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 ...

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 ...

Core Viewpoint - The liquidity crisis in private equity is highlighted by Yale University's significant sale of $60 billion in private equity assets, which has seen little interest from buyers despite being offered at a discount [1][2][3] Group 1: Yale University's Asset Sale - Yale University announced the sale of its private equity assets, marking a historic move as it is the largest LP-initiated sale globally [2] - The expected price for the assets was around 90% of face value, but reports indicate that the actual offers are significantly lower, with discounts reaching up to 15% [2][3] - The urgency to complete the sale before the fiscal year-end has led to a lack of competitive bids, reflecting a broader trend of liquidity challenges in the market [2][3] Group 2: Broader Market Trends - The trend of LPs selling assets at steep discounts is becoming more common, with recent reports indicating discounts of 10% to 20% on LP-led sales [3] - Harvard University and Texas Tech University are also looking to sell private equity assets, but face similar challenges with low offers [3] - The overall market for private equity exits is under pressure, with a significant number of funds entering extended periods without returns [5][6] Group 3: Impact on LPs and GPs - Many LPs are expressing frustration over the lack of returns, with reports indicating that a majority of funds established since 2015 have not returned more than half of the invested capital [5][6] - The liquidity crisis is prompting LPs to reassess their investment strategies, leading to a tightening of capital and increased scrutiny on fund performance [6][7] - The emergence of "zombie funds," which have not exited or raised new funds, is indicative of the challenges facing the industry [7][8] Group 4: Industry Adaptation - Some GPs are reducing fund sizes and returning capital to LPs as a strategy to navigate the current market conditions [9] - The shift away from traditional VC models is evident, with firms exploring alternative investment avenues to attract capital [8][9] - The industry is undergoing a significant transformation, with a focus on survival and profitability becoming paramount for both GPs and LPs [9]