Harvard Piles Into Hedge Funds as New Chief Overhauls Endowment
- It’s a contrarian bet as other institutions head for the exits
- Success could help the school turn around its lagging returns
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Harvard University’s N.P. “Narv” Narvekar is doubling down on an investment that has fallen out of fashion: hedge funds.
Narvekar’s bet on the sophisticated, high-cost brand of money manager marks the biggest since the university hired him in 2016 to turn around the lagging performance of its $39 billion endowment.