$1bn in assets isn’t much, at the high end you can charge maybe $20mm a year (hedge fund), at the low end a few million (public equity fund). That needs to pay not just execs but accountants, etc.

Put another way, a $1bn hedge fund is considered a small boutique that typically only employs a handful of people.

Those $20m are literally to keep the lights on (base salary, law firm, prime brokers, data feeds, exchange connectivity).

Nobody in the hedge fund world works for salary.

They work for bonuses. Which for $1bn fund should be another $20m or so (20% profit share of 10% returns), otherwise you suck.

If bonuses aren’t available in non-profits, the base salaries should be much higher.

One cool thing is that the these funds don’t actually need active management and that in itself is a form of predatory graft. You could stick them all in a diverse array of index funds and call it a day, as pretty much no fund managers outperform those.

I have no idea if the fund is actively managed. I assume the president is mostly fundraising, deciding how to spend the proceeds, and dealing with administration. That's a job, right? Or should we just have robo-foundations?

So don't invest in them. (Actually, I agree with you. I don't invest in them.)