来源：华尔街见闻
耶鲁之后，哈佛也扛不住了？“新次贷”大雷正在慢慢露出水面。
根据媒体报道，掌管着高达530亿美元资产的哈佛捐赠基金管理公司正在与杰富瑞合作，计划将其价值约10亿美元的私募股权基金投资组合出售给Lexington Partners。
据知情人士向媒体透露，谈判已进入后期阶段，但交易条款尚未最终敲定，仍存变数。
Lexington Partners作为Franklin Resources Inc.旗下的子公司，是二级市场交易领域最大的参与者之一，去年刚完成了一支创纪录的227亿美元二级市场基金募集。该人士还提到，Lexington最终可能会引入其他合作伙伴共同完成此次收购。
此前，有消息称耶鲁大学也正寻求大规模出售其私募股权投资组合，交易规模可能高达60亿美元，这凸显了大型机构投资者（LPs）普遍面临的流动性困境。
哈佛大学此番出售行动，折射出当前私募股权市场面临的严峻现实。
根据其年报（截至去年6月），哈佛捐赠基金近40%的资产配置在私募股权领域。然而，近年来投资公司发现出售所持有的公司并向其有限合伙人（LPs）返还资金变得愈发困难。投资回报的延迟给捐赠基金、养老金和家族办公室等机构带来了流动性压力。
更值得关注的是，根据X平台用户援引哈佛大学财务报表的数据，截至2024年6月30日，哈佛大学在私募股权等非流动性资产上的未缴付投资承诺高达124亿美元。
这意味着哈佛不仅需要应对当前运营的现金需求，还需要预留大量资金以满足未来可能的资本催缴——这笔巨额的潜在负债无疑加剧了其寻求流动性的紧迫性。
私募股权回报放缓和流动性紧张已成为顶尖大学捐赠基金普遍面临的挑战。报道还提及，耶鲁大学发言人已证实，该校正与Evercore Inc.就寻求二级市场出售进行合作，该过程已持续数月。
报道指出，哈佛大学的此次出售努力始于去年，早于近期特朗普政府对其施加的显著压力，包括暂停联邦拨款和威胁要对其征税等。
作为应对措施之一，哈佛大学在今年3月宣布冻结招聘，并在本月发行了7.5亿美元的债券。虽然此次私募股权出售的直接动因更多源于市场本身的流动性问题和高额的未缴款承诺，但外部的政治和财务压力可能也为这一决策增添了额外的考量因素。
华尔街见闻此前分析指出，随着特朗普与高校的矛盾愈发激烈，常青藤巨额捐赠基金投资成为“风暴眼”。这些高校拥有大规模的捐赠基金，并将其用于私募股权等高风险投资。
在当前私募行业风险正在积聚的情况下，这场风暴很可能引发一个更大的危机—新的“次贷危机”，并可能引发连锁反应：对冲基金抢先交易、私募股权折价重估，甚至波及至由捐赠基金支持的风险投资部门。
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