Harvard Management Company has agreed to sell off its real estate, private equity and venture capital assets as part of a plan to shed more than $2 billion worth of holdings from its endowment. Landmark Partners will purchase the real estate funds assets valued at approximately $1.6 billion. Landmark is a private equity and real estate investment company that specializes in secondary funds. The university’s portfolio has been underperforming, and these sales are part of a massive overhaul of Harvard Management, which is run by Harvard University. Around fifty percent of the 230-person staff at the nonprofit are being laid off, and internal hedge funds are shuttered and stakes in funds and direct holdings in natural resources are being sold.
