University endowments of top universities like Stanford and Harvard are some of the biggest sources of funding for alternative asset management firms (private e

University endowments of top universities like Stanford and Harvard are some of the biggest sources of funding for alternative asset management firms (private equity, venture capital, hedge funds, etc.). They have their own portfolio management team managing these funds. Why pay VCs and private equity firms 20%-30% if they can just cut out the middle men and invest the money themselves?