Word: lbo
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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...
...Wall Street investment banker, speaking on the condition of anonymity, says, "Harvard has some real smart guys." The University, he adds, has built an LBO team with top-notch "in-house expertise...
...Adams, Stanford's treasurer, says, "We don't have a shop like Scott Sperling's." Adams says his university hasn't jumped on the LBO bandwagon in the same way that Harvard has--as he puts it, Stanford "has taken a somewhat different view of LBOs" than Harvard...
...meantime, Harvard continues to increase its presence in the burgeoning LBO market. According to Wall Street sources and Eisenson, the University has been choosing its own buyout deals for about the past five years. And each year, as the endowment has increased, so has the amount of Harvard capital invested in those buyouts...
...making its LBO investments, the University is looking for companies "with a stable predictable cash flow, assets and no debt," says the Wall Street investment banker. "You want non-sexy businesses--bricks rather than toys or fashion," he adds...