The Committee approved a modest increase in the private equity target from 33 percent to 34 percent.

"...Yale’s private equity assets concentrate on partnerships with firms that emphasize a value-added approach to investing. Such firms work closely with portfolio companies to create fundamentally more valuable entities, relying only secondarily on financial engineering to generate returns. Investments are made with an eye toward long-term relationships—generally, a commitment is expected to be the first of several—andtoward the close alignment of the interests of general and limited partners. Yale avoids funds sponsored by financial institutions because of because of the conflicts of interest and staff instability inherent in such situations...".

Private equity earned 10.2 percent annually over the last ten years, under performing the passive benchmark of University inflation plus 10 percent by 3.1 percent per year and outperforming the return of a pool of private equity managers compiled by Cambridge Associates by 1.0 percent per year. Since inception in 1973, the private equity program has earned an astounding 30.3 percent per annum.