Who We Are – Hirtle Callaghan

We are possibility engineers.

We partner with our clients to achieve missions and build legacies that endure for generations to come.

Democratizing the Investment Office

The markets upend and boom, bust and correct. More than ever, the investment landscape is complicated by endless choices and constant information flow. What if you could have a partner sitting on the same side of the table – advocating for YOU? Over thirty-five years ago, we pioneered the Outsourced Chief Investment Officer model to reduce the time and resources required to help you achieve the investment results you desire. Holding ourselves accountable to the highest standard, we build complete, custom-designed investment solutions that will open possibilities for greater cures, more education, smoother retirement and future generations.

Investing for the Future. Yours.

Every great investor has a strong philosophy. To harness the opportunity in today’s complex investment landscape, we gather a mosaic of global information and analyze it through the lens of our four cornerstone convictions―valuation, breadth, time horizon and cost. Our approach melds data-driven analysis with human insight to come up with the a holistic global investment solution for every client.

The going-in Price matters most. Always.
Maximizing Breadth of opportunity creates an edge.
Extending Time Horizon exploits short-term thinking.
Costs count. You can only spend Net Returns.

An Honest-to-Goodness Investment Office

We set out over 35 years ago to transform the investment management industry for the benefit of our clients and that is exactly what we are still doing today.

We pioneered an investment model designed to mitigate conflicts of interest by ensuring that you never pay us more based on how your assets are invested. This structure ensures that our interests are aligned with yours. You can rest assured we are offering our best advice, insights and opportunities―we have no hidden fees or agendas. In an industry focused on the bottom line, your best interest is our only concern.
In an industry that is cloaked in jargon, we communicate proactively, honestly and transparently.

We cut through the market “noise” and euphemisms to get to the heart of what you want to achieve. In our conversations with clients, we focus on asking the right questions and listening intently so that we can truly be your advocate in the market. Armed with your insights and our expertise, we pave a clearer path through the market complexity. Our transparent engagement includes ongoing education about the markets, our research and investment decisions so that you have the knowledge to ask us the tough questions.
The 10,000 hour theory posits that anyone can master a skill with enough time.

In the 36 years since our founding (which translates to more than 250,000 hours) we’ve learned that honing our craft nvolves more than just time. It takes commitment to constant improvement, not being satisfied even with a job well done. We consider our introspective, curious nature and spirit of innovation to be one of our greatest assets as it keeps us moving forward to better service, better investment solutions and, ultimately, to better outcomes for you.
When you partner with us, you gain access to the same guidance and investment programs as some of the world's largest investors.

With approximately $20 Billion of purchasing power, we facilitate relationships with the highest quality managers, many of whom would be difficult for individual investors to get into alone. It often gives us leverage to obtain access at lower fees from asset managers, custodians and vendors. We pass these savings directly on to you.
Our nation’s great families and institutions have distinct goals and needs; they are united by their immense potential and the desire for a brighter future.

We are inspired by these ideals as they give our work meaning beyond our life span. Our role is to provide the practical support through the capital markets that is necessary to achieve success and long-lasting impact. We invest with humility, patience and integrity, driven by the fact that investment results are needed to provide for real human needs. Together with our clients we are fighting diseases, educating children, supporting the arts and providing for the next generation.
We are big enough to matter and small enough to care.

Over three decades we have proven ourselves to be an enduring partner with sizable influence and ample resources. Our institution is rooted in best practices around alignment, governance, operations and diligence that lend security and stability. However, at approximately $20 Billion with roughly 100 employees, we can uniquely craft each portfolio, creating an entirely personalized experience. We are also able to be nimble and take advantage of opportunities. We have consciously managed growth to minimize the bureaucratic malaise that often infiltrates larger organizations and prevents them from being innovative.

Let the Compound Annual Growth Rate Set You Free.

Free from worry because you have the capital to pursue your goals, fulfill your missions and build legacies. That is our mission. That is how we define success.

We Exist to Serve Our Clients

Trust is paramount. Honest advice holds true and holds fast.
We invest with integrity, always taking the high road.
Never compromise quality for profit. The client comes first.
Our curiosity is relentless, driven by our desire to master our craft.
Collaboration facilitates success. It’s not a zero-sum game.
We innovate because good enough isn’t good enough.
We are committed to growing so that we can help improve more lives and fulfill more missions.
We are dedicated to serving you in perpetuity through building an enduring institution.

A History of Innovation

As a pioneer of the outsourced CIO model, here are some of the milestones we’ve celebrated in the 35 plus years since our founding.

2020

Private Credit

Started a dedicated private credit strategy, aimed at generating solid risk-adjusted returns with higher current income and lower volatility vs. public fixed income.
2018

Systematic Alpha

Implemented a strategy to access hedge fund alpha at a lower cost than traditional hedge fund management fees.
2017

Multi-Dimensional Investment Framework

Evolved our valuation-driven investment framework to integrate a broader set of inputs that influence valuation in an ever-more dynamic, complex market environment
2011

Mission-Aligned Investing

Innovated with mission-aligned investing through custom designed “factor-based index funds” to deliver socially responsible (SRI) and Environmental, Social and Governance (ESG) investment solutions
2009

3-D Risk Analysis

Introduced 3-D risk analysis, incorporating considerations of operating and financial risk into endowment planning
2008

Special Investment Opportunities

Facilitated client access to special investment opportunities through pooled vehicles with no additional management fee
2007

Factor-Based Investment Portfolios

Designed and implemented lower cost factor-based “index” portfolios aimed at improving net returns
2005

Enhanced Performance Measurement

Instituted measurement of manager performance against custom indexes to isolate “true manager alpha”
2004

Multi-Manager Hedge Fund Program

Developed a multi-manager hedge fund program to facilitate access for clients at no additional management fee
2003

Dynamic Capital Allocation

Introduced dynamic capital allocation into the investment process to take advantages of differences in risk premiums among asset classes and subclasses
2002

Investment Policy Committee

Formed Investment Policy Committee to institutionalize the investment decision-making process, with a robust approval process that separates operational diligence from investment diligence
2000

Diversified Private Equity Program

Created a private equity program diversified by type and vintage year to facilitate client access with no additional management fee.
1996

Employee Alignment

Aligned employee incentives with HC by broadening equity ownership, granting shares to employees.
1995

Mutual Fund Innovation

Implemented no fee mutual funds so that all clients can have access to our “best idea” specialist managers.
1988

OCIO Innovation

Pioneered the OCIO model to create a model that benefits clients by offering the advantages of an internal investment office broadly.

We are possibility engineers.

We partner with our clients to achieve missions and build legacies that endure for generations to come.

Democratizing the Investment Office

Investing for the Future. Yours.

An Honest-to-Goodness Investment Office

Let the Compound Annual Growth Rate Set You Free.

Free from worry because you have the capital to pursue your goals, fulfill your missions and build legacies. That is our mission. That is how we define success.

We Exist to Serve Our Clients

2020

Private Credit

2018

Systematic Alpha

2017

Multi-Dimensional Investment Framework

2011

Mission-Aligned Investing

2009

3-D Risk Analysis

2008

Special Investment Opportunities

2007

Factor-Based Investment Portfolios

2005

Enhanced Performance Measurement

2004

Multi-Manager Hedge Fund Program

2003

Dynamic Capital Allocation

2002

Investment Policy Committee

2000

Diversified Private Equity Program

1996

Employee Alignment

1995

Mutual Fund Innovation

1988

OCIO Innovation

There’s Always a Next First

At Hirtle Callaghan, we meet our clients’ needs with the constant pursuit of innovation. Check back to see what else we’ve accomplished.

Hirtle Callaghan

Investment Leadership Award