Institutional Investors

Harvard's illiquid portfolio hits home

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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