Harvard Management Company

Harvard Management Company (HMC) is the dedicated investment arm responsible for managing the Harvard University endowment, one of the largest university endowments globally. As of June 30, 2023, the endowment was valued at an impressive $53.2 billion, making it a significant force in institutional investing. HMC's primary objective is to support the university's academic mission by generating long-term capital growth and preserving the endowment's purchasing power.

HMC employs a highly diversified investment strategy across a broad spectrum of asset classes. Their portfolio allocations as of fiscal year 2023 included substantial positions in Private Equity (36%), Public Equity (27%), and Hedge Funds (15%), alongside allocations to Real Estate, Natural Resources, and Fixed Income. Within the Private Equity allocation, HMC acts predominantly as a limited partner (LP) to some of the world's most prominent venture capital and private equity funds. This LP strategy allows them to gain exposure to innovative companies and high-growth sectors through expert fund managers.

While HMC does engage in direct investments, these are typically large-scale, strategic opportunities rather than traditional early-stage venture capital "first checks." Their direct investment activities often involve co-investments alongside their established fund managers or significant stakes in mature private companies and real assets. These direct engagements are characterized by their substantial size and long-term horizon, aligning with HMC's overall mandate for robust, sustainable returns for the university. Given their role as a large institutional endowment primarily investing as an LP and making very large, strategic direct investments, specific "first check" sizes in the typical venture capital sense are not applicable to their operational model.