From the New York Times:
“Who do you think received more cash from Yale’s endowment last year: Yale students, or the private equity fund managers hired to invest the university’s money?
It’s not even close.
Last year, Yale paid about $480 million to private equity fund managers as compensation — about $137 million in annual management fees, and another $343 million in performance fees, also known as carried interest — to manage about $8 billion, one-third of Yale’s endowment.”
USC’s endowment currently sits at $4.6 billion. Who do you think got more cash from the endowment last year: USC students or Wall Street equity managers?