The strength of this Yale force move is expected to be significant, with the endowment expected to sell around USD6 billion, or 15% of its total value, on the secondary market. Using this mechanism to unlock liquidity is a response by Yale to protect itself against potential federal funding cuts – with Harvard and Princeton making similar plans to raise cash through bond issuances. The fact that the private equity distribution tap has turned into a trickle in what has been a testing two years for exits, is another potential factor. Good news is we will be diving deep into secondary market developments during a dedicated summit session at IPEM Paris 2025 – can’t wait to see you all there!