Endowments

Typically you have to go through their RFP process, and if it is anything sizeable, they have a very defined process for it.  Most like to have a reputable name behind the work, as well as experience managing endowments.  I looked at a big one in my area ($25mm).  They previously used Russell Investments, and recently switched to Brown Brothers Harriman.  Both have dedicated endowment teams and vast experience in this arena.

  However, many of the small ones (under $5mm) use banks and local wirehouse advisors.  As someone said above, most of the small ones are based on existing relationships with Board members.  It's a tough space to bust into.  It should probably be a "side hobby" to try landing a few, rather than focusing too much time on them.   Also, the fees can be pretty skimpy, so you need a lot of them to be worth it.  I think the oen mentioned above pays 25 Bips to the manager (Russell is a manager of managers, so they also have underlying expenses).  And as you saw from them, the plan can come and go just as quickly (I think Russell had it for 5 years).