Harvard's Investment Players

ACSR--The Advisory Committee on Shareholder Responsibility is a 12-member group of students, faculty and alumni, created in 1972 to advise the University on the ethical responsibilities of investing. It has no absolute control over Harvard investments, but it does make recommendations to the Corporation.

CCSR--The Corporation Committee on Shareholder Responsibility is a group made up of Treasurer D. Ronald Daniel, and Corporation members Charles P. Slichter '45 and Robert G. Stone, Jr. '45. It considers the recommendations of the ACSR and then sets the Corporation policy on the social and ethical issues involving most Harvard stock.

HMC--Harvard Management Corporation was created by Walter C. Cabot '55 in 1974 to manage the University's endowment. The Boston-based company has in the past ten years made large moves into less traditional, high-risk investment areas.

The Aeneas Group--This group of HMC-affiliated companies oversees much of Harvard's "private placement portfolio." It includes the risky, high-yield holdings of real estate, oil and gas, venture capital--in which a private investor provides funds for start-up or rapidly growing firms--and leveraged buy-outs, in which large amounts of capital are used to oust current management and take control of a targeted company.