哈佛、耶鲁抛售“私募资产”？美国“新次贷”危机正在酝酿？

Core Viewpoint - The article discusses the significant market implications of Yale University's decision to sell a portion of its $60 billion private equity investment portfolio, marking the first time the institution has sold private assets in the secondary market. This move is seen as a response to political pressure and potential liquidity issues, raising concerns about a looming "new subprime crisis" in the private equity market [4][16]. Group 1: Yale and Harvard's Financial Strategies - Yale University is preparing to sell approximately $60 billion in private equity investments, which constitutes about 15% of its $41.4 billion endowment fund [4][15]. - Harvard University, with an endowment of nearly $52 billion, is also under scrutiny as it faces potential loss of tax-exempt status, which could force it to liquidate more assets or incur significant debt [4][6]. Group 2: Risks in the Private Equity Market - The private equity sector is currently experiencing a "perfect storm" characterized by slowed transaction activity, valuation discrepancies, and tightened capital return channels, leading to a dual crisis of "asset entrapment" and "valuation crisis" [10][11]. - Major private equity firms like Apollo, Blackstone, and KKR have seen stock prices drop over 20% this year, underperforming the S&P 500 index [10]. Group 3: Structural Issues in Endowment Funds - The traditional investment strategy of elite universities, which heavily invested in high-risk alternative assets, is now facing challenges due to changing market conditions and liquidity constraints [6][12]. - Harvard is reportedly resorting to debt financing to cover operational costs, indicating a liquidity crisis within what was once considered "permanent capital" [13]. Group 4: Potential for a New Crisis - Analysts suggest that the current situation resembles characteristics of a "new subprime crisis," with high leverage, exposure, and liquidity exhaustion posing systemic risks [17]. - The crisis may not manifest suddenly but could spread gradually through institutional channels, affecting various sectors from universities to private equity and venture capital [18].