突发！巨大抛盘，来袭！

Core Viewpoint - The pressure from the Trump administration on U.S. universities is leading to significant sell-offs in the stock market, with Yale University planning to sell up to $6 billion of its private equity portfolio, representing 15% of its $41.4 billion endowment fund [1][2]. Group 1: University Actions - Yale University is seeking to sell its private equity investments, marking its first secondary market sale [2]. - Harvard University may also begin selling liquid assets and issuing more debt if its tax-exempt status is revoked, which could trigger a domino effect impacting the financial system [2][3]. - The Department of Homeland Security has terminated a $2.7 million grant to Harvard, which has already rejected government reform demands, indicating financial strain [2]. Group 2: Market Implications - The sell-off by prestigious universities like Yale and Harvard could lead to a liquidity crisis in the private equity market, as these institutions are significant players in the sector [3][7]. - The current liquidity issues in the private equity industry are reflected in the stock price declines of major firms like Blackstone and Apollo, which have dropped over 20% this year [7]. - The forced sales of high-quality assets by top institutions may lead to a re-evaluation of valuation models in the market [7][8]. Group 3: Broader Economic Impact - The potential sell-off of approximately $500 billion in private equity assets held by U.S. university endowments could create significant market turbulence [8]. - The global impact of this liquidity crisis is already being felt, with warnings from the European Private Equity Association about potential effects on emerging market asset prices [8]. - The ongoing pressure from the Trump administration could exacerbate the situation, potentially becoming a tipping point for the market [8].