折价低于10%，耶鲁拟出售25亿美元PE资产

Group 1 - Yale University is preparing to sell up to $2.5 billion in private equity assets in the secondary market as part of the "Gatsby Plan" [1] - The sale is expected to have an overall discount of less than 10%, although some asset valuations have seen discounts as high as 15% [1] - This transaction is a significant adjustment under CIO Matt Mendelsohn's leadership for the university's $41 billion endowment fund, marking one of the largest secondary market transactions of the year [1] Group 2 - The university's endowment fund is facing dual pressures: a lack of distributions from private equity funds and the prospect of rising investment income tax burdens [1] - Proposed tax rate increases for certain private school endowments by the Republican party could raise the tax rate from 1.4% to 21%, prompting elite institutions like Yale to reassess their investment strategies [1] Group 3 - The "Yale Model," pioneered by the late David Swensen, revolutionized endowment fund investment by increasing allocations to alternative assets such as hedge funds, venture capital, and private equity [2] - As of June 30, Yale holds over $10 billion in leveraged buyout and venture capital funds, with 56% of U.S. higher education endowment funds allocated to alternative investments for the 2024 fiscal year [2] - The ongoing asset sale discussions include a "mosaic transaction" allowing buyers to select specific investment funds, with several buyers, including Lexington Partners and HarbourVest Partners, evaluating the portfolio [2] Group 4 - The Mother Fund Research Center has officially launched the 2025 special list evaluation to encourage excellence in the private equity mother fund and fund industry [3] - The center will release the 2025 special list in July based on existing data and research analysis to promote healthy development in the equity investment industry [3]