Stanford Pulls Secondary Sale

Stanford Management Company has decided not sell any of its private equity and venture capital fund stakes after all. Originally, the nation's third wealthiest university planned on selling up to $1 billion of minority stakes and had received strong demand with bids valuing the holdings in the range of 80 cents to 85 cents on the dollar. However, with improving stock and bond markets, the fund's liquidity improved and the secondary sale no longer matched Stanford's liquidity and portfolio balance objectives.