Word: lerner
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Dates: during 2000-2009
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...Many university endowments do not do direct investments in alternatives, but instead invest in venture, buyout, real estate, and hedge fund partners,” Lerner said...
...Secrets of the Academy: The Drivers of University Endowment Success”—a study written by Business School professor Josh Lerner, MIT professor Antoinette Schoar, and MIT doctoral student Jialan Wang—found an “increasing skewness of endowment sizes,” as rich universities continue to outperform less wealthy academic institutions...
...Previous work that Antoinette, [Kellogg School of Management Professor] Wan Wong, and myself had done had highlighted the fact that endowments were much savvier private equity investors than other institutions,” Lerner said in an interview...
...High-quality alumni may end up in more influential positions after graduation, which may lead to more effective investment committee members or to more access to funds,” Lerner said...
...Lerner also pointed out that some richer university endowments have partnered with outside financial institutions to increase returns...