Date
23 September 2017
Harvard is seilling almost US$1 billion of private equity and venture capital investments, and about US$1.6 billion of real estate. Photo: Bloomberg
Harvard is seilling almost US$1 billion of private equity and venture capital investments, and about US$1.6 billion of real estate. Photo: Bloomberg

Harvard seeking to sell US$2.5 bln in endowment assets

Harvard University’s endowment is trying to sell about US$2.5 billion of private equity, venture capital and real estate investments, Bloomberg reports, citing a person familiar with the matter.

Harvard Management Co., which oversees the university’s US$35.7 billion endowment, has hired Cogent Partners, a unit of Greenhill & Co., to seek bidders in the secondary market, the person said.

Harvard is shopping almost US$1 billion of private equity and venture capital investments, and about US$1.6 billion of real estate, the person said.

The proposed sale was earlier reported by Axios. Harvard Management declined to comment. Cogent couldn’t immediately be reached for comment.

Axios said that if Harvard sells off all US$2.5 billion at net asset value, it would appear to be the largest endowment secondary sale of all time.

Harvard Management, which runs the largest endowment in higher education, is in the midst of major changes after years of producing returns that trailed peers such as Yale University.

Earlier this year, it announced plans to downsize a staff of 230 people by half, shutter internal hedge funds and seek to spin out some portfolio managers, including bond and equities traders as well as a team overseeing real estate.

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CG/RA

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