Yale Alternative Investments
Yale Endowment Fund Cutting Hedge Fund Investments
The private research university, which has a $16.3 billion endowment fund, is decreasing its hedge fund allocation by 6% to 15%. Meanwhile, its private equity target has been raised to 26% from 21%.
The university released its portfolio rebalancing in an online report Thursday. A representative for the school declined additional comment.
The report anticipated private equity would outperform, noting alternative investing exploited market inefficiency. Private equity has earned more than 30% since the school started investing in the asset class in 1970.
Yale University investment head David Swensen has been a longtime advocate for alternative investing; championing it as superior to traditional asset management. The Ivy League school has the second richest endowment fund after Harvard University, which has $25 billion in capital. Source
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