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Universities spend more to sustain endowments than reduce tuition; fund managers benefit more than students from university endowments.

"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."--Victor Fleischer, The New York Times

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