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...November, media outlets began reporting that Harvard was looking to sell billions of dollars in private equity holdings at drastically reduced prices, and in December, the University sold $2.5 billion in bonds in order to raise cash, refinance short-term debt, and terminate certain investment agreements. (Mendillo has stated in the past that HMC began exploring private equity sales even before the financial world imploded, as part of a larger policy portfolio shift that she implemented upon her arrival.) Thursday’s endowment report said that over the past year, HMC has reduced its payments owed to outside investment...
...although it did not provide more specific figures. HMC, which has been criticized for its multi-million dollar compensation packages in the past, typically rewards managers for adding value and outperforming benchmarks. But it also withholds large portions of the bonuses over subsequent years in order to emphasize long-term growth and protect against excessive risk-taking. The report said that a small group of managers who outperformed markets would be receiving bonuses this year...
...years, Harvard has been the subject of scrutiny—and idolatry—as its endowment consistently generated double-digit yearly investment returns, largely due to its heavy exposure to alternative asset classes, which include real estate, private equity, timber, and other commodities. Such investments added long-term value to the endowment and brought sustained growth in previous years, but also reduced the portfolio’s liquidity—meaning that the University’s assets became more difficult to sell and convert to cash on short notice...
...school committee member Nancy Tauber. “We wanted [the new superintendent] to know this issue was a priority.” Grassi went so far as to identify the concern as “the biggest issue the school committee is going to have over the next term.” While Young will not provide concrete recommendations, he will be presenting a general plan to the school committee on September 22nd. “My understanding is he’s going to present recommendations in terms of the process and how he’s going...
...Politics, and Public Policy announced its slate of fall fellows earlier this week—a group of two journalists and two academics who will stay at Harvard to research issues confronting the modern press. The Shorenstein fellowship program, now in its twenty-fourth year, funds a semester-long term for experts in news media. Fellows are selected by a committee of the Shorenstein Center’s senior staff and Kennedy School faculty. This year’s fellows are John G. Geer, a Vanderbilt professor and an expert on political attack ads; Loen Kelley, a television producer...