From the Tellus Institution’s report (p. 33), more accounts of serious conflicts of interest among the trustees, just in the last 5 years. Listed below are the trustees, their firms, and the funds in which the College invested its endowment money:
P. Andrews McLane, T.A. Associates, T.A. Associates Fund XI – undisclosed sum
R. Bradford Evans, Morgan Stanley, Real Estate Fund VI International TE, L.P. – undisclosed
R. Bradford Evans, Morgan Stanley, Global Best Ideas Fund, L.P. – undisclosed
Russell Carson, Welsh Carson Anderson and Stowe, WCAS L.P. – $20 million
Russell Carson, Welsh Carson Anderson and Stowe, WCAS IV, L.P. – $10 million
Russell Carson, Welsh Carson Anderson and Stowe, WCAS X, L.P. – $15 million
Jonathan Newcomb, Leeds Weld & Co., Leeds Weld IV – $10 million
Information from the New Hampshire Department of Justice, previously obtained by The Dartmouth Review, indicates that Brad Evans’ Morgan Stanley received at least $65 million in Dartmouth investments: $20 million for its Real Estate Fund V International in March 2005, and $45 million for its Global Best Ideas Fund in November 2006.
All told, Dartmouth put $110 million of endowment money into funds managed by the trustees.
The report notes very appropriately, “When such a concentration of trustees is involved in managing endowment assets, conflict-of-interest policies of disclosure and recusal from decisions related to one’s own firm may provide inadequate assurances of independent oversight.”
Yep.
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