FORTUNE -- Harvard Management Co. needs to find its third private equity boss in less than a year.
Last October, the $33 billion endowment manager picked Lane MacDonald to fill the position that had been vacant since Peter Dolan's departure a few months earlier. Now MacDonald has called it quits, after agreeing to become head of Crosby Advisors -- the New Hampshire-based family office for Fidelity Investments' billionaire Johnson clan (Abby, Ned, etc.).
Unclear so far how this is playing broadly within HMC, given that MacDonald took on the role so recently (and just last month was meeting with GPs). My guess is that most folks will view the Crosby opportunity as one that he just couldn't pass up. After all, MacDonald only was running a small piece of Harvard's endowment, whereas he'll now be leading investments for a family that, as of last check, was worth more than $22 billion.
HMC declined to comment on MacDonald's move, although we've confirmed it with several sources (and The Boston Globe is reporting the same thing). MacDonald – a onetime PE exec at Alta Communications and captain of Harvard's 1989 NCAA championship ice hockey team – also did not reply.
It appears that HMC's John Shue will once again serve as interim private equity director while a permanent replacement is found. Shue was believed to be in the running last time around, and a source close to the situation says that the prior search was recent enough that the new one may not need to be quite so exhaustive.
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As rent rates rise and incomes remain stagnant, Americans are feeling the squeeze.Nin-Hai Tseng, Writer - Dec 10, 2013 11:03 AM ET
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FORTUNE -- Harvard University has the nation's largest college or university endowment, valued at $32.7 billion through the end of June. It also has worse investment returns than any of its peers over the past five years, according to a Fortune analysis.
This may come as a surprise to Harvard employees and alums, who have been told that the MOREDan Primack - Oct 31, 2013 12:13 PM ET
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FORTUNE -- Harvard Management Co. has finally named a new head of private equity, seven months after the departure of Peter Dolan. It's Lane MacDonald, a onetime PE exec (Alta Communications) who joined HMC's private equity group in August 2008. He later moved on to serve as a managing director in public MOREDan Primack - Oct 22, 2013 12:56 PM ET
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By David Whitford, editor-at-large
FORTUNE -- Whichever way the battle to replace Ben Bernanke as chairman of the Federal Reserve resolves -- surprise, surprise -- it's all about Harvard.
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The lingering effects of this era of high unemployment will impact young workers most.
FORTUNE – Not to add to the gloom of today's job market, but the problems U.S. workers face go beyond high unemployment. Even if the economy "magically recovered" tomorrow that doesn't necessarily mean workers will be better off, said Harvard University economist Lawrence Katz at the Economist Buttonwood Gathering Thursday.
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