耶鲁模式

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象牙塔下的“金融帝国”:美国大学何以成为“一门生意”?
3 6 Ke· 2025-07-31 11:41
Group 1 - The article discusses the ongoing conflict between U.S. universities and the federal government, highlighting Harvard's potential $500 million settlement to end federal investigations and Columbia University's $200 million settlement [1][3] - The financial structure of U.S. universities is complex, with public universities relying on state funding and private universities depending heavily on tuition and endowment funds [3][9] - Tuition fees have significantly increased over the past two decades, with public university fees rising nearly 150% and private university fees increasing by 200% [5][6] Group 2 - The average annual cost for private nonprofit universities is approximately $58,628, while out-of-state public university tuition averages $28,386 [4][6] - Harvard's tuition fees reach $86,000 per year, while the University of California, Berkeley charges up to $52,000 [4][6] - The article emphasizes the importance of endowment funds for universities, with Harvard's total revenue for the 2024 fiscal year projected at $6.5 billion, of which 45% comes from endowment income [13][20] Group 3 - The article outlines the challenges faced by universities due to declining investment returns and increased government scrutiny, leading to potential financial crises [3][20] - The proposed tax reform on endowment funds could impose a tax rate of up to 21% on wealthy universities, significantly increasing their tax burden [51][53] - Yale University has begun selling off illiquid assets to improve liquidity, indicating a shift in investment strategy amid financial pressures [56][59] Group 4 - The financial crisis in higher education is not limited to elite institutions; many smaller colleges are facing closures due to budget deficits and declining enrollment [66][72] - The article highlights the disparity between wealthy universities and smaller institutions, with the latter often lacking substantial endowment funds [75][76] - The increasing reliance on student loans and the rising cost of education have transformed higher education into a private expense rather than a public good [80][81] Group 5 - The article raises questions about the fundamental purpose of universities, debating whether they serve as public institutions for knowledge and opportunity or as financial entities focused on endowment growth [88][89] - The ongoing financialization and marketization of education may have broader societal implications, affecting future generations and the overall perception of education's value [89][90]
美国高等教育,何以成为普通人不可及的奢侈品?
Hu Xiu· 2025-07-31 04:56
前段时间,特朗普向哈佛"宣战":冻结联邦拨款、威胁撤销免税地位、试图限制国际招生。 7月28日,媒体报道哈佛有意向联邦政府支付高达5亿美元的和解金,以结束多项联邦调查。此前一周,哥伦比亚大学也宣布将支付2亿美元。 这些博弈将美国大学与政府的矛盾推至风口浪尖,也折射出美国大学复杂的财政体系。同时,美国国会也正加速推进改革,计划直线提升大学捐赠基金的 课税率。 曾经,不少学校主要依赖于捐赠基金的投资收益创收:它们重仓私募股权和风险投资,在过去几十年创造了惊人回报,而如今这套玩法却不再奏效。 这篇文章我们就来聊聊:为何政府资助与捐赠基金如此重要?面对投资回报下滑和政府挤压,学校该如何破解财政困境?更重要的是,教育的本质到底是 什么?大学的金融化、市场化与行政化,将让美国的未来付出何种代价? 一、钱从哪来?美国大学的收入拼图 我们先来算一笔账:美国的大学最基本的分野是公立和私立大学,其中最大的区别是公立大学一般由州政府出资建立,因此对州内居民收的学费较低。 根据Education Data Initiative的数据,2024~2025学年中,美国私立大学的平均学杂费超过58,000美元,公立大学的外州学生为28,0 ...
折价低于10%,耶鲁拟出售25亿美元PE资产
母基金研究中心· 2025-06-05 07:31
耶鲁大学正准备在二级市场抛售高达25亿美元的私募股权资产 。 这种方法彻底革命了捐赠基金投资理念,各大资金池纷纷增加对流动性较差和更复杂投资的敞 口 。 根据全美大学商务官协会对2024财年的研究,美国高等教育捐赠基金平均将56%的资产配置 于另类投资。 截至6月30日,位于康涅狄格州纽黑文的耶鲁大学在杠杆收购和风险投资基金中各持有超过 100亿美元,根据其2024财年财务报告显示。 媒体指出,耶鲁大学一年多来一直在考虑出售资产,并考虑削减数十只基金的持仓,以清理旧 有持仓。出售谈判中涉及一项所谓的"马赛克交易",允许买家挑选他们想要收购的特定投资基 金。包括Lex ington Partner s和HarbourVes t Partner s在内的多家买家已对该投资组合进 行了评估。 当这一模式的创始者开始大规模撤退时,整个行业或许需要重新思考:在税收政策急剧变化和 流动性危机并存的新环境下," 耶鲁模式 "是否还能延续其昔日的辉煌? 6月5日据媒体报道,耶鲁大学将首次在二级市场出售大规模私募股权持仓,这所常春藤盟校的 捐赠基金正就代号为"盖茨比计划"的投资组合出售进行深入谈判。 私募股权资产价值高达25 ...
耶鲁大学接近达成协议,将出售至多25亿美元私募股权,折价预计低于10%
Hua Er Jie Jian Wen· 2025-06-05 00:32
大学捐赠基金正面临双重压力:一方面是过去几年私募股权基金分红匮乏,另一方面是投资收入税负上 升的前景。 共和党在国会提议将某些私立学校捐赠基金的税率提高至21%,较目前的1.4%大幅上升。这一税收威胁 正迫使包括耶鲁在内的精英院校重新审视其投资策略,现金流的紧迫需求使得昔日不可动摇的长期投资 理念开始松动。 耶鲁大学正准备在二级市场抛售高达25亿美元的私募股权资产。 6月5日据媒体报道,耶鲁大学将首次在二级市场出售大规模私募股权持仓,这所常春藤盟校的捐赠基金 正就代号为"盖茨比计划"的投资组合出售进行深入谈判。私募股权资产价值高达25亿美元,预计整体折 价将低于10%,尽管潜在买家对部分资产组合的估值折扣一度高达15%。 报道称,这笔交易是首席投资官Matt Mendelsohn领导下的重大调整,对其410亿美元捐赠基金的重新配 置。这也将成为今年规模最大的二级市场交易之一,并有望创下该市场的历史新高。 "耶鲁模式"的终结信号? 已故的David Swensen曾带领耶鲁大学开创性地投资于股票和债券之外的另类资产——对冲基金、风险 投资和私募股权,这一策略被称为"耶鲁模式"。 这种方法彻底革命了捐赠基金投资理 ...
又有人给复旦捐了1个亿
投中网· 2025-05-12 06:42
将投中网设为"星标⭐",第一时间收获最新推送 《哪吒》背后的男人出手了。 作者丨 纪佳文 编辑丨 刘燕秋 来源丨 投中网 《哪吒2》票房至今已经超过158亿。电影出品方、光线传媒自然是赚翻了。根据此前发布的票房公告粗略估算,单《哪吒2》 的票房能给光线带来的营业收入就超过30亿。账上有钱,王长田出手了,最近和新浪的曹国伟一起,给母校捐了1个亿。 时值复旦大学建校120周年之际,这笔捐赠将用于设立新文科发展基金,助力人文学科与社会学科创新。据悉,基金将实行开 放管理,汇聚更多社会资源,为复旦新文科的发展集聚动力。 一位是光线传媒董事长,一位是新浪董事长兼首席执行官,都来自复旦新闻系著名的8413班。毕业后,他们都曾从事过一线 的新闻工作。此前,两人多次捐资支持学校的项目。 不久前,材料系1985级校友李平和历史学系1986级校友廖梅夫妇,也给母校捐赠了10亿人民币,支持建设复旦大学学敏高等 研究院。这是世界顶尖的自然科学领域高水平基础研究和交叉研究机构。 海外,校友捐赠的历史和文化深厚,20世纪80年代以来,耶鲁大学开创了将校友捐赠用于多元资产配置的"耶鲁模式",校友 捐赠基金由此成为美国LP的重要的组成部分。 ...
不一样的美国:各从其类
Hu Xiu· 2025-05-10 09:31
Group 1: Economic Observations - Nashville has emerged as a new economic hub in the U.S., with GDP growth from $144 billion to $204 billion from 2018 to 2023, marking a national growth rate of 3.1% for 2024 [11] - The city has attracted manufacturing companies due to tax incentives, with Nissan's U.S. headquarters located there [9] - Nashville's economy is bolstered by major employers such as HCA, Amazon, and Oracle, contributing to job creation and urban development [11] Group 2: Cultural Insights - Nashville is recognized as a cultural center, particularly for country music, and has become a popular destination for events like bachelor parties [11] - The local population exhibits a strong sense of community and cultural identity, with a significant presence of Christian faith reflected in the number of churches [13][15] Group 3: Investment Perspectives - U.S. LPs (Limited Partners) express confidence in the long-term attractiveness of the U.S. economy, viewing current market conditions as a reset rather than a crisis [41] - There is a notable trend of capital allocation towards quality names in response to tariff impacts, with expectations of increased domestic production from companies like Ford and GM [38] - The investment landscape is characterized by a focus on tax optimization strategies, with many funds prioritizing long-term holdings to minimize tax liabilities [43]
532亿美元在手,哈佛为什么也难“救急”?
Hu Xiu· 2025-04-26 23:49
Core Viewpoint - Harvard University, with an endowment of $53.2 billion, faces scrutiny over its wealth and the use of its funds amid government pressure and public debate about elite institutions' financial responsibilities [5][9][31]. Group 1: Historical Context and Fund Origins - The foundation of Harvard University began in 1638 when John Harvard donated half of his estate to establish the university [1]. - In 1643, Anne Radcliffe contributed £100 to fund the first scholarships at Harvard, marking the start of its endowment [2][3]. Group 2: Current Financial Status - Harvard's endowment is the largest globally, with over 70% allocated to hedge funds and private equity investments [5]. - The university's real estate holdings, including land purchased for $88 million in the 1990s, are not included in the endowment figure [6]. Group 3: Leadership and Governance - Richard Slocum, Harvard's Chief Investment Officer, earned $7.6 million in 2023, highlighting the disparity between university wealth and public perception [7]. - The university has faced criticism for its financial practices, especially during the Trump administration's attacks on elite universities [8][9]. Group 4: Government and Public Pressure - The government has questioned why wealthy universities like Harvard do not utilize their funds to offset cuts in research funding, leading to a freeze of $2.2 billion in federal aid [9][10]. - Public debate has intensified regarding whether Harvard should tap into its endowment to address financial shortfalls [10][12]. Group 5: Investment Strategy and Challenges - Many of Harvard's funds are restricted by donor stipulations, complicating the ability to access these resources [15]. - The university is exploring selling approximately $1 billion in private equity assets to improve liquidity and respond to political pressures [16]. Group 6: Comparisons with Other Institutions - Yale University has adopted a different approach to fund management, significantly selling off private equity investments recently, which contrasts with Harvard's more conservative strategy [28]. - Yale's endowment strategy, pioneered by David Swensen, has led to higher returns compared to Harvard's more bureaucratic and risk-averse management style [19][27]. Group 7: Societal Implications and Future Directions - The wealth of elite universities has sparked a broader societal debate about their role and responsibilities, especially in light of funding shortages at public institutions [30][31]. - There is a growing consensus across political lines that elite universities hold excessive wealth, prompting discussions about potential taxation and the reallocation of funds to support less affluent institutions [31][32].
藤校捐赠基金抛售PE资产,新“次贷危机”要来了吗?|投中嘉川研究
投中网· 2025-04-26 02:26
以下文章来源于东四十条资本 ,作者投中嘉川 当下的"危机"中,或许也孕育着新的投资机会。 作者丨投中嘉川 来源丨 投中网 近日,耶鲁大学捐赠基金PE资产抛售事件在全球资本市场掀起暗涌。据报道,耶鲁大学计划出售约60亿美元的私募股权投资组合,占其414亿美元捐赠基 金规模的15%,这是该校历史上首次在私募股权二级市场(S市场)进行大规模抛售。与此同时,哈佛大学因拒绝特朗普政府提出的在教学、招生和研究 等方面干涉其学术与言论自由的改革要求,面临22.6亿美元联邦经费冻结,且政府威胁取消其免税资格,市场预期哈佛可能也不得不开始出售流动性资产 甚至举债。 从"耶鲁模式"到范式危机 私募股权早已成为机构投资人配置的核心资产之一。自耶鲁大学开创大比例配置另类资产的"耶鲁模式"并取得丰厚回报后,多家美国高校调整其捐赠基金 配置比例。美国国家学院和大学商务办公室联合会(以下简称NACABO)数据显示, 大学捐赠基金私募股权与风险投资配置比例在过去20年攀升至接近 30%,与股票配置比例几乎相当。 东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读,提供专业视角和深度洞见 | 创投圈有趣的灵魂 将投中网设为"星 ...
跌下神坛?美国顶级高校LP甩卖资产
FOFWEEKLY· 2025-04-24 09:03
以下文章来源于每日经济新闻 ,作者每经记者 作者丨 岳楚鹏 来源丨每日经济新闻( nbdnews) 本期推荐阅读5分钟 每日经济新闻 . 中国主流财经全媒体。互联网新闻信息服务许可证编号:51120190017 。 本期导读: 耶鲁大学85折甩卖资产套现。 据新华社报道,4月21日,哈佛大学校长艾伦·M·加伯在致哈佛社区成员的一封信中说,该校已在 马萨诸塞州联邦地区法院对特朗普政府发起诉讼,要求政府停止资金冻结。政府此举是非法 的,"超出了政府的权限"。 据新华社,4月21日,哈佛大学校长艾伦·M·加伯宣布,该校已对特朗普政府发起诉讼。 此前,联邦政府部门要求哈佛大学进行"有意义的治理改革与重组",但遭校方以"不会牺牲独立 性"为由拒绝。4月14日,美国政府宣布冻结给哈佛的22亿美元拨款和6000万美元项目合同款项。 22亿美元,相当于哈佛一年总支出的34%。拨款冻结无异于给哈佛 "断粮"。 处境紧张的常春藤名校可不仅仅只有哈佛,整个美国高等教育体系正承受前所未有的政治与金融双 重挑战。 据Secondaries Investor报道, 耶鲁大学正在通过二级市场出售高达60亿美元的私募股权资产组 合。这是耶鲁 ...
要变天了?耶鲁甩卖440亿资产
投中网· 2025-04-24 06:29
将投中网设为"星标⭐",第一时间收获最新推送 局面可能会有多严重? 作者丨 陶辉东 来源丨 投中网 如果连耶鲁大学捐赠基金也顶不住了,情况恐怕已经非常糟糕。 近日,Secondaries Investor爆出了一条消息:耶鲁大学捐赠基金正在S市场上出售其私募股权投资组合,且规模可能高达60亿美元(约440亿人民 币)。 当下,全球PE市场正被 美股 4月股灾搞的风声鹤唳,这条新闻一出立刻引起了高度关注。 从2022年以来,全球PE市场就在"退出难",作为LP寻求通过S交易实现退出,这并不是一件多么不同寻常的事。然而,耶鲁大学捐赠基金的这次抛 售,怎么看都不像是一次普通的S交易。 首先,这将是近年来全球PE市场上最大的一笔由LP发起的S交易,必将极大改变耶鲁大学捐赠基金的资产配置结构。从5年前开始,耶鲁大学捐赠基金 就不再发布基金年报,其私募股权投资的具体规模不得而知,一般认为在200亿美元以上,约占耶鲁大学捐赠基金414亿美元总规模的一半。无论从绝 对值还是比例来看,60亿美元的抛售规模都是非常巨大的。 然而,在突如其来的外部风险冲击下,"耶鲁模式"的神话或许正在破灭。 "耶鲁模式"的成功得益于一些隐含条件。 ...