Authored by: Christoph O'Donnell

The Work of a Lifetime: Spend-Down Funds

A growing number of institutions and families are choosing to spend down assets over a limited time, rather than investing in perpetuity. There are valid arguments for—and against—using a spend-down approach to achieve philanthropic and investment goals. This paper provides historical context for spend-down funds, considers nuances for achieving good governance, and suggests an approach for dynamic asset allocation strategy, with case studies as illustrations.