October 5, 2015; Associated Press (via ABC News)
Princeton University’s endowment grew by 12.7 percent in the past fiscal year, a rate twice that of Harvard at 5.8% and more marginally higher than Yale which saw an 11.7 percent return. The resulting gain of $1,7 billion brings Princeton’s endowment to $22.7 billion. That’s $1.7 billion more than the year before.
Meanwhile, Harvard continued to cut ties with its senior investment staff for big cost savings, parting ways now with Marco Barrozo, a fixed-income manager, and Satu Parikh, interim head of natural resources investments, both leaving Harvard Management Co. the Friday before last. NPQ wrote earlier about the fact that the combined compensation of two previously released members of the investment staff amounted to $18 million. Barrozo’s separation brings the cost savings to $23 million, which means he was making a pittance next to the other two. Maybe that was affecting his performance?—Ruth McCambridge