State Street recently released a report gathering investors’ thoughts concerning their approach to investing in alternatives, and their opinions on different investment models, including the endowment model.  Based on analysis of the data collected, State Street found that asset owners are changing their approach to investing in light of lessons learned from the global financial crisis.  Investors indicated that they are using the endowment model differently than they had before the financial crisis.  Investors are also adopting new asset allocation tools and increasingly focusing on risk management in managing their portfolios.  The report also included a list of best practices suggested by State Street that could be useful for successful hedge fund investing.  This article summarizes the key takeaways from the report.