Harvard University's endowment, currently valued at a jaw-dropping $50.9 billion, has been the largest among academic institutions for more than 35 years. But the University of Texas is nipping at its heels.
"Production has gone up significantly in recent years, and as a result, the lands are now able to literally generate hundreds of millions of dollars a year in endowment for the university systems," Perryman says. The University of Texas and Texas A&M split the proceeds. For many years inflation was low and not a major concern. And colleges and universities faced a lot of pressure from students and alumni to divest from fossil fuels.
In his annual report, Narv Narvekar, the CEO of the Harvard Management Co., noted"a number of institutional investors leaned into the conventional energy sector." But Harvard did not, he continued, given its"commitment to tackling the impacts of climate change."According to Margaret Chen, who runs Cambridge Associates' endowment and foundation practice, colleges and universities are figuring out how to transition away from traditional energy.
And that is an admirable goal, according to Eaton, who believes it makes sense from a moral standpoint and a fiduciary one.
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