Deals
Buffett Reveals ‘Outrageous’ Acts That Lifted College’s Endowment to $2 Billion
- Moves for Grinnell included convertible debentures, LBO
- Tiny Iowa liberal arts school endowment valued at $2 billion
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A tiny Iowa college can credit some of its endowment’s gains to what Warren Buffett considers fun: buyouts and arbitrage plays.
In a new book, Buffett reveals his delight investing on behalf of Grinnell College, largely because of his partnership with fellow trustee and friend Joe Rosenfield. He and Buffett, who hosts Berkshire Hathaway Inc.’s annual meeting this weekend, helped turn the endowment into one valued at $2 billion, behind some of the richest liberal arts colleges such as Williams, Amherst and Pomona.