I think this is really missing the point of the question. I know that it is common for endowments to be invested "in the market" - people believe that's the most responsible thing to do. But the question was about why do things the normal way? Why link up market performance of a set of investments with funding mechanisms for OSS? If you're going to be bold and try to fund something that is, in market and economic terms, quite off-norm, why do that using entirely normal systems that are at the core of a capitalist economy?

There are areas where we experiment and take risks: raising the first-ever endowment for open source, making it very lean and digital-first, relying on bottom-up funding and governance instead of large corporate donors, etc.

But all other areas should be as low-risk as possible — like accounting, legal, and investment management of a community endowment fund. We are exploring a few ideas on how to grow the fund faster than the market without increasing its risk profile, but they are complementary to a very conservative core strategy.

Besides OSE, I am a full-time VC — that's the area where investors are bold and invest in off-norm opportunities, but it lies on the totally opposite side of the investment risk spectrum. And directly mixing them does not seem like a good idea.