Word: buyouts
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...Eisenson adds that Stanford and Yale also manage their own leveraged buyout deals "from time to time...
Scott M. Sperling heads the University's three member LOB team. Michael Eisenson and Michael G. Thonis are two relatively new additions to Harvard Management brought in to strengthen the University's buyout investments, according to a Wall Street investment banker who has worked with Harvard...
Sperling's buyout team has geared up for action over the past year, increasing by $20 million the amount Harvard has invested in LBOs since 1987. And Harvard has also moved a step beyond, using its resources and expertise to manage its own LBO funds, rather than relying on outside limited parternships to carry off the deals...
Stanford's attitude is not surprising, considering the controversy surrounding the ethics of leveraged buyout deals. Headlines splashed across the business pages of The New York Times and The Wall Street Journal have made LBOs into one of the touchiest investment issues...
Leveraged buyouts are an increasingly popular, though controversial, method of taking over companies. The deals--which included the recent, largest-ever takeover of RJR-Nabisco by a limited partnership in which Harvard invested--buy out stockholders in a company using borrowed funds worth up to 80 percent of the buyout price. Only about 20 percent of the investment generally comes in the form of cash up front, which means the company ends up assuming a large debt once the sale is completed...