Capricorn Investment Group manages the Principled Endowment Fund LP, established in 2001 with approximately $7.4 billion in AUM.
The fund has been investing selectively through North America, Western and Eastern Europe, the Middle East, Africa, Asia and in South America for capital preservation and long term growth on behalf of institutional level investors.
The Fund’s goal is to use our unique investment and proprietary asset allocation approach, processes and exceptional global relationships to generate equity-like returns through an endowment modeled globally diverse master portfolio consisting of select, mostly closed or soft closed, best of breed, multi-asset class third-party funds and proprietary direct investments.
With Head Office in Palo Alto, California the firm also has offices in New York and London with a staff compliment of 30.
The senior investment team hail from a wide variety of backgrounds from North America, Europe and Asia, with exceptional experience in global investing.

Principled Investment Approach
Capricorn believes that achieving superior investment returns does not preclude a principled investment management approach (PIM). This is undertaken by incorporating socially responsible and environmentally sustainable considerations in an integrated manner into the fund’s investment framework.
We believe this provides a sustainable competitive advantage in that it identifies risk and opportunity more fully and helps us understand an investment situation more holistically.

Scenario Based Asset Allocation and Risk Model
Another feature of Fund’s approach is its ongoing use of a proprietary, self developed scenario-based asset allocation and risk management model which takes into account a wide range of macroeconomic and event-risk circumstances, be they political, economic, financial, social, conflict related or otherwise.
We believe this approach is unique in the investment management field, in that it endeavors to capture risks and circumstances that are oftentimes ignored in a traditional modern portfolio planning process which sometimes relies almost exclusively on singular, static data points. Instead, we build up our future assumptions for asset class performance across multiple economic environments, and assess the probabilities of these economic environments, to endeavor to create an all-weather outcome for the fund.
Our good relative performance at this time, we feel, can partly be attributed to this forward looking asset allocation model and a greater understanding of risk over the long term as a result of PIM (Principled Investment Management).

Thematic Investing
The Fund takes a thematic investment approach to its global investing. The development of Strategic Investment Frameworks (SIF) for themes and asset classes allows us to independently refine how we want to invest capital globally and across asset classes without being heavily influenced by short-term trends.
As part of our thematic investment focus, we integrate “big issues/problems” into our investment activities.  We evaluate evolving “mega-trends” - problems such as global deleveraging, climate change, health and wellness issues, water/food scarcity and growing emerging middle class consumption, amongst others. We also specifically seek out those solutions which are addressing these issues as we believe that there is an incredible opportunity for sustainable, long-term value creation for capital providing solutions to these challenges and problems. 
Many of our insights are informed by our unique global relationships, our direct investing program, our investing partner clients and our formal advisory committee comprised of a number of internationally notable individuals.

Capricorn is a signatory to the Ceres Principles, Seoul Initiative and the UN PRI.