Word: hmc
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Dates: during 2000-2009
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When the Harvard Management Company (HMC), founded in 1974 to oversee Harvard’s now-$22.6 billion endowment, created a venture-capital subsidiary, it called the group Aeneas. Walter M. Cabot ’55, the company’s first president and deputy treasurer, bestowed the name—and today he says the Trojan hero still captures his idea of how an investment group should operate...
During his 16-year term as president, Cabot steered HMC through the market crash in 1987 and cast the company—the first university management company of its type—in an unconventional mold. He globalized the HMC portfolio in the late 1970s and started investing in private companies and venture capital. Cabot says his investments were sometimes criticized as risky. But, by the time he stepped down in 1990, the endowment had grown to five times its initial size...
...Walter...led the company into many innovative investments including venture capital, real estate, oil and gas, security lending, and index arbitrage,” says Jack R. Meyer, who succeeded Cabot as the HMC president...
...says he hoped to turn HMC into a model for other universities—even if it entailed some personal sacrifices...
...apparent sale of Sinopec and Tatneft stock is consistent with the Harvard Management Company’s (HMC) move to reduce its exposure to emerging markets—a strategy that HMC president Jack R. Meyer disclosed in an interview with The Crimson yesterday. (See story, right...