Yale rebuts Buffett, defends performance of alternative investments


Yale University, pension fund, private equity, Warren Buffett
A student walks on the campus of Yale University in New Haven, Connecticut November 12, 2015. More than 1,000 students, professors and staff at Yale University gathered on Wednesday to discuss race and diversity at the elite Ivy League school, amid a wave of demonstrations at U.S. colleges over the treatment of minority students. REUTERS/Shannon Stapleton - GF20000057003
  • Net returns justify fees charged by alternatives managers
  • Long-term manager relationships to align interests
  • Leveraged buyouts crossed target allocation for 2017
Yale University’s endowment has defended the high fees that come with alternative investments by pointing to their strong returns. Yale’s defense, included in its just-released 2017 annual report, marked a rebuttal to billionaire investor Warren Buffett’s 2016 investor letter. In it, ...

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