“You know what they say,” Lawrence Kochard, CEO and CIO of the University of Virginia Investment Management Company (UVIMCO), begins. “If it ain’t broke, don’t fix it.” And indeed, Kochard’s management of the $6.4 billion endowment has been smooth sailing so far in his tenure of a little more than three years. The fund continually ranks among the five largest public university endowments and in the top 20 for US endowments overall...However, despite good returns and governance, there is room for improvement, Kochard acknowledges. Its real estate portfolio, comprising 8.6% of the endowment as of June 30, 2013, has struggled.