专题："投资·向善"——复旦管院·兴动ESG大讲堂暨高校基金会慈善资产管理研讨会 摘要：圆桌一精华集锦 2025年度"投资·向善"复旦管院·兴动ESG大讲堂暨高校基金会慈善资产管理研讨会于9月22日圆满落幕， 由兴证全球基金、兴银理财、复旦大学管理学院携手举办。圆桌一精华集锦如下，以飨读者。 圆桌一：高校基金会可持续投资路径探讨 复旦大学教育发展基金会理事、投委会主席 汪新芽 中国人民大学商学院会计学教授、教育基金会副秘书长 张然 上海财经大学财税投资学院投资发展研究院院长、教授、教育发展基金会理事 方芳 复旦大学管理学院金融与财务学系教授 罗妍（主持） 一、高校基金会的投资目标与管理模式 罗妍：本次论坛的主题是"投资·向善"，首先想请汪新芽总谈谈对于本届主题的理解——高校基金 会投资如何"向善"？ 汪新芽：来到这里令我想起了我的博士生导师，当年教会我把善意一代一代传承下去，反过来也能够回 答到基金会投资的原则——首先是使命，高校基金会属于慈善性质的基金，所以是使命驱动，目标 是"投资向善"。 我个人的理解或许与其他老师略有不同，我并非学校体制内的成员，而是作为校友，出于对母校的情怀 承担这份责任，担任投委会 ...

Core Viewpoint - The "Yale Model" of investing, which focused on alternative assets like private equity, has become increasingly difficult to replicate due to changing market conditions and declining returns from private equity investments [2][3][4]. Group 1: Performance of Yale's Investment Strategy - Yale University's endowment currently allocates nearly 40% of its assets to private equity, while cash, bonds, and hedge funds combined account for less than 30% [3][2]. - Over the past three years, private equity returns have consistently underperformed compared to the S&P 500 index, with dividends from private equity dropping significantly from $3.2 billion two years ago to $1.6 billion in the 2024 fiscal year [3][2]. - The average private equity fund used to outperform the S&P 500 by 5-6 percentage points, but now new funds only exceed it by 1-2 percentage points [3][2]. Group 2: Challenges Facing Private Equity - The current interest rate environment has shifted, making financing more difficult and asset valuations less favorable, leading to challenges in exiting investments [4][5]. - Liquidity risks have increased, as the long lock-up periods of private equity investments (5-10 years) are now coupled with slow distributions and difficult exits, straining cash flows for endowments [5][2]. - The increase in investment income tax has forced some universities to sell private equity stakes prematurely, often at a loss [5][2]. Group 3: Investment Strategy Recommendations - Investors should recognize the liquidity traps associated with private equity, as attractive-looking returns may not translate into accessible cash when needed [6]. - Adjusting expectations regarding returns is crucial, as the previous era of consistently outperforming the S&P 500 is no longer realistic [6]. - Understanding the asymmetry of risk and return is essential, as fund managers benefit from fixed fees regardless of fund performance, leaving investors to bear the risks [6]. Group 4: Lessons from the Yale Model - The Yale Model serves as a reminder that there is no universal "holy grail" in investing; strategies must adapt to changing conditions [7]. - The favorable conditions that allowed Yale to excel in private equity, such as low interest rates and a lack of competition, have dissipated, making it imperative for investors to evolve their strategies [7].

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]

Core Points - The article discusses the ongoing conflict between the U.S. government and elite universities like Harvard, highlighting the financial pressures these institutions face due to potential federal funding cuts and increased taxation on endowments [1][2][3][34][79]. - It emphasizes the complex financial structure of American universities, particularly the reliance on tuition fees and endowment funds, and the challenges posed by rising costs and declining government support [5][16][22][24][108]. Group 1: Financial Structure of U.S. Universities - U.S. universities are divided into public and private institutions, with public universities typically receiving state funding, resulting in lower tuition for in-state students [5][16]. - Average tuition fees for private universities exceed $58,000, while public universities charge around $28,000 for out-of-state students and $10,000 for in-state students [6][8]. - Over the past 20 years, tuition fees have increased by nearly 150% for public universities and 200% for private universities [9]. Group 2: Revenue Sources - Harvard's total revenue for the 2024 fiscal year is projected at $6.5 billion, with 45% coming from endowment income, 29% from tuition, and 16% from federal and other research grants [23]. - Public universities, like the University of California, Berkeley, have seen a significant reduction in state funding, with only 14% of their budget coming from state allocations compared to 50% three decades ago [17]. - Private universities rely heavily on endowment funds, which are often restricted in their use, limiting financial flexibility [20][22]. Group 3: Challenges and Responses - The article highlights the increasing administrative costs in universities, with Yale employing 5,923 administrative staff compared to only 6,800 undergraduates, leading to concerns about administrative bloat [67]. - Many universities are facing budget deficits, with West Virginia University reporting a structural deficit of $45 million, prompting significant program cuts and layoffs [114][118]. - In response to financial pressures, elite universities are beginning to sell off illiquid assets and consider issuing bonds to improve liquidity [87][93]. Group 4: Taxation and Government Relations - The U.S. Congress is moving to increase the tax rate on endowment income for wealthy universities, potentially imposing rates as high as 21%, significantly higher than the current 1.4% [79][82]. - Harvard could face a reduction in available income by up to $1 billion if federal funding is cut and new taxes are imposed, leading to potential budget cuts and changes in operations [85][86]. - The article raises questions about the future of higher education in the U.S. as institutions grapple with financial sustainability amid changing government policies and economic conditions [140][144].

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]

Group 1 - Yale University is preparing to sell up to $2.5 billion in private equity assets in the secondary market as part of a significant reallocation of its $41 billion endowment fund under CIO Matt Mendelsohn's leadership [1] - The sale, referred to as the "Gatsby Plan," is expected to have an overall discount of less than 10%, despite some assets being valued with discounts as high as 15% [1] - This transaction is anticipated to be one of the largest secondary market deals of the year and could set a historical high for the market [1] Group 2 - The "Yale Model," pioneered by the late David Swensen, revolutionized endowment fund investment strategies by increasing exposure to illiquid and complex investments such as hedge funds, venture capital, and private equity [2] - As of June 30, Yale University held over $10 billion in both leveraged buyout and venture capital funds, reflecting a significant commitment to alternative investments [2] - The university has been considering asset sales for over a year, aiming to reduce holdings in dozens of funds and clear out older positions, with potential buyers including Lexington Partners and HarbourVest Partners [2]

Core Viewpoint - The article highlights the significant contributions of alumni from Fudan University, particularly focusing on the donations made by prominent figures like Wang Changtian and Cao Guowei, which aim to support the development of humanities and social sciences at their alma mater [1][8]. Group 1: Alumni Donations - The box office revenue of "Nezha 2" has exceeded 15.8 billion, leading to substantial profits for Light Media, which is expected to generate over 3 billion in operating income from the film alone [1]. - Wang Changtian and Cao Guowei donated 100 million to establish a new humanities development fund at Fudan University, coinciding with the university's 120th anniversary [1][8]. - Another notable donation of 1 billion was made by alumni Li Ping and Liao Mei to support the construction of the Gaozheng Institute at Fudan University, focusing on high-level basic research in natural sciences [1][8]. Group 2: Historical Context of Alumni Donations - The practice of alumni donations in China is relatively new, with Tsinghua University establishing the first alumni foundation in 1994, while the Yale model of diversified asset allocation for alumni donations has been influential in the U.S. since the 1980s [2]. - Fudan University has seen a growing trend of alumni donations in recent years, with significant contributions from various alumni aimed at enhancing academic programs and research capabilities [9]. Group 3: Profiles of Key Alumni - Wang Changtian, after graduating from Fudan, founded Light Media in 1998 and has been influential in the film industry, while Cao Guowei has had a successful career at Sina, becoming CEO in 2006 [5][6]. - Both alumni have expressed deep gratitude towards Fudan University for their education and have actively sought to give back to the institution, reflecting a shared commitment to fostering future generations [6][8]. Group 4: Development of Alumni Funds - The establishment of the new humanities fund is a response to the criticism of the "uselessness of humanities" and aligns with Fudan's educational reforms, which aim to adjust the enrollment ratio for humanities students [8]. - The article notes that many universities in China are beginning to emulate the Yale model, establishing mother funds to support technology transfer and innovation, with Shanghai Jiao Tong University being a notable example [10].

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]

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].

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 ...