The drawn-out downturn in private market returns is hitting one group of investors especially hard: Ivy League university endowments.
Elite university endowments, led by Yale, spearheaded efforts to embrace private markets four decades ago when high inflation and volatile stock performance put many institutions under stress. “The costs of operating the university are going way up and your income is going down,” said Hunter Lewis, founder of Cambridge Associates and a co-inventor of the investment model with a focus on alternative assets. “Endowments knew they had to do things differently.
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