Duke Management Company manages an endowment fund which is based in Durham, North Carolina. Established in 1989, Duke Management Company is a professionally-staffed investment organization controlled by Duke University. In addition to managing Duke's endowment, Duke Management Company manages the employees' retirement pool, invests much of the university's working capital, and advises the Duke University Health System on investments. It also manages the assets of The Duke Endowment, the private charitable trust established by Duke University's founder, James B. Duke. The endowment is managed by the board of directors.Duke Management Company's investment portfolio is valued at $19 billion, with investments in domestic and international equity, fixed income, private equity, real estate, cash, hedge funds.