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...November, media outlets began reporting that Harvard was looking to sell billions of dollars in private equity holdings at drastically reduced prices, and in December, the University sold $2.5 billion in bonds in order to raise cash, refinance short-term debt, and terminate certain investment agreements. (Mendillo has stated in the past that HMC began exploring private equity sales even before the financial world imploded, as part of a larger policy portfolio shift that she implemented upon her arrival.) Thursday’s endowment report said that over the past year, HMC has reduced its payments owed to outside investment...
...With perfect hindsight we and most other investors would have started this year in a more liquid position and with less exposure to some of the alternative asset categories that were hardest hit during FY 2009,” Mendillo wrote in the report...
Mendillo also emphasized that HMC has taken steps this past year to increase flexibility and control over internal and external funds. The report said that she intends to continue using a “hybrid model” of internal and external managers, but that she is not targeting any specific proportion. Instead, she noted that internal management is highly cost effective and that HMC would look to “increase the share of our internally managed assets under the right conditions...
...space on Bow Street, he added. Though Smith has noted the cost-effective aspect of the merging, FAS will continue to pay for the salaries of Mitchell and his two former staff workers—assistant director of communications Stephen Bradt and communications specialist Amy A. Lavoie, who now report to Longbrake. It has not been decided whether Bradt and Lavoie’s salaries will be paid for by the University rather than FAS after the current transition phase, according to Longbrake. Mitchell said he has met with students in the Graduate School of Arts and Sciences and plans...
...TIME's special report on community service...