Yale University is close to finalising a major secondary sale of private equity and venture capital interests valued at up to $2.5bn, marking one of the largest GP-led secondary processes seen in recent months, according to a report by Bloomberg News.
The transaction – internally dubbed “Project Gatsby” – comes as institutional investors continue to recalibrate private market exposures.
The report cites unnamed sources familiar with the mater as confirming that that the Ivy League endowment is in advanced negotiations with buyers, with pricing expected at a discount of less than 10% to net asset value.
As first reported by Reuters in April, Yale retained Evercore to advise on the sale as it seeks to rebalance its portfolio amid shifting liquidity needs and broader market dynamics.
Sources say the transaction is structured as a mosaic deal, allowing buyers to selectively acquire fund interests rather than purchasing the entire portfolio. This structure is increasingly popular in large-scale secondary processes as it enables buyers to target strategies or managers aligned with their mandates.
Secondaries giants Lexington Partners and HarbourVest Partners are among the firms that have evaluated the portfolio. Multiple parties are believed to remain engaged in the process, which could close in the coming weeks, subject to final negotiations and due diligence.
Yale has a private markets allocation of roughly 40% and is known for its early and deep commitments to venture and buyout funds.
