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The Max Planck Foundation (“MPF”) is a private, independent non-profit organisation of sup-porters of cutting-edge research by the Max Planck Society. The relevance of many of the works is particularly evident in the long term as 22 scientists have become Nobel Laureates since 1950. MPF has been supporting excellent fundamental research at many of the 86 Max Planck Institutes worldwide since 2006. It creates important scope for research in the compe-tition for the best minds and for new ground-breaking findings. MPF’s endowment management team has the responsibility of generating investment returns with the ultimate goal of supporting the Max Planck Institutes in perpetuity. For this purpose, we have adopted the endowment investment model as pioneered by Yale’s David Swensen. This means taking a long-term view, pursuing equity-oriented, illiquid investments and run-ning a diversified portfolio of currently c. €700 million. The Foundation partners with leading fund managers across equities, absolute return, private credit, private equity and real assets. Environmental, social and governance (“ESG”) matters constitute a key part of our investment process.