The Ledger
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David Swensen modeled Yale's real estate strategy on private equity and VC
“David Swenson was a first principles investor, and he looked at the real estate business in the eighties and said, this doesn't make any sense. And he thought that the fee-based nature of the business, there was no alignment of interest. There was lots of sepa…”
Forman: Yale acquired full ownership of 717 Fifth Avenue for $60M total basis
“When they agreed to sell the deal for, I think, forty-seven million in the mid-nineties, Yale stepped up and matched the offer. So we're in the deal for sixty million bucks, and it was almost a 500,000 square foot asset.”
Forman: Yale directly owned real estate assets before pioneering private equity model
“Back in the day, Yale was a direct real estate owner of assets. When I joined, I was put in charge of managing all those assets, and David and Ellen and Donna were pursuing this New model called private equity real estate”