For Harvard University, this year's bull market proved disappointing.

For the first time in six years, Harvard has fallen short of projected investment returns from its multibillion-dollar endowment--the University nest egg.

Overall, investments of Harvard's endowment, the largest of any University in the world, grew 7 percentage points less than the goal set by Harvard's money managers, increasing 12.2 percent to bring the endowment to $14.4 billion.

For the last five years, Harvard has averaged a return of 20.1 percent.

Being below benchmark means a lower bonus for Jack R. Meyer, the CEO and president of Harvard Management Company, which oversees the University's endowment, as well as other money managers who work for him.

"The people who did well will be paid very well," said Meyer, whose associates have been known to earn eight-figure salaries. "Mine will certainly drop...sharply down."

The University's money managers largely blame the poorer investment performance on their inability to put more money into venture capital funds--potentially lucrative funds that provide start up money for small companies.

Venture capital funds have been very successful over the last year. But Harvard was not able to invest in them to the extent it would have liked, Meyer said.

Seeking a diverse group of investors, venture capital fund managers placed caps on the amount each investor could place in their funds.