Harvard Management Company

Endowments with over $1bn in assets invest and benefit the most from exposure to private funds.

The proportion of LPs planning to tap the secondaries market remains flat, but strong currents point to much more opportunistic buying and selling.

The $41.9bn endowment has made progress in growing its private equity portfolio while shedding older illiquid assets that have weighed on performance.

'Parts of the legacy portfolio do not have a prospect of generating a return commensurate with the risk and the illiquidity entailed, and may not provide a return at all,' CIO Narv Narvekar wrote.

Two-fifths of the investors said fees are a greater concern than ever due to more muted return expectations, according to NEPC data.

The tax reform law hits these institutional investors and could lead to long-term consequences.

The Harvard Management Company is changing its investment model, but it’s still unclear when it will pay off.

Harvard Management Company and University of Virginia have both admitted to being disappointed with their endowment returns following a challenging period for such investors.