Institutional Investors

Harvard's illiquid portfolio hits home


Harvard Management Company has seen its share of ups and downs, but the ongoing losses have sparked concern and have led to frozen salaries and a delay in its building projects.

The endowment has shrunk to $29 billion and despite plans to sell private equity holdings, the portfolio's liquidity has come into question. Officials are understood to be looking to raise cash by selling as much as $1 billion in equity holdings, which also include hedge funds that have performed well. Media reports indentify Convexity Capital, run by former