Yale University explores sale of private equity fund interests
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FILE PHOTO: A general view outside the Yale School of Public Health at Yale University in New Haven, Connecticut, U.S. December 3, 2024. REUTERS/Michelle McLoughlin/File Photo
By Kanishka Singh
WASHINGTON (Reuters) -Yale University said on Tuesday it was exploring a sale of private equity fund interests and was being advised by investment banking firm Evercore.
WHY IT'S IMPORTANT
A Yale spokesperson's statement mentioned no amount or reason for the step that comes as other universities like Harvard and Princeton have explored financial options in recent weeks due to President Donald Trump's threats to cut their federal funding.
KEY QUOTES
"The University is exploring a sale of private equity fund interests and is being advised by Evercore in a process that has been in the works for many months," the university's spokesperson said in an emailed statement.
"We remain committed to private equity investments as a major part of our investment program and continue to make new commitments to funds raised by our current investment managers. In addition, we continue to actively seek new relationships with private equity firms in the Endowment."
BY THE NUMBERS
The value of Yale's endowment increased to $41.4 billion on June 30, 2024 from $40.7 billion a year earlier. The endowment earned a 5.7% investment return, net of fees, for the year, according to the university's annual financial report.
Earlier this month, Harvard said it plans to borrow $750 million from Wall Street as part of contingency preparations, while Princeton said it was considering the sale of $320 million of taxable bonds.
CONTEXT
Trump has threatened to withhold federal funding from colleges and universities over pro-Palestinian campus protests against U.S. ally Israel's military assault on Gaza, as well as a range of other issues, such as climate initiatives, transgender policies and diversity, equity and inclusion programs.
Rights advocates have condemned the government's steps as an assault on academic freedom and free speech.
(Reporting by Kanishka Singh in Washington; Editing by Sonali Paul)
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