Such endowment funds are strong backers of venture capital.
These sorts of changes appeal to institutional investors, such as pensions and endowment funds, which can write big cheques but require high standards of their investment firms.
In the year to June 2009, the value of the assets held in the Harvard and Yale endowment funds fell by over 25 per cent.
It is well known that some institutions, notably Harvard, have benefited greatly from putting top-notch managers in charge of their endowment funds.
Big private business schools in America, already hit by the much lower valuations of their endowment funds, seem likely to take the biggest hit.
In part that reflects big losses sustained by charitable and university endowment funds on hedge funds, private equity and shares.
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