"In the short term, unless it boosts its liquid returns, Harvard is going to have to raise a lot in donations or eat up its liquid assets to fund university obligations and its private equity commitments. This results in a spiraling decline in Harvard’s liquid assets as each year they go lower to meet these needs and more and more assets become tied up in private equity."
Were Harvard "mouths writing checks their brains couldn’t cash”?
Harvard, Private Equity and the Education Bubble - DealBook Blog - NYTimes.com
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