Martin: Wesleyan's $200M debt prevented endowment from matching Yale's illiquidity
Anne Martin · Anne Martin - Pulling the Oars as CIO of Wesleyan University (Capital Allocators, EP.114) · Dec 2, 2019 · at 23:42
Anne Martin discusses the structural liquidity constraints at Wesleyan University compared to the flexibility enjoyed by Yale's endowment.
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“We had about two hundred million dollars of debt outstanding at the university when I came on a five hundred million dollar endowment pool. So we knew we could not generate liquidity by going back out to the capital market. So we had to generate all our liquidity internally. That means translated that we could never be as illiquid as Yale.”
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