Deals
Yale's Endowment Shows Its Muscle in Negotiating Manager Fees
- Fund cites payments, terms in its 2016 investment report
- Endowment defends fees for managers who’ve delivered returns
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Yale University’s $25.4 billion endowment is willing to pay for performance. Just not at any price.
In its 2016 investment report, the team, led by Chief Investment Officer David Swensen since 1985, said it “negotiates fees and terms throughout the endowment portfolio.” The report defended the fees it pays to external managers because they’ve delivered outstanding performance.