Key Takeaways
- • Harvard is ending its relationship with a hedge fund run by Eric Mindich, a Harvard class of 1988 graduate, according to a Bloomberg report published June 6, 2017.
- • Harvard invested $500 million in Mindich's hedge fund when he left Goldman Sachs in the 2000s to start it.
- • Mindich later donated $15 million to Harvard for scholarships, and the article describes the relationship as one of mutual benefit.
- • The source does not disclose the size or timing of Harvard's exit or the fund's current performance.
Summary
Harvard is pulling out of a hedge fund run by Eric Mindich, according to Bloomberg, in a development that ends a long-standing tie between the university and one of its alumni. Mindich, class of 1988, earned a seat on Harvard's endowment board after becoming a partner at Goldman Sachs in the 1990s, a position that placed him among the stewards of the university's investment program.
In the 2000s, Mindich left Goldman Sachs to start his own hedge fund, and Harvard committed $500 million to the vehicle. Bloomberg notes that Mindich later returned the favor, donating $15 million to fund scholarships at the university.
The article characterizes the relationship as one that was mutually beneficial until recently, but the primary source does not provide details on the reasons for the exit, the amount being redeemed, or the fund's recent returns. Readers seeking those specifics should consult Bloomberg's full reporting.
In the 2000s, Mindich left Goldman Sachs to start his own hedge fund, and Harvard committed $500 million to the vehicle. Bloomberg notes that Mindich later returned the favor, donating $15 million to fund scholarships at the university.
The article characterizes the relationship as one that was mutually beneficial until recently, but the primary source does not provide details on the reasons for the exit, the amount being redeemed, or the fund's recent returns. Readers seeking those specifics should consult Bloomberg's full reporting.
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