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Limited Partners Pull Back on VC Fund Investing
According to Private Equity Analyst, the investment head of Yale $10.7 billion endowment fund, David Swensen, has announced his intention to reduce private equity investments.
Swenson gave three reasons for his conclusion that in the future VC's are likely to produce lower returns: greater competition for attractive deals, stiffer bank loan terms, and the fact that VC's will probably be less interested in propping up troubled companies than in building new ones.
Swenson joins several other high-profile fund managers in his decision. Nonetheless, Yale intends to keep 20% of its assets in private equity.
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