The money managers at 4 of America’s 10 richest colleges and universities are protégés of David Swensen, the unconventional investment chief who has helped Yale University earn a 14.4% average annual return on its endowment since 1985 by focusing on hedge funds, private equity, real estate, and other nontraditional areas. Endowments with a Swensen protégé at the helm have seen their returns exceed a benchmark of other U.S. endowments by at least 1 percentage point, says the Wall Street Journal. One former understudy, Seth Alexander at MIT, has even exceeded Swensen's returns, the Journal says.
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