📈 Endowment liquidity crunch forces discounted private-equity secondaries

Chamath equities 42% · n=163 · E234 (2025-07-04) · explicit_prediction · strength 3 ▶ 55:30 SUPPORT · horizon 18mo

“What they will have to do in order to finance their budget in probably 18 months is start to actively sell their private equity portfolio, which by the way, from 2019 to this year, almost doubled from 20 to 40%. So an insane asset allocation, frankly, an asset misallocation at the top of the market to the most illiquid asset class. And when people sniff this out, what they're going to do is, Harvard was able to sell a billion dollars recently of private equity stuff and managers that they didn't want to support anymore at a 7% discount. There is no smart money on the street that's going to look at any private equity portfolio from Harvard without asking for 20, 25, 30, 35, 40% discount, because your back will be totally against the wall.”