Word: commonfund
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...Harvard’s case, they’ve made it work, but there were times when it looked like it wouldn’t... It’s taken a lot of time to get comfortable,” says John S. Griswold, senior vice president of The Commonfund, a mutual fund for institutional investors that was established three years before HMC and currently manages over $26 billion for more than 1,400 colleges, universities, and foundations...
...Harvard has never used The Commonfund. With a significantly larger and more diverse endowment than most other schools, Harvard is a giant among giants, which thinks that regular investment techniques are just not good enough...
...Pressure was also building in the early 1990s for Harvard to shift more towards the model of the Princeton Investment Company (PRINCO)—which outsources large amounts of its endowment—or to enter a Commonfund-type arraignment...
...turnaround is only a turnaround when it'srepeated," said John S. Griswold Jr., senior vicepresident of the Westport, Conn.-based CommonFund, a cooperative that manages the pooledendowment funds of several hundred colleges,universities and independent schools...
...invested some money with The CommonFund, and Meyer conceded that the fund has a goodperformance record...