David Morehead

How LPs Allocate to Venture in 2026: What They Want, What They Don’t | Baylor University CIO

David Morehead, Harry Stebbings

Baylor University's $2.6 billion endowment office, led by Moorhead, is restructuring its 55% private and 45% public portfolio to prioritize capital velocity and upside capture amidst declining enrollment and rising tuition pressures. The team distinguishes itself through a mechanistic deployment strategy, conservative valuation discipline, and direct GP negotiations that favor annualized growth equity returns of 30% over traditional fund duration models. While maintaining a neutral stance on private credit, the fund actively bets on the resilience of legacy SaaS, permitted data center infrastructure, and biotech, aiming to navigate its expansion into the single-digit billion scale by maximizing the absolute dollar impact of its $2.5 million core positions.