Steel magnate Lakshmi N. Mittal and his family donated $25 million to establish an endowment at Harvard’s South Asia Institute, retitling the institute in his namesake.
On her most recent trips to Washington, Faust has added yet another pressing, albeit more quotidian, item to her lobbying agenda: keeping the lights on in Harvard’s labs.
Yale University—the Ivy League school known for consistently leading the pack in annual investment returns—returned 11.3 percent on its investments for fiscal year 2017.
The Harvard Corporation has voted to allow schools to take capped amounts of money out of the endowment for the next three fiscal years in an effort to insulate budgets from fluctuations in Harvard’s investment returns.
Harvard returned 8.1 percent on its investments in fiscal year 2017, a “disappointing” performance the firm’s CEO called “a symptom of deep structural problems at HMC.”
With a year still remaining in its record-shattering capital campaign, Harvard has raised $8 billion in donations.
Not even Harvard’s cows are safe as Harvard Management Company undergoes a radical restructuring that it hopes will reverse a decade of lackluster returns.