GLOBAL- Stanford University puts $1bn of assets on the block
Palo Alto-based Stanford University, one of the largest endowments, has put as much as $1bn of its illiquid investments up for sale in an effort to raise cash for the cash-strapped institution.
The investments, which range from private equity and venture capital to timber and real estate holdings, are expected to raise $1bn for Stanford through the sale of partial interests in these partnerships. The $1bn would include the value of the assets, along with Stanford's future capital commitments to the investments.
The move by the $12.6bn endowment is expected to test the appetite for the secondaries market and see if the vendor-buyer gap has narrowed in the last year. The sale could lead to more activity from other such universities in a similar financial position.
The sale is being arranged by Cogent Partners.
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