The LP Perspective with Renee Hanna, CFA – Managing Director of Investments & Private Investments at Baylor University Office of Investments

About Renee Hanna

Renee Hanna joined the Baylor University Office of Investments in May of 2008. She currently serves as Managing Director of Investments and is responsible for the endowment's private investments across all categories and geographies. Prior to returning to her alma mater, she was an Associate Investment Analyst at Lee Financial Corporation, a multi-family investment office.

Renee graduated cum laude from the Baylor University Hankamer School of Business and earned her MBA with honors from the McCombs School of Business at the University of Texas at Austin. She also holds the Chartered Financial Analyst (CFA) designation.

Fund managers face the challenge of distinguishing themselves from a vast pool of investment opportunities. As the investment world becomes more global and digital, differentiating through brand is key to capturing LP interest.

In our latest LP Perspective interview, we turn to Renee Hanna, CFA, Managing Director of Investments & Private Investments at Baylor University Office of Investments.

Renee oversees a diverse portfolio of private investments, drawing on her extensive experience across multiple asset classes and geographies

In this LP Perspective, Renee shares her insights on the critical role of brand and reputation in LP decision-making, how technology and digital platforms are transforming the evaluation process, and the importance of personalization in fund manager outreach. She also offers her perspective on building and maintaining strong relationships with LPs and gives advice on how fund managers can enhance their engagement strategies in today’s evolving private markets.

Impact of Brand and Reputation

With over 15 years of experience managing a globally diversified portfolio of private investments for Baylor’s endowment, you’ve worked with many fund managers across various geographies, strategies, and stages. Your insights on what differentiates successful fund managers, as well as your perspective on relationship-building and engagement, would be incredibly valuable for those aiming to stand out in today’s competitive private markets.

How do a fund manager's brand and reputation factor into your evaluation process? Are there specific signals you look for to assess credibility?

Renee: Brand recognition plays a less central role in our underwriting process at Baylor. In private markets, established “brands” are typically associated with firms that have long operating histories. Instead, we concentrate our portfolio on lower middle market strategies, targeting groups raising funds below $1 billion—ideally under $500 million. As a result, our initial commitments are often made to funds earlier in their life cycles (such as Funds I–III), which have not yet developed a widely recognized industry brand—and that’s perfectly fine with us. In fact, we prefer it.

What matters most to Baylor is the reputation and culture of the firm. Our vetting process is designed to be thorough and nuanced, focusing on firm dynamics, the impact of leadership on organizational culture, integrity, and the motivations of key decision makers. We tap into our extensive industry network to gather candid feedback and, going a step further, we request unconventional references for senior team members—such as neighbors or college roommates. Our objective is to identify patterns of consistent behavior, ensuring we have confidence in the long-term partnerships we form.

Role of Social Media & Technology in the Private Markets

Digital engagement is increasingly important in private markets, yet LPs likely approach it differently than other audiences.

Given the growing role of technology & social media in private markets, how do you see digital platforms and tools contributing to the discovery and evaluation of fund managers?

Renee: Social media and technology have become essential drivers in how private equity and venture capital firms operate, create value, and engage with stakeholders. With competition intensifying across private markets, a strong social media presence enables firms to expand their reach, differentiate their brand, and more effectively attract founders and top talent—both to the firm and to portfolio companies. When underwriting a firm, we care more about the impact these platforms have with non-LP stakeholders as it helps us better understand the answer to a core question in our underwriting process, “why do they win?”

The ability to leverage technological advancements is no longer optional—it’s a fundamental requirement. Modern tools enhance operational efficiency, accelerate decision-making, and support scalability. Firms that harness AI can analyze vast datasets to inform investment decisions, develop sophisticated models to optimize deal sourcing, utilize cloud infrastructure for greater operational resilience, and strengthen network security to protect intellectual property. Without a clear, strategic plan to embed technology at the core of their business, it is increasingly difficult for firms to remain competitive and sustain long-term success.

Ultimately, we back the industry’s top talent. It’s essential for us to see that they are leveraging these tools to unlock the full potential of their greatest asset—their people—and to maximize Return on Time Invested (ROTI).

Personalization in Outreach

You’ve likely seen a range of outreach approaches from GPs whilst at Baylor.

What role does personalization play in your initial engagement with a fund manager? Could you share an example where tailored outreach stood out or where generic outreach was particularly off-putting?

Renee: The private markets industry thrives on information asymmetry and strong relationships. In 2014, the Baylor private investment portfolio underwent a significant transformation following a major secondary sale of legacy assets. Over the past decade, we have built a platform anchored by approximately 20 core relationships, forming the foundation of a mature, high-performing portfolio.

We are committed to true partnership and actively seek out collaborative GPs, who often act as key connectors for new GP introductions. The most effective way to engage with us is through a warm introduction from a trusted GP or industry contact. We place great value on the relationships we have cultivated and deeply trust the people within our network.

Building and Maintaining Relationships

Given your long-term role with Baylor’s endowment, relationship-building is likely central to your strategy.

What approaches or strategies have you found most effective in fostering long-term, collaborative relationships with fund managers? Are there any methods that stand out for ensuring ongoing communication adds value?

Renee: A GP in our portfolio, with whom we’ve partnered for over a decade, often emphasizes that trust and affection form the foundation of strong relationships with all stakeholders—LPs, founders, and investment professionals alike. This perspective has always resonated with me and remains central to how we operate. Trust is built through transparency and consistency: we say what we mean, and we do what we say, when we say we’ll do it.

Affection, on the other hand, develops over time. We maintain frequent touchpoints with each of our GPs throughout the year—in person, via Zoom, and over the phone. Recognizing our bandwidth as an office, we intentionally manage a focused portfolio, allowing us to actively monitor and engage with our approximately 20 core relationships. This approach enables us to cultivate meaningful connections and foster lasting affection for Baylor University over time.

Advice for Fund Managers

Fund managers are often eager to stand out in a crowded market, particularly when approaching experienced LPs like yourself.

What advice would you give GPs looking to engage institutional LPs more effectively, particularly those raising from endowments and/or foundations? Are there gaps in how they currently approach the process?

Renee: This is a difficult question to answer definitively, as the reality is that it depends on a range of factors. The private investment fundraising market is inherently cyclical. For instance, raising capital for a 2020–21 vintage fund was notably less challenging than for a 2023–24 vintage. A GP might build a strong rapport with an allocator at an institution, only to find that person has moved on by the next fundraising cycle. Circumstances evolve. My advice, though broad, remains relevant: stay adaptable and truly understand your client.

Bonus question

Thinking beyond the private markets, what is your all time favorite brand and why?

Renee: Without a doubt, my all-time favorite brand is Air Jordan. It’s truly iconic and represents the pinnacle of greatness. The brand inspires excellence, innovation, and individuality, while the Jumpman logo resonates across the globe. My collection keeps growing, and I sincerely hope the sneaker-and-suit trend never goes out of style!

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