and you're assuming they invest like you do in your 401k or whatever. which they most certainly don't. some are more aggressive w.r.t. private markets investment but many focus on capital preservation and don't grow as much as you'd expect. FY24 Cornell's endowment returned something like 8%. this despite an S&P500 gain of, what, 23% ish.

institutions and allocators operate with a very different mindset versus individuals or hedgies.