耶鲁、哈佛两大超级LP决定：抛售500亿PE投资组合

Core Insights - Yale University and Harvard University are facing financial difficulties, leading to significant sell-offs of their private equity portfolios [2][4][6] - Yale plans to sell up to $6 billion of its private equity investments, which represents 15% of its endowment fund [2][4] - Harvard aims to sell approximately $1 billion in private equity assets and issue $750 million in taxable bonds to alleviate financial pressure [5][7] Group 1: Yale University - Yale's endowment fund totals $41.4 billion, but its return rate has declined to 5.7% for the fiscal year 2024, below the 10-year average of 9.5% [4] - Approximately one-third of Yale's endowment is allocated to private equity, which has become a burden due to low liquidity in the current market [4][9] - The decision to sell private equity holdings is aimed at increasing liquidity and providing room for future portfolio adjustments [4][9] Group 2: Harvard University - Harvard's endowment fund stands at $53.2 billion, with a return rate of 6.3% for the fiscal year 2024, also below its long-term target [6][7] - Harvard's financial situation is exacerbated by the freezing of $2.2 billion in federal funding and threats to its tax-exempt status [6][7] - The university's strategy includes selling private equity assets and issuing bonds to enhance liquidity and optimize its investment portfolio [7][9] Group 3: Broader Industry Context - U.S. university endowments are generally facing challenges such as declining investment returns, liquidity issues, and market volatility [9][10] - The overall investment environment for endowments has become more complex due to global economic uncertainties and geopolitical tensions [10] - Despite these challenges, there are opportunities for endowments to adjust their investment strategies and improve risk management [10]