volent, vice president and CIO of Rockefeller University; and Devin Brosseau, COO and managing director of real assets at the university—offered students an inside look at how a mission-driven institution approaches endowment investing in a rapidly changing market. Drawing her experience at the Yale Investments Office and Bowdoin College, Volent explored how Rockefeller manages its nearly $3 billion endowment in support of a uniquely research-focused university, where funding for science depends on a careful balance of endowment support, philanthropy, and government grants.

Volent and Brosseau emphasized that endowment management today requires more than following a static version of the Yale Model developed by former university CIO David Swensen. They described Rockefeller’s shift toward a broader total-portfolio approach, one that focuses less on narrow asset-class labels and more on the role each investment plays in the portfolio. Throughout the discussion, they returned to several core principles associated with Swensen’s philosophy: alignment of interests, disciplined rebalancing, access to exceptional managers, and a willingness to find opportunity in periods of market dislocation. At the same time, they were candid about the challenges facing institutional investors, including longer liquidity timelines in venture capital, the difficulty of modeling private markets, and the need to reassess old assumptions in light of today’s changing environment.

The conversation also highlighted how investment judgment is evolving alongside technological and geopolitical change. Volent and Brosseau discussed themes ranging from AI infrastructure and energy demand to biotech innovation, digital infrastructure, and the future of software and private credit. Just as important, they underscored that successful investing relies on human judgement: building trust, developing strong manager relationships, and backing talented people early. For students in attendance, the talk offered both a practical view of portfolio construction and a broader lesson in career development, curiosity, and the value of taking informed risks.