Harvard and Yale Endowments Lost a Combined $17.8-Billion in Fiscal 2009
September 11, 2009 | Read Time: 1 minute
Harvard and Yale universities announced Thursday that their endowments, the two largest in American higher education, had each shrunk by 30 percent in the year ending June 30, with combined losses amounting to $17.8-billion, reports The Wall Street Journal.
Harvard’s fund dropped from $36.9-billion to $26-billion, Yale’s from $22.9-billion to $16-billion. Both institutions have cut budgets, reduced staff costs, and delayed expansion plans as a result.
Their funds, which had been invested heavily in high-risk assets such as private-equity partnerships, performed considerably worse than typical college endowments, which relied on more traditional stock and bond strategies.
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