The Endowment is permanent capital fund that seeks to give solidity and continuity over time to the activities of the Foundation. It allows to undertake future projects, in many cases of an innovative and long-term nature, by providing a stable source of income that can be devoted to strategic projects. The Endowment grows mainly through new donations.

The Endowment is managed so that future generations will have at least the same capacity for action as the present generation (intergenerational equity). To this end, part of the profit (interest, dividends, capital gains, etc.) is reinvested back into the fund itself, so that purchasing power is not lost due to the effects of inflation. Therefore the impact of a donation is permanent.

The IESE Endowment is committed to the principles of socially responsible investment, and seeks to invest in funds or initiatives that promote environmental care, social responsibility, and ethical governance practices.


Investment Committee

To manage financial investments, the Board established the Investment Advisory Committee.

The Investment Advisory Committee offers its recommendations to the Board: proposes profitability and risk objectives, defines financial assets, selects external consultants and fund managers, and advises
on all aspects management of financial assets, always within the framework overall risk/return approved by the Board.

The committee is made up of investment experts. The group meets regularly to share analyses and make recommendations.

The investment committee members are:

León Bartolomé

León Bartolomé

MBA’84 / Managing Director of Alcarama

Eusebio Díaz Morera

Eusebio Díaz Morera

MBA’69 / President of EDM

Francisco García Paramés

Francisco García Paramés

MBA’89 / President of Cobas AM

Pablo Fernández

Professor of Financial Management, IESE

Pablo González

MBA’90 / Managing Director of Abaco Capital

Christopher Ivey

MBA’01 / Head of European Private Client Practice, Cambridge Associates

Jordi Gual

Prof. of Economics, IESE President of Vidacaixa

Rob Johnson

Venture Capitalist Visiting Professor, IESE

Jaime Alonso Stuyck

Committee Chairman Director of the IESE International Foundation

Investment policy

The Board of Trustees is ultimately responsible for managing the Endowment, for which it approves the Investment Policy, which sets the investment objectives and the acceptable risks as well as the fundamental rules and criteria that must be taken into account in its management.

The Investment Policy establishes the general objective of achieving a balance between these three aspects, in order of importance:

  • preserving the purchasing power of the fund in the long term;
  • distributing a certain percentage of the fund each year to finance activities, via a mechanism that provides a certain stability;
  • maximizing the profitability of the Endowment in the long term.

Furthermore, the Policy establishes the Strategic Asset Allocation, that is, the percentage distribution of assets by class for which it must aim. For each percentage, tolerance bands are established so that, within these margins, the Investment Committee determines at all times the amount invested in each class and considers a possible rebalancing on a quarterly basis. For each class, a benchmark is also established by which the efficacy of the investments made is measured. For the Endowment as a whole there is an active and a passive benchmark.

To better fulfill its mission, the Board of Trustees has asked the Investment Committee to try to maximize the profitability of the Endowment, but in a manner consistent with the principles of Responsible Investment. To do this, it has approved a specific policy to ensure that investment activity is aligned with the mission and values of the Foundation.

Ethical and responsible investment

The IESE Endowmentis eminently social in nature in that all the income it earns goes to research projects and scholarships, thus promoting academic development alongside that of society as a whole.

It is precisely in compliance with this social purpose that the Endowment seeks to maximize the returns on its financial investments, always taking the ethical implications of some investment decisions and the principles of Responsible Investment into account.

The Foundation is aware that environmental, social and good corporate governance (ESG) risks arise from issues as varied as lack of respect for human rights, discriminatory practices, child labor, lack of respect for the environment, etc.

In cases of direct investment, it avoids getting involved with companies whose mission or usual practices are not aligned with the values it promotes. Furthermore, the Investment Policy includes an exhaustive list of questions on responsible investment for use in the due diligence conducted before investing with an external manager, who is expected to be engaged with the companies through a sensible and transparent use of the voting rights conferred by share ownership, and through informal dialogue with the directors to encourage ethical conduct and better management of ESG risks and opportunities.