The Evolution of Harvard's Endowment Strategy

Harvard's endowment, currently valued at $50.7 billion, has undergone significant changes since its inception. Initially, the endowment relied on traditional investments in stocks and bonds, similar to many universities. However, under Jack Meyer's leadership in the 1990s, Harvard adopted a more diversified strategy that incorporated illiquid assets such as private equity and hedge funds. This shift contributed to a remarkable growth of the endowment from $4.8 billion to $25.9 billion, allowing for substantial funding for university operations, scholarships, and fellowships.