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  • March 2021
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  • HBS Case Collection

Yale Investments Office: November 2020

By: Josh Lerner, Jo Tango and Alys Ferragamo
  • Format:Print
  • | Language:English
  • | Pages:28
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Abstract

David Swensen and the Investments Office staff must decide whether to continue to allocate the bulk of the university's endowment to illiquid investments—hedge funds, private equity, venture capital, real estate, natural resources—given the impact of the COVID-19 public health crisis on the financial markets. The case explores the risks and benefits of a different asset allocation strategy and considers how to create financial models to prepare for unexpected events. It highlights the issues around allocations across different subclasses, e.g., between venture capital, hedge funds, and real assets.

Keywords

University Endowment; Asset Allocation; Real Estate; Equities; Fixed Income; Covid-19; Asset Management; Private Equity; Venture Capital; Natural Resources; Resource Allocation; Investment; Investment Portfolio; Health Pandemics; Financial Crisis; Financial Services Industry; Real Estate Industry; Energy Industry; Connecticut

Citation

Lerner, Josh, Jo Tango, and Alys Ferragamo. "Yale Investments Office: November 2020." Harvard Business School Case 821-074, March 2021.

About The Authors

Josh Lerner

Entrepreneurial Management
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Jo Tango

Entrepreneurial Management
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