Hedge Funds

Harvard teaches the Ivy League a lesson


Under Jack Meyer, the university endowment has turned itself into a giant $17.5 billion hedge fund and is doing pretty well with its unique strategy

There are few universities that engender the kind of respect that Harvard University easily commands. Since its founding in 1636, it has become the Ivy League's pre-eminent academic institution. And, today the university's endowment fund, with assets of $17.5 billion, is attracting similar adulation as it completes the process of quietly turning itself into the largest hedge fund in the world.

In doing so, the largest U.S. university endowment has pioneered new structures for holding