Effective private equity boards function as strategic advisory councils rather than governance bodies. Board members are expected to be co-investors who actively help with strategy, networking, and operational challenges like procurement, making them a key part of the value creation engine.

To ensure alignment, VCU provides its investment memo to a manager before committing capital. This allows the manager to correct misunderstandings and confirms a shared understanding of the strategy and KPIs, making difficult future discussions more objective and data-driven.

An investment committee's value extends beyond simple gatekeeping. It serves as a vital communication tool between company divisions, a focusing mechanism to prevent chasing distractions, and a mentoring opportunity where junior talent can learn from senior-level analysis and decision-making.

Assigning a team of uninvolved colleagues to act as a "red team" forces a contrarian perspective. Their job is to find flaws and articulate why a deal should not be done, which de-risks investments by identifying weaknesses before capital is committed and sharpens the whole team's thinking.

NYU's endowment secures access to competitive funds by being more than just capital. They act as a trusted advisor, becoming the manager's "first call" to pressure-test ideas or prepare for difficult client conversations, thereby adding tangible strategic value.

To get a major initiative approved, don't just pitch the vision. Interview key decision-makers beforehand and ask for every possible objection. Then, build your pitch around a mitigation plan for each concern, removing every reason for them to say 'no' before you even formally present.

The romanticized idea of a dramatic "investment committee" meeting is a myth. The most effective investment process is collaborative and iterative, where an idea is pitched early and gains momentum across the firm over time. The formal meeting becomes a rubber stamp for a decision that has already been organically reached.

NYU’s CIO restructured governance by having the investment committee focus on strategic oversight and risk, while delegating manager selection to the internal team. A 3% portfolio allocation threshold determines when a manager decision requires committee buy-in, ensuring efficiency and proper focus.

Oshkosh's corporate development team presents venture opportunities in monthly meetings with the entire executive leadership. This process provides immediate feedback, allowing the team to quickly kill deals that lack support or identify which ones require a more robust investment thesis, saving significant diligence time.