Yale Portfolio Updates

This week, we’ll look at recently disclosed changes to Yale’s manager roster. As always, OWL users can see full details on Yale's profile page in OWL.

OWL’s allocator database uses public disclosures and AI to build profiles for 2,000+ allocators. The data comes from many obscure sources – retirement plan disclosures, foundation tax forms, government websites, FOIA requests, etc. – and is often unstructured, difficult to find, and takes time to clean and organize properly. As an OWL user recently told us, “OWL aggregates and displays info that’s out there which I’d waste an entire year putting together myself.”

OWL is the highest quality source for endowment and foundation disclosures, and our users can track the investments of other leading endowments like UPenn, Duke, Harvard, Wash U, Michigan, UTIMCO, Cal, MIT and more on our platform. If you’re interested in learning more, reach out!

Yale discloses investments in multiple regulatory filings, including one for the school’s retirement plan, which the Yale Investment Office manages. The retirement plan represents a subset of the portfolio, but we believe it’s a good proxy for the overall Yale portfolio. Overall, Yale has ~45% of its portfolio in private assets (including PE and VC), and it was recently reported that they are in the market to sell up to $6 billion of their PE portfolio.

In Yale’s recently updated retirement plan filing, three private equity firms showed up for the first time: Orion Capital Managers, Arcline, and GTCR. Yale’s investment in GTCR was across three separate funds - GTCR Evergreen Partners I, GTCR Partners XIV A&C, and GTCR Partners XIV B.

Orion Capital Managers is a pan-European real estate private equity firm started in 1999 by founding partners Aref Lahham, Bruce Bossom, and Van Stults. Prior to founding Orion, each of them held senior investment management roles at LaSalle, where Stults and Lahham started the firm’s European operations in the early 90’s. Lahham currently serves as Orion’s Chief Executive & CIO.

Orion has a number of other notable LPs, including Michigan State, D.C. Retirement Board, Colorado Health Foundation, Duke, The McArthur Foundation, Ford Foundation, and Emory. Other historical LPs dating back to the firm’s earlier funds include Michigan, The Rockefeller Foundation, and The Mayo Clinic.

 

Headquartered in London, Orion invests in “the full spectrum of commercial real estate in Europe, including direct assets, listed companies, private companies, and real estate debt.” The firm’s current portfolio consists of $11 billion in GAV, including debt, with direct holdings in seven different countries across Europe. Orion’s fund history in OWL shows they are currently investing out of 3 separate funds, with fund IV still comprising the bulk of the assets under management.

Other News & Events

• Podcast: Greenoaks’ Neil Mehta on finding future S&P 500 companies

• Managers with the Best Growth Last Year (according to OWL data!)

• Millennium cancelling Pamalican commitment

• Alexander Dorf being named Deputy CIO of Arizona PSPRS

• Elliott building a $1.5 billion position in HPE

• University of Utah Selecting Cynosure as OCIO

• Elite university endowments confront a ‘parade of horribles’

• Hertz Shares Jump as Billionaire Investor Bill Ackman Discloses Stake

• Knight Brings Its $2.6B Portfolio Back In-House

About Old Well Labs

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