At the beginning of last year, sovereign wealth funds were treated with suspicion by many countries. Who are these foreigners buying our assets, and for what purpose, they asked? The mood changed abruptly in September, when authorities in many parts of the world, particularly the US, made it clear that they did not mind where the money came from, just as long as it arrived.
America’s Ivy League universities did not have to deal with the same suspicion, but in many cases they are a model of how sovereign wealth funds (SWFs) might develop, for they share similar features and goals.
Both are behemoth institutional investors: Harvard and Yale manage investment funds in excess of US$20 billion (Dh73.47bn), which they use to preserve and multiply their wealth for future generations.
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