Elite Colleges Lead a Rush for the Exits of Private Equity

Private equity firms are taking the longest in more than a decade to give investors their money back. Elite college endowments, some of their most dependable clients, can’t wait much longer.

High interest rates and President Donald Trump’s trade policies are forestalling a long-awaited M&A revival that was supposed to accelerate private equity distributions. His promise to cut off federal funding and grants for the likes of Harvard and Princeton universities added further pressure. That’s pushing money managers to consider what was once a last resort: selling their private equity stakes to raise cash.