Core Insights - Yale University and Harvard University are facing financial difficulties, leading to significant sell-offs of their private equity portfolios [2][4][6] - Yale plans to sell up to $6 billion of its private equity investments, which represents 15% of its endowment fund [2][4] - Harvard aims to sell approximately $1 billion in private equity assets and issue $750 million in taxable bonds to alleviate financial pressure [5][7] Group 1: Yale University - Yale's endowment fund totals $41.4 billion, but its return rate has declined to 5.7% for the fiscal year 2024, below the 10-year average of 9.5% [4] - Approximately one-third of Yale's endowment is allocated to private equity, which has become a burden due to low liquidity in the current market [4][9] - The decision to sell private equity holdings is aimed at increasing liquidity and providing room for future portfolio adjustments [4][9] Group 2: Harvard University - Harvard's endowment fund stands at $53.2 billion, with a return rate of 6.3% for the fiscal year 2024, also below its long-term target [6][7] - Harvard's financial situation is exacerbated by the freezing of $2.2 billion in federal funding and threats to its tax-exempt status [6][7] - The university's strategy includes selling private equity assets and issuing bonds to enhance liquidity and optimize its investment portfolio [7][9] Group 3: Broader Industry Context - U.S. university endowments are generally facing challenges such as declining investment returns, liquidity issues, and market volatility [9][10] - The overall investment environment for endowments has become more complex due to global economic uncertainties and geopolitical tensions [10] - Despite these challenges, there are opportunities for endowments to adjust their investment strategies and improve risk management [10]

哈佛大学在内的多所名校近期债券交易利差比起他们所在的AAA级，更接近AA级公司债券水平。 根据面向投资者的路演信息，继哈佛大学、斯坦福大学和普林斯顿大学后，美国麻省理工学院也将发行 应税债券，交易将于当地时间5月6日定价。 麻省理工学院执行副校长兼财务主管肖尔（Glen Shor）发布声明称："麻省理工学院管理其资源，以确 保其能够在各种条件下推进学院的使命。此次债券发行将为我们提供额外的灵活性，以实现这一目 标。" 惠誉评级美国公共融资评级高级董事艾米莉·瓦德瓦尼（Emily E. Wadhwani）对第一财经记者表示，有 能力持续有效进入应税市场的机构历来集中在评级范围的高端（"AA"级及以上）。 她同时表示："我们对美国高等教育部门的前景继续看低，这在很大程度上是由于持续的运营压力。" 她补充道，最近的联邦政策或将加剧这种压力。 在此背景下，多所高校前后涌入债市。截至目前，耶鲁大学本月拟发行8.5亿美元的债券，其中包括3.5 亿美元的应税债券。普林斯顿大学上月宣布发行3.2亿美元债券，哈佛大学宣布将会发行最多7.5亿美元 债券，西北大学3月发行5亿美元债券。 北卡罗来纳州夏洛特外包投资公司 GEM 的工 ...