Key Takeaways
- • Rich Hall, head of private equity investing at Harvard's $36 billion endowment, has departed to become deputy chief investment officer at University of Texas Management Co. (UTIMCO), effective February 2, 2018.
- • Harvard has cycled through three private equity chiefs in less than five years, signaling potential instability in leadership of a core portfolio function at the world's largest academic endowment.
- • Hall's departure marks a return to Texas; he previously led private equity for the Teacher Retirement System of Texas before joining Harvard Management Company in 2014.
- • Harvard Management Company CEO Narv Narvekar acknowledged Hall's contributions to the endowment's transition to a "generalist model" but provided no immediate succession plan in the departure memo.
Summary
Rich Hall has stepped down as head of private equity investing for Harvard University's $36 billion endowment, according to an internal memo obtained by Axios. Hall will join the University of Texas Management Co. (UTIMCO) as deputy chief investment officer, with his final day at Harvard Management Company scheduled for February 2, 2018.
Hall's departure represents the third leadership change in Harvard's private equity function within less than five years—a turnover rate that underscores potential challenges in retaining senior investment talent at the institution. Prior to his 2014 arrival at Harvard from the Teacher Retirement System of Texas, Hall had established a track record managing private equity for one of the nation's largest public pension systems. His return to Texas signals that senior roles at rival institutional investors remain competitive for experienced portfolio managers.
Harvard Management Company CEO Narv Narvekar confirmed Hall's departure in a memo to staff, characterizing Hall as "a talented investor" and "responsible steward of the University's resources." Narvekar noted that Hall "played an integral role in adapting our team to the generalist model over the past year" and stated that "Rich's contributions leave us well positioned for the future." However, the memo did not address succession planning or identify a replacement for the private equity leadership role.
The timing of Hall's departure coincides with structural changes at Harvard's endowment management, where a shift toward a generalist investment approach has been underway under Narvekar's tenure as CEO since late 2016. The lack of a named successor in the official communication may indicate Harvard is either evaluating internal candidates or assessing the broader strategy for private equity oversight under the new organizational model.
Hall's departure represents the third leadership change in Harvard's private equity function within less than five years—a turnover rate that underscores potential challenges in retaining senior investment talent at the institution. Prior to his 2014 arrival at Harvard from the Teacher Retirement System of Texas, Hall had established a track record managing private equity for one of the nation's largest public pension systems. His return to Texas signals that senior roles at rival institutional investors remain competitive for experienced portfolio managers.
Harvard Management Company CEO Narv Narvekar confirmed Hall's departure in a memo to staff, characterizing Hall as "a talented investor" and "responsible steward of the University's resources." Narvekar noted that Hall "played an integral role in adapting our team to the generalist model over the past year" and stated that "Rich's contributions leave us well positioned for the future." However, the memo did not address succession planning or identify a replacement for the private equity leadership role.
The timing of Hall's departure coincides with structural changes at Harvard's endowment management, where a shift toward a generalist investment approach has been underway under Narvekar's tenure as CEO since late 2016. The lack of a named successor in the official communication may indicate Harvard is either evaluating internal candidates or assessing the broader strategy for private equity oversight under the new organizational model.
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