The two Ivy League universities were not spared of the effects of the crisis after their endowments saw huge losses in the last year.
Harvard’s endowment tumbled 27.3 percent in its latest fiscal year, largely because of problems with its private equity and hedge fund portfolios, lopping off $10 billion and shrinking its portfolio to $26 billion. Taking into consideration donations and spending, the endowment shrank by nearly 30 percent.
Yale also suffered about a 30 percent loss in its endowment, to about $16 billion, the university’s president disclosed in a letter Thursday, adding that final figures on performance were still being compiled.
UPenn was down only 15.7%.
Why they’re making this much of a buzz: they are two of the most prestigious universities and… it proves the people behind these endowments are really humans, just like the others. I wonder how NYU’s endowments did. (Roubini should at least have had a say on things, right?)