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Kim Lew, chief investment officer of the Carnegie Corporation, raised another concern in the low-return environment: the move by endowments into riskier assets.

“The goal here is really to address this giant gap, whereby we know 65 percent of deaths in the world — that’s about 35 million — go unrecorded,” said Dr. Kelly Henning, who has led the Bloomberg Philanthropies public health program since it started...