1 min read · 18 March 2010
1 min read · 18 March 2010
BOSTON (Reuters) - Yale University Chief Investment Officer David Swensen's losses on big bets in private equity, real estate and commodities have not deterred the noted contrarian. Yale disclosed on Thursday that it had increased significantly its allocations to those sometimes risky and illiquid asset classes at the end of its last fiscal year in June, 2009. "If diversification fails to protect a portfolio in the face of a financial panic, why bother to diversify?," Swensen's investment group wrote in the university's annual endowment report released on Thursday. "The answer lies in the diversified portfolio's lower risks and higher returns." As a result, Yale's investment committee voted at the close of its fiscal year to increase its targeted allocation in private equity to 26 percent from 21 percent and in commodities and real estate to 37 percent from 29 percent, Yale disclosed in the report.
2 min read · 18 March 2010
2 min read · 18 March 2010
Duke Dayal has joined Bank of the West as chief financial officer. He previously was a managing director with private equity firm Brysam Global Partners.
2 min read · 18 March 2010
1 min read · 18 March 2010
1 min read · 18 March 2010
Starwood Capital Group, TPG Capital and Five Mile Capital Partners have agreed to invest up to $905 million in Extended Stay Hotels Inc. The investment would be part of a recapitalization that would allow the hotel chain to emerge from bankruptcy at a $3.9 billion valuation.
4 min read · 18 March 2010
Henry Robin has joined North Sea Capital as a senior partner, and head of the Denmark-based firm's New York office. He previously was a partner with AlpInvest.
1 min read · 18 March 2010
KSL Capital Partners has acquired Carlsbad, Calif.-based La Costa Resort and Spa. No financial terms were disclosed.
3 min read · 18 March 2010
