Global Endowment Management, LP (“GEM” or the “Company”) is a limited partnership organized under the laws of the State of Delaware. The Firm was founded in March 2007 by Thruston B. Morton, III, the Chairman of the Firm’s Executive Committee; with Managing Directors Stephanie S. Lynch and Hugh N. Wrigley. Other partners include Michael D. Smith, Chief Investment Officer; J. Porter Durham, Jr., Vice Chairman, Managing Partner, and General Counsel; and Ryan Henderson, Managing Director. Our Chief Financial Officer and Chief Compliance Officer is Richard S. Abraham. The Firm is 97% partner- and employee-owned, and is a registered investment adviser with the SEC.

 GEM provides investment management to private investment funds (collectively the “Funds” and each a “Fund”), as well as to separately managed accounts (structured as funds or as individual accounts). Collectively, the Funds and any separate account investors are referred to as “Clients.” GEM invests using an endowment approach or strategy, which means investing in a broad array of securities and assets, using multiple strategies to balance risk and achieve modest, consistent returns over a perpetual time horizon.  Our Fund Clients have investors which include: family offices, qualified individuals and partnerships, pens i on and profit-sharing plans, trusts and estates, foundations/endowments and other educational and charitable organizations, sovereign wealth funds and corporations and business entities. We are not engaged in financial planning or other personal investment advisory services. Fund Clients typically invest in pooled assets, the allocation of which may vary depending upon investor needs. In general, GEM has full investment authority and discretion.  Our services are offered for a management fee equal to a certain percentage of Assets Under Management (“AUM”). GEM does not charge a performance fee. Additionally, if the service is needed by a Client, GEM charges a fixed fee for legacy investment management. These fees are explained in more detail below. Investor funds are deposited in a custodial account with a national bank. As of December 31, 2018, GEM had approximately $8.2 Billion in AUM, all of which is managed on a discretionary basis.

Determination of each investor’s subscription amount into the Fund will be at the discretion of the General Partner; there is no stated minimum investment amount. GEM also manages a liquid markets fund (generally, a “Fund” or specifically, the “LMF Fund”) which is structured to provide greater investment liquidity for investors than the other Funds. This Fund has a minimum investment of $25 million, which may be waived by GEM. To the extent necessary or desired, cash for short-term needs is managed by GEM through a short-term liquidity fund (the “STL Fund”). please register to get more info

We offer our services on a fee basis as described below.

Management Fees
GEM receives from the Funds a management fee according to the following annual rates (the “Management Fee”):
• If an investor’s fund net asset value (“NAV”) balance is less than or equal to $100 million: 0.85% per annum (investors which were invested in a Fund prior to January 1, 2018 pay 0.75% per annum);
• If an investor’s fund NAV balance is greater than or equal to $100 million: 0.60% per annum;
• With respect to the LMF Fund specifically, 0.40% per annum on an investor’s fund NAV balance;
• With respect to the STL Fund specifically, GEM charges 0.10% per annum on an investor’s fund NAV balance; this continued through December 31, 2018; as of January 1, 2019, GEM no longer charges a management fee for the STL Fund to those who invest in other GEM Funds;
• If requested by an investor, GEM charges a fixed fee for legacy investment oversight. GEM does not charge for the first ten investments subject to legacy oversight, and charges $3500 per investment per annum beyond the initial ten. If an investor makes a redemption request which reduces NAV below $100 million, such investor is then subject to the 0.85% per annum fee rate, in the discretion of GEM. However, if an investor makes a full redemption request to exit the GEM relationship, there will be no rate increase and the redemption process will begin. Also, if an investor’s fund NAV is below $100 million at the end of a quarter, GEM will not apply the 0.85% per annum rate to the next quarter’s Management Fee if: 1) net fund performance causes the investor’s NAV to fall below $100 million, and /or 2) a standing redemption request reduces NAV below $100 million.

The Management Fee is calculated and paid quarterly in advance based on the NAV of a Fund as of the beginning of the first day of the quarter, after giving effect to any contributions as of such date. In the event of an investor termination, the Management Fee would be pro-rated based upon the number of days in the quarter the investor was served, and the balance of the fee collected would be refunded. The Management Fee expense is charged to the investors in each Fund and deducted from Fund assets. The STL Fund Management Fee is accrued daily, based on the prior business day’s ending net asset value. The Management Fee is then paid quarterly in arrears (except for the LMF Fund which is paid monthly), or sooner in the event of an investor termination.

The Funds do not pay Management Fees for limited partner interests in the Funds held by employees of GEM. The General Partner has also waived or reduced the Management Fee for certain other participants in the Funds.
Expenses
Each Fund pays, or reimburses the General Partner or GEM for, the Fund’s operating costs and expenses including, but not limited to, legal, tax, audit and brokerage expenses. See the section of this brochure entitled “Brokerage Practices” for additional discussion of brokerage expenses. Unless otherwise determined by the General Partner, a Fund is responsible for reimbursing the General Partner or GEM for all costs and expenses incurred in connecti on with its formation and the offering of Interests (“Organizational Expenses”).

Each underlying fund or account in which a Fund invests will have its own administrative, management, investment, brokerage (as applicable) and other fees and expenses, in addition to incentive fees, if any, which are charged against the Fund’s assets.

Other than Management Fees, we neither require nor solicit pre-payment for any type of fees or expenses.

Investors should refer to each Fund’s Offering Memorandum, Limited Partnership Agreement or Memorandum and Articles of Association, as applicable, or Subscription Agreements and other offering documents for information regarding the Funds as well as the Management Fees, performance-based allocations or fees, and expenses paid by the Funds. GEM reserves the right, but is under no obligation, to negotiate fees and investment minimums. 6. Performance-Based Fees No GEM Fund has a special performance allocation or performance fee. please register to get more info

GEM generally provides investment advice to Funds. Investors in these Funds can include:  Qualified individuals  Family offices  Pension and profit-sharing plans  Trusts and estates, foundations/endowments and other educational and charitable organizations  Sovereign wealth funds  Corporations and business entities other than those listed.

Types of Investments

GEM is authorized to enter into any type of investment transaction that it deems appropriate for its Clients, pursuant to the terms of the applicable investment management agreement. These investments currently include, but are not limited to:

 Equity securities, including exchange-listed securities, securities traded over-the-counter, ETFs, foreign issues , and non-traded privately placed securities  Corporate debt securities  REITs  United States and foreign government securities  Option contracts on securities and/or indices  Limited partnership interests  Private investment funds  Real assets  Futures contracts  Derivatives GEM invests principally, but not solely, in funds managed by others, which invest in debt and equity securities tha t are traded in both U.S. and non-U.S. public markets and that are privately placed. GEM and/or the managed funds in which it invests, may also invest in long or short positions in options, bonds, convertible debt, preferred stock, swaps (including, but not limited to, interest rate swaps, variance swaps, volatility swaps, commodity swaps, credi t default swaps, asset swaps, total return swaps, equity swaps including baskets and emerging markets swaps, variations on any of the foregoing and any other type of over-the-counter instrument), notes, bills, warrants, futures, rights, derivatives, non–U.S. currencies, restricted securities, fixed-income assets, private placements, rea l assets and other securities or assets. please register to get more info

All investments involve the risk of loss, including (among other things) loss of principal, a reduction in earnings
(including interest, dividends and other distributions), and the loss of future earnings. These risks include
market risk, interest rate risk, issuer risk, cybersecurity risk, and general economic risk. Although we manage
assets in a manner consistent with certain risk tolerances, there can be no guarantee that our efforts will be
successful. The investor should be prepared to bear the risk of loss.
GEM invests using an endowment approach or strategy, which means investing in a broad array of securities and assets, using multiple strategies to balance risks and achieve modest, consistent returns over a perpetual time horizon. GEM’s long-term return objective is to seek to generate a 5% return (5% plus CPI – All Urban Consumers annual percentage change) after inflation. Employing an endowment-style approach to investing requires that a Fund have a long-term horizon and seek diversified, often contrarian opportunities. Therefore, a Fund can experience significant variability in short-term investment performance in its effort to generate meaningful compound real returns over the long term.

Each Fund is invested for total return; generating current income is not an objective. The long-term, total return objective dictates a significant allocation to growth-oriented investments. The risks inherent in higher-returning investments can normally be reduced through diversification, which is a key principal of GEM’s asset allocation approach. Typically, however, assets that diversify risk earn lower expected returns, and this ‘return penalty’ generally limits the amount of these assets that can be held in a portfolio seeking to achieve a 5% real return. GEM generally uses six return factors: Equity, Credit, Commodities, REITs, Treasuries and TIPS. The LMF Fund invests in the following return factors: Equity, Credit, Commodities, REITs, Fixed Income, and Cash. The STL Fund invests principally in high quality, short term fixed income instruments which are issued and payable in U.S. dollars.

Over the long term, a Fund’s average asset allocation will be consistent with certain pre-determined return factor targets. However, over shorter periods, actual asset allocation may vary significantly from long-term targets. The active ranges allow necessary flexibility for both GEM-driven and market-driven divergence from long-term targets. In the course of portfolio management, GEM may shift opportunistically among return factors to capitalize on disequilibria between markets. The framework for such tactical allocation is value-based, meaning GEM looks across return factors in an attempt to determine which present the most compelling risk-reward for the portfolio. GEM gathers information from a number of public and private sources, including frequent dialogue with its a cti ve managers regarding their view of current opportunities.

GEM, its clients, counterparties, and service providers rely on complex information technology and communications systems to conduct business functions. These systems are subject to a number of different threats, risks, and attacks that may result in a breach of system security. GEM maintains procedures intended to safeguard its systems and the information maintained on those systems, and continuously monitors and defends against incoming attacks. There can be no assurance, however, that GEM, its clients, counterparties, and service providers will not suffer losses relating to cyber-attacks or other information security breaches in the future.

GEM rebalances a Fund as needed to keep the asset allocation within active ranges. Rebalancing helps control risk and captures returns originating from excess volatility in the public markets. For the Funds, GEM manages liquidity across two primary dimensions: (i) it assesses the liquidity required for short-term cash management, variation margin for derivative instruments, and unfunded commitments to make future investments; and (ii) it targets an overall maximum for private investments. The LMF Fund and the STL Fund maintain liquidity sufficient to meet monthly redemption requests. Leverage can be used at the Fund level, with a target of zero percent and a maximum of 20%. While we believe leverage must be used judiciously, it is important to recognize that leverage by itself does not necessarily indica te an increase in a Fund’s risk/return profile. Modest leverage applied to lower-returning but diversifying assets ma y actually improve the Fund’s risk/return profile. GEM employs a combination of quantitative tools and qualitative judgment to assess and manage risk and minimize the probability of permanent capital impairment. The fundamental underpinning of the process is grounded in our fiduciary culture and conservative approach, which comprises frequent monitoring, appropriate position sizing, experience and judgment.

A Fund’s short- to medium-term performance (periods of one-to-five years) is judged primarily against policy portfolio benchmarks which are constructed using the target return factor percentage weightings multiplied by the corresponding index return, and rebalanced monthly. This comparison demonstrates the impact from both tactical asset allocation decisions and manager selection. We measure long term performance primarily against our 5% real return objective.

STL Fund performance is measured against a weighting of the 3-month U.S. Treasury Bill and the BofA Merrill Lynch 1-3 Year U.S. Corporate/Government Bond Index, 65% and 35% respectively.

A Fund’s functional currency is the U.S. dollar, and we manage currency exposure from the perspective of a U.S. dollar investor, although the Fund typically has non-dollar exposure given our focus on finding the most compelling investment opportunities across the globe. We estimate the combined currency exposure of portfolio investments and maintain the flexibility to hedge (or even augment) this exposure at the portfolio level.

The GEM Investment Committee, chaired by the Chief Investment Officer, has three primary responsibilities:


• To review the Funds’ Investment Policy Statement against the Firm’s long-term objectives and to modify it as necessary;
• To monitor discretionary changes to risk exposures made by the CIO; and
• To change the roster of external managers, oversee current relationships, manage certain assets directly, and oversee related administrative functions.

GEM allocates capital to different managers/strategies using a conviction-weighted approach that takes into account GEM’s views on the current opportunity set and our perception of risk, both quantitatively (e.g., amount of leverage used, volatility and position concentration) and qualitatively (e.g., our assessment of back office operations, financing and prime brokerage relationships). Core positions are typically between 1 – 3% of the Fund. please register to get more info

We are required to disclose all legal or disciplinary events that would be material to your evaluation of our business or the integrity of our management. None of GEM’s partners or employees have ever been the subject of any legal or disciplinary actions material to our business. please register to get more info

GEM is registered as a commodity pool operator with the U.S. Commodity Futures Trading Commission. GEM is not registered and does not have an application pending for registration as a securities broker-dealer, futures commission merchant, or commodity trading advisor. GEM does not have any arrangements with a related person who is a broker-dealer, custodian, investment company, other investment adviser, financial planning firm, commodity pool operator, commodity trading adviser, futures commission merchant, bank or thrift institution, accounting firm, law firm, insurance company or agency, pension consultant, real estate broker or dealer, or an entity that creates or packages investment vehicles. please register to get more info

Code of Ethics

We have adopted a Code of Ethics (“Code”), which addresses, among other matters, the securities-related conduct of our employees and representatives. It is our goal, through the establishment of such procedures and guidelines governing the conduct of our business, to eliminate actual or potential conflicts of interest with our Clients, a nd to prevent violations of securities laws and a breach of the duties we owe to our Clients.

While it is impossible to define all situations which might pose a risk of securities laws violations or create conflicts, the Code is designed to address those circumstances where these concerns are most likely to arise. By complying with the guidelines below, GEM employees minimize their potential individual exposure, and the Firm’s potential exposure, to violations of federal and state securities laws, prevent fraudulent activity and reinforce fiduciary principles.

Failure to comply with the provisions of our Code may result in some form of disciplinary action, including dismissal from GEM. Adherence to the Code is considered a condition of employment with GEM. Employees with concerns about the propriety of any activity are instructed to consult with our Chief Compliance Officer (“CCO”), Richard Abraham or our General Counsel, J. Porter Durham, Jr.

A copy of the Code and any amendments is provided to each GEM partner and employee, whether or not such individual is a Supervised Person under the Adviser’s Act. Each person must acknowledge in writing the receipt of these materials. A “Supervised Person” is any partner, officer, director (or other person occupying a similar s ta tus or performing similar functions), or employee of an investment adviser, or other person, who provides investment advice on behalf of the investment adviser and is subject to the supervision and control of the investment advis er. Each employee must certify annually that he or she has complied with the Code of Ethics during that period. Clients and prospective clients may obtain a copy of the GEM Code of Ethics by contacting Mary Lauren Bishop, Associate Director, at mlbishop@globalendowment.com.

Conflicts of Interest

Officers and employees of GEM have a duty to act in the best interests of our Clients at all times. As part of this duty, officers and employees are prohibited from engaging in any transaction which involves an improper confl i ct of interest.

A “conflict of interest” exists when a person’s private interests interfere in any way with the interests of GEM or its Clients. A conflict situation can arise when an officer or employee takes actions or has interests that may make it difficult to perform his or her work objectively and effectively. Conflicts of interest may also arise when an employee, or members of his or her family, receives improper personal benefit as a result of his or her position with GEM. It is a conflict of interest for a GEM employee to work simultaneously for a competitor, investor, vendor, supplier or other business entity (including, but not limited to, any securities or investment advisory business). Empl oyees are not allowed to work for a competitor or as an employee or independent contractor for any business other than GEM. Unless approved by GEM, no employee may serve as an officer, director or partner of any business other than GEM. GEM’s policy is to avoid any direct or indirect business connection with our investors, suppliers, vendors or competitors. Conflicts of interest are prohibited as a matter of GEM policy, unless they have been disclosed, reviewed and approved by GEM under guidelines administered by the CCO. Whenever a conflict of interest arises, the person involved must promptly disclose the circumstances of the conflict to the Compliance Team (which includes the CCO, General Counsel, and Compliance Associate) for resolution. Pre-Clearance of Personal Trading Every securities trade undertaken by an employee (and, in some cases, his or her immediate family) must be pre- cleared by a member of the Compliance Team prior to execution in accordance with GEM procedures, unless the trade relates to an exchange-traded or mutual fund, exchange-traded notes, currencies, or any non-Reportable Security. A “Gray List” of securities which are held by the Funds is maintained and trading windows are enforced. A prohibited trading list or “Black List” is also maintained for those securities about which we have, or may have, material, non-public information.

An employee desiring to trade securities personally must submit via a secure, web-based, compliance portal a request form to the Compliance Team for approval. The request includes information relating to the name of the issuer and type of security, the proposed transaction date, the number of shares or the face amount of the security proposed to be purchased or sold, and any other information concerning the proposed transaction and firm trading policies. Such a notice must be submitted to, and approved by, a member of the Compliance Team before execution of the proposed trade. The CCO, or his designate, periodically reviews employee personal holdings and trades as part of a certification process (discussed below).

Reporting Requirements

Under SEC rules, “access persons” of investment advisers are required to report their personal securities transactions and holdings. The Advisers Act requires that investment advisers have procedures in place, which require access persons to submit periodic reports regarding their personal securities holdings and transactions. GEM has adopted policies that satisfy these requirements.

GEM requires that a record of all personal securities transactions made by any employee be kept available for inspection, and that these records be maintained on a quarterly basis. To comply with this policy, every empl oyee (and under certain circumstances, members of his or her immediate family) must provide to the Compliance Team, or arrange for the Compliance Team to receive from any broker, dealer, or bank that executes any personal securities transaction, copies of statements for each brokerage account in which such employee or such immediate family member has a beneficial interest. Newly hired employees are required to present initial statements of holdings and all employees are required to present an annual statement of holdings.

Additionally, every employee must file a quarterly certificate with the Compliance Team within 30 calendar days after the end of each calendar quarter. The quarterly certification form requires every employee to represent that he/she, and each member of his/her immediate family required to do so has provided duplicate confirmations and monthly statements for each brokerage account required in the preceding paragraph to the Compliance Team, or arranged for each broker to provide such information. Completed forms should be sent to the Compliance staff. All employees must file quarterly certification forms even if they had no reportable transactions during the quarter. All quarterly certification forms and periodic brokerage statements are maintained in accordance with the Books and Records Policy of GEM. Clients may obtain a copy of this policy upon request to Mary Lauren Bishop, Associate Director, at mlbishop@globalendowment.com. These actions, and the maintenance of the above described records, are facilitated using a secure, web-based compliance portal. please register to get more info

GEM’s direct trading activities account for about one fifth of the Fund’s portfolio. GEM allocates the remainder of its managed capital to fund managers. GEM evaluates each counterparty or broker for a particular trade or group of trades it plans, and makes an appropriate and effective choice for that trade. To ensure proper execution and operational compliance, GEM’s Brokerage Committee and operations group monitor the selection, execution quality, volume of business, and financial health of the counterparties and brokers that GEM uses. We currently participate to a limited extent in commission sharing arrangements (“CSA”) under which we may effect transactions through a broker and request that the broker allocate a portion of the commissions or commission credits to a firm that aggregates these amounts and, with our oversight and approval, pays providers of qualified research and brokerage. The CSA, as well as the research provided in connection with such arrangements, is intended to comply with the Section 28(e) soft dollar provisions as interpreted by the SEC. We believe that participating in commission arrangements of this type enables us to efficiently consolidate pa yments for qualified research and brokerage services through one or more channels which would, in any case, be pa i d for by the Funds. Using these accumulated commissions or credits from transactions executed through multiple brokers, we can then obtain qualified research and brokerage services provided by firms and vendors of our choice in support of our Client work. please register to get more info

GEM’s Chief Investment Officer and the Chief Investment Operations Officer review all investment portfolios managed by GEM on an ongoing basis. These reviews focus on the consistency of portfolio investments with objectives and risk tolerances. Asset allocation, cash management, market prospects and fund manager actions are considered as well. Checks are made monthly to ensure compliance with investment parameters. Changes in general economic and market conditions, analyst reports, corporate news and interest rate movements are also considered. Adjustments are then made as necessary or appropriate. GEM’s Risk and Valuation Committees also regularly evaluate investment risk and valuation parameters as an additional check.

Fund investors and separate account holders receive monthly and/or quarterly account statements, which provi de information concerning the value of their investments. Fund investors and separate account holders also receive an annual K-1, if applicable, and a copy of the annual audit for each Fund in which they are invested. LMF Fund, STL Fund, and separately managed account investor reports may vary in timing and content. These reports are posted to each investor’s secure, web-based portal account. In addition, based on the specific needs and requests by certain Fund investors, GEM may in its discretion agree to provide more frequent reports and/or certain other special reports which differ from those described above. please register to get more info

GEM does not receive any economic benefit from non-clients in connection with giving advice to Clients. GEM has no arrangements with any individual or entity to solicit Clients. please register to get more info

GEM uses a qualified custodian (the “Custodian”) to maintain physical custody of certificated securities and Cl ient funds. GEM ensures that information on all trades executed on behalf of the Funds and separately managed accounts is delivered to the appropriate administrators and custodian(s). Daily holdings reconciliations are conducted among the Custodian, the administrator for the Funds and separately managed accounts (the “Fund Administrator”), and GEM. The Fund Administrator issues certain performance and capital account information directly to Fund investors. We encourage careful review and comparison of these reports and the related information and reports provided directly by GEM. Any discrepancies should be communicated to Richard Abraham, our Chief Financial Officer, at rabraham@globalendowment.com. please register to get more info

GEM maintains, and adheres to, the investment parameters and compliance requirements for the Funds and separately managed accounts. These parameters are included in the Investment Policy Statement for the Funds or in separate agreements for the separately managed accounts. For the Funds, GEM has complete investment and operations authority and discretion. For separately managed accounts, GEM may obtain special authorization to act from a Client. For example, the Client may specify particular investment types which should not be part of the portfolio or may choose special liquidity terms, among others.

Offering Memorandum for each Fund. please register to get more info

In lieu of managing the proxy process internally, GEM has retained a proxy service (the “Proxy Service Provider”) to manage the annual proxy process and to vote in accordance with its own internal research and best corporate practices.

As part of its engagement, the Proxy Service Provider:

 Researches and makes voting determinations for securities held in GEM’s portfolios;

 Votes and submits proxies in a timely manner;

 Handles other administrative functions of proxy voting;

 Maintains records of proxy statements received in connection with proxy votes and provides copies of such proxy statements upon request;

 Maintains records of votes cast; and

 Provides recommendations with respect to proxy voting matters in general.

GEM has determined that, except as set forth below, proxies will be voted in accordance with the voting recommendations contained in the applicable Proxy Service Provider Voting Guidelines in effect at the time of voting. GEM will periodically review the Proxy Service Provider Voting Guidelines, including any significant changes or updates thereto. In connection with such reviews, GEM may determine that it is not in the best interest of its Clients to vote proxies in accordance with the Proxy Service Provider Voting Guidelines on certain matters. In s uch event, GEM will follow established procedures in connection with voting any such proxies contrary to the Proxy Service Provider Voting Guidelines. In the event the Proxy Service Provider Voting Guidelines do not address how a proxy should be voted, GEM will vote the proxy in accordance with the Proxy Service Provider recommendations. If the Proxy Service Provider refrains from making any such recommendations, GEM will vote the proxy consistent with the general principles of these policies and procedures and in its Clients’ best interests. GEM has reviewed the Proxy Service Provider code of ethics and conflicts of interest policy (as amended or updated from time to time, the “Proxy Service Provider Conflict Policy”), which addresses conflicts of interest that could arise in connection with advisory services provided by the Proxy Service Provider or its affiliates. GEM believes that the Proxy Service Provider Conflict Policy contains policies and procedures that are reasonably designed to mitigate any such potential conflicts of interest. GEM will maintain records relating to the implementation of voting policies and procedures, including:  A copy of the current voting policies and procedures, which will be made available to Clients upon request;  Proxy statements received regarding Client securities, which will be satisfied by relying on the Proxy Service Provider;

 A record of each vote cast, which the Proxy Service Provider maintains on GEM’s behalf;

 Any other document created by GEM that was material in making a decision to vote proxies on behalf of its Clients or that memorializes the basis for that decision; and

 Each written Client request for proxy voting records and GEM’s written response with respect thereto.

Such books and records will be maintained in accordance with the Books and Records Policy of GEM. Clients may obtain information regarding how GEM voted any proxy and a copy of the Proxy Service Provider’s voting policies and procedures upon request to Mary Lauren Bishop, Associate Director at mlbishop@globalendowment.com. please register to get more info

GEM is required to provide you with certain financial information and disclosures about our financial condition. We do not require the prepayment of fees six months or more in advance. We have no financial commitment that impairs our ability to meet contractual and fiduciary commitments to our Clients and we have not been the subject of a bankruptcy proceeding. Brochure Supplement Part 2B Form ADV Global Endowment Management, LP 550 S. Tryon Street, Suite 3500 |Charlotte, NC 28202 (704) 333-8282 www.globalendowment.com
Supervised Persons
Thruston B. Morton, III, Michael D. Smith, Stephanie S. Lynch, Hugh N. Wrigley, Ryan H.
Henderson

March 29, 2019 This brochure supplement provides information about Thruston B. Morton, III, Michael D. Smith, Stephanie S. Lynch, Hugh N. Wrigley, and Ryan H. Henderson that supplements the Global Endowment Management, LP brochure (Form ADV Part 2A). You should have received a copy of that brochure. Please contact Global Endowment Management, LP if you did not receive the firm’s brochure or if you have any questions about the content of this supplement. Additional information about our Supervised Persons is available on the SEC’s website at www.adviserinfo.sec.gov
Professional Certifications
Employees have earned certifications and credentials that we are required to explain in further detail. ______________________________________________________________________________
Chartered Financial Analyst (CFA®)
CFA®, Chartered Financial Analyst®, and the CFA Logo certification mark are trademarks owned by CFA Institute. Holders of the Chartered Financial Analyst® designation are securities analysts, money managers and investment advisers who have completed the CFA program, a graduate-level, self-study curriculum and examination program for investment professionals that covers a broad range of investment topics. To earn a CFA charter, you must have four years of qualified investment work experience, become a member of CFA Institute, pledge to adhere to the CFA Institute Code of Ethics and Standards of Professional Conduct on an annual basis, apply for membership to a local CFA member society, and complete the CFA Program. The CFA Program is organized into three levels, each culminating in a six-hour exam. Completing the Program takes most candidates between two and five years but can take as long as you need to complete the program. The Program reflects a broad Candidate Body of Knowledge™ (CBOK) developed and continuously updated by active practitioners to ensure that charterholders possess knowledge grounded in the real world of today’s global investment industry.
Supervised Persons
Thruston B. Morton, III – Chairman
Thrus, born in 1955, is the founder of GEM. He has previously served as Chief Executive Officer and Chief Investment Officer of GEM. Before founding GEM, he was President, CEO and Chief Investment Officer of Duke University Management Company (“DUMAC”) from 2000 to 2008. At DUMAC, Thrus managed $7.7 billion in endowment, retirement and other financial assets. Prior to his tenure at DUMAC, Thrus worked at JP Morgan from 1978 to 2000 in New York, Singapore, Hong Kong and London. During his time at JP Morgan, Thrus was promoted from a banker to a portfolio manager, to a senior advisor, and finally, to a Managing Director.

Thrus received his B.A. in Southeast Asian History (honors) from Brown University, graduating in 1978 magna cum laude and Phi Beta Kappa. Disciplinary Information: None Other Business Activities: Thrus is a member of the Board of Directors of The Conservation Fund in Arlington, VA, DUMAC Inc. in Durham, NC and TreesCharlotte in Charlotte, NC. Additional Compensation: None Supervision: Thrus is supervised by J. Porter Durham, Jr., our Vice Chairman, Managing Partner, and General Counsel.

Michael D. Smith, CFA® - Chief Investment Officer Mike, born in 1971, joined GEM in April of 2010. Before joining GEM, Mike served as the Chief Investment Officer of the University of Florida Investment Management Company (“UFICO”), and managed $1.5 billion in assets, from 2004 to 2010. Prior to his time at UFICO, Mike worked at DUMAC from 2002 to 2004, serving as an Investment Manager, Research & Strategy. At DUMAC, Mike worked directly with the Chief Investment Officer on asset allocation and opportunistic hedging, and assisted in the managing of alternatives. From 1994 to 2002, Mike served as the Director of Research for Hewitt Investment Group, advising clients on asset-liability studies and alternative assets. His research included regular publications on capital markets and alternative assets. Mike received his B.S. in Finance from the University of Florida in 1994, graduating summa cum laude. Disciplinary Information: None Other Business Activities: Mike is a member of the University of Florida Student Fund Advisory Board. Additional Compensation: None Supervision: Mike is supervised by Richard S. Abraham, our Chief Compliance Officer, and J. Porter Durham, Jr., our Vice Chairman, Managing Partner, and General Counsel. Stephanie S. Lynch, CFA® - Managing Director, Investor Services Team Stephanie, born in 1967, is a co-founder of GEM. Before co-founding GEM, Stephanie served as the Chief Investment Officer of The Duke Endowment from 1999 to 2007. At The Duke Endowment, Stephanie managed $3.3 billion in financial assets. Prior to her time at The Duke Endowment, Stephanie worked at Trade Street Investment Associates as a Portfolio Manager from 1996 to 1999, and at INVESCO Capital Management as a Fixed Income Trader and Portfolio Manager from 1990 to 1996. Stephanie received her B.S. in Finance from Florida State University in 1988. Disciplinary Information: None Other Business Activities: Stephanie serves as a member of the Investment Committee for the Baby J Fund, a private foundation supporting research for pediatric cancers. Stephanie is also a Trustee of the Florida State University Foundation. Finally, she is a Member of the Board of Trustees, Governance Committee, Executive Committee, and Finance Committee of The Thacher School in Ojai, California. Additional Compensation: None Supervision: Stephanie is supervised by J. Porter Durham, Jr., our Vice Chairman, Managing Partner, and General Counsel.

Hugh N. Wrigley – Managing Director, Investments Hugh, born in 1964, is a co-founder of GEM. Before co-founding GEM, Hugh served as the head of the Private Investments Group at DUMAC from 2003 to 2007. Prior to his tenure at DUMAC, Hugh served as the Vice President of the Mergers and Strategic Advisory Group at Goldman, Sachs & Co. from 2000 to 2002. Trained as a lawyer, Hugh worked for Linklaters law firm from 1992 to 2000 as an Associate in New York and London. From 1989 to 1992, Hugh was an Associate in the Securities, Mergers, and Acquisitions Group at Allens Arthur Robinson law firm, and participated in the Sullivan Cromwell foreign lawyers program in New York. Hugh has been admitted as a member of the New York Bar Association, included on the Roll of Solicitors of England and Wales, and a Barrister and Solicitor of the Supreme Court of Victoria, Australia. Hugh received his L.L.B. (honors) and B.Comm from the University of Melbourne in 1989. Disciplinary Information: None Additional Compensation: None Supervision: Hugh is supervised by J. Porter Durham, Jr., our Vice Chairman, Managing Partner, and General Counsel. Ryan H. Henderson – Managing Director, Real Assets Ryan, born in 1978, joined GEM in 2007 as a member of the private investments team. From 2001 to 2005, Ryan worked at Goldman, Sachs & Co. as a real estate Analyst, responsible for the management and realization of existing real estate opportunities and operating company investments and the evaluation of acquisition opportunities across all real estate product types. Ryan received his B.B.A. in Finance (honors) and his B.A. in History from Southern Methodist University, graduating magna cum laude in 2001. He received his M.B.A. from Duke University’s Fuqua School of Business in 2007. Disciplinary Information: None Other Business Activities: Ryan is a member of the Charlotte Country Day School Capital Campaign Cabinet, supporting new buildings fundraising efforts. . Additional Compensation: None Supervision: Ryan is supervised by Hugh N. Wrigley, Managing Director, Investments, and J. Porter Durham, Jr., our Vice Chairman, Managing Partner, Chief Operating Officer and General Counsel. please register to get more info