"That means a lot less goes to Harvard than Harvard would like," Meyer said.
Those policies hit Harvard especially hard, Meyer said. Since the Harvard endowment is so large, the small amounts the school was able to invest in venture capital funds had much less impact on Harvard's total holdings.
"This year, size really did hurt us," Meyer said.
Staying the Course
Money managers will continue to attempt to push for large investments in these lucrative funds.
While areas like emerging markets, real estate and commodities underperformed their benchmarks--the goals set by HMC--other staples of the Harvard portfolio were very successful.
"I describe this performance as mixed," Meyer said.
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