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Yale Keeps Yale Endowment Model

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private equity

Yale’s massive US$ 23.9 billion endowment gained US$ 4 billion in investment returns during its fiscal year 2014 – essentially a 20.2% return. The big threat facing U.S. endowments is sustainable funding and Yale’s endowment for 2014 subsidized nearly 33% of the university’s income. The world of asset allocation models and theories are rife with contentious debates. Yale’s endowment model has accumulated both admirers and haters. Pioneered and led by Yale’s Chief Investment Officer David Swensen, the endowment is heavily allocated to nontraditional assets. These unlisted assets include venture capital, leveraged buyouts, natural resources and institutional real estate.

Asset Allocation – June 30, 2014

Asset Class Weight
Absolute Return 17.4%
Domestic Equity 3.9%
Fixed Income 4.9%
Foreign Equity 11.5%
Natural Resources 8.2%
Private Equity 33.0%
Real Estate 17.6%
Cash 3.5%

 

How Long Will It Last?

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CalPERS Commits $5 Billion Toward US Enhanced Equity Strategy

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The California Public Employees’ Retirement System (CalPERS) moved US$ 5 billion toward an internally-managed U.S. enhanced equity strategy. This falls under the global equity bucket at CalPERS.

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Chinese SAFE Investment Company Sells Off Stake in Ropemaker Place

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Singapore-listed property company Ho Bee Land, acquired a prime office at 25 Ropemaker Place, EC2, located in the City of London, for £650 million. The property went up for sale in December 2017.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norway SWF Adds to Existing Investment in Central London

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On June 15, 2018, Norges Bank Real Estate Management, the manager of Norway Government Pension Fund Global, acquired 25 percent of a long leasehold interest in 30 Warwick Street in central London, in joint venture with The Crown Estate. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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