Friday, 12 February 2016
Last updated 2 hours ago
Dec 13 2007 | 9:51am ET
Harvard University’s endowment fund has taken a 12.5% stake in a Brazilian alternative investment manager. Boston’s Harvard Management Co. has reportedly paid an undisclosed amount for 12.5% of Gavea Investimentos.
Harvard will have no say in the $5.5 billion firm’s investment strategy. Of course, the endowment is no stranger to Gavea’s strategy; it has been an investor in a Gavea private equity fund for years.
Gavea will invest the proceeds of the stake sale in its three business areas, which include Brazil-based and off-shore hedge funds, private equity and wealth management.