20VC: Baylor CIO on How LPs Will Allocate to Venture in 2026

What do endowment LPs really want from venture in 2026? In this condensed 20VC episode, Harry Stebbings sits down with David Moorehead, CIO of Baylor University, to break down how university investors think about liquidity, fund life, concentration risk, and direct GP relationships. Moorehead explains why Baylor prioritizes the velocity of capital, why private allocations are decided first, and how the team uses venture as a diversification tool rather than an educational exercise. He also shares where Baylor is leaning in—from software and biotech to AI-driven vertical software—while staying cautious on private credit and overexposed energy bets. Listeners will come away with a clearer view of institutional portfolio construction, endowment investing, private markets, and what major LPs are looking for in venture capital. Listen now to get the key ideas in minutes.