Director of private equity and venture capital for the Harvard Management Company Peter Dolan has resigned after 18 years at the endowment.
Dolan will be replaced by John Shue, said Reuters, citing a person familiar with Dolan’s decision.
The news of Dolan’s resignation first appeared on the Fortune magazine’s private equity blog TermSheet.
Dolan’s departure comes after Harvard’s endowment lost 0.05 per cent on investments in the year to end June. The private equity segment underperformed, returning 1.99 per cent, short of the four per cent benchmark.
Harvard, which has a $30.4bn endowment, had $7bn invested in private equity, according to its annual report. As at June, private equity accounted for 13 per cent of Harvard’s portfolio.
The report noted that Harvard said in its 2012 report to trustees that it had become more bullish on private equity.
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