Endowments and foundations are steering clear of the crypto-craze. At least for now.
Ninety-six percent of top officers at these organizations said they aren’t investing in cryptocurrencies and have no plans to do so, according a survey released Monday by consulting firm NEPC. But plenty of them are intrigued.While just two percent of respondents said they’ve already entered the digital market, about 20 percent of NEPC’s endowment and foundation clients have started looking into the asset class, said Scott Perry, a partner at NEPC. Clients of the Boston-based firm include more than 100 such institutions with total assets of about $62 billion.
“Cryptocurrencies in theory could be a real return enhancement and an interesting holding in a world that isn’t awash with lucrative investment ideas,” Perry, who focuses on endowment and foundations, said in a telephone interview.