Word: hmc
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Over the last decade, Harvard has put billions of dollars in venture capital. While money managers for the Harvard Management Company (HMC), the company that invests the endowment, refuses to reveal the exact amount in venture capital, they say their goal is to have 15 percent of the endowment in private equity, the category that is in large part defined by venture capital...
...recently, the managers of some top venture capital funds have started capping the amount any one investor can sink into them in order to diversify their investor base. So HMC was unable to invest enough of the endowment in venture capital to fully capitalize on the bull market...
...overall economic growth had less impact on Harvard's gains because HMC was limited in the amount of the endowment it could invest in venture capital...
Almost all compensation at HMC is based on returns, in the form of bonuses for managers' performance in comparison to benchmarks for their individual portfolios...
...HMC's system of compensation includes "clawback" provisions, which withhold portions of bonuses contingent on future performance. Managers could lose the withheld portions if future investments perform below benchmark...