Harvard Endowment Rises 21% on Gains by Hedge Funds
Harvard University, the world’s richest school, said its investments rose 21 percent in the past year, outperforming benchmarks and extending the rebound from record losses in 2008.
The value of the university’s endowment climbed $4.4 billion to $32 billion as of June 30, according to a report today by Harvard Management Co., which oversees the fund. The increase in value also reflects gifts from donors and distributions to help finance operations at the Cambridge, Massachusetts, university.
Jane Mendillo, who took over as chief executive officer of Harvard Management in July 2008, plans to shift more money in- house as she continues to cut the endowment’s use of outside asset managers. She has overseen the fund’s rebound from a 27 percent loss in the wake of Lehman Brothers Holdings Inc. (LEHMQ)’s collapse in September 2008.
“While there has been some healing of the financial wounds inflicted during the crisis of 2008-2009, the portfolio and the university are still feeling the aftermath of that difficult period,” Mendillo wrote in the five-page annual report.
Harvard’s investments rose in all categories during the fiscal year. Returns on hedge funds, real assets such as commodities, and fixed-income assets beat internal benchmarks, while gains by private equity, real estate and public stocks fell short of targets, the report shows.
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