Bond.az -- N.P. 'Narv' Narvekar, CEO of Harvard University's $56.9 billion endowment, has informed the board of his plans to retire after nearly a decade, according to an exclusive report citing sources familiar with the matter.
Narvekar has not set a definitive departure date but has discussed a potential retirement timeline for late 2027 to allow ample time for succession planning. A formal search process has not yet begun.
Hired in 2016 from Columbia University to stabilize Harvard Management Co., Narvekar inherited a $35.7 billion fund struggling with structural performance issues.
Under his leadership, the endowment underwent a comprehensive restructuring, shifting from a model where 40% of assets were managed by internal teams to an agile generalist framework with about 90% managed by external asset managers.
This overhaul improved Harvard's performance relative to its Ivy League peers. Over the past three years, the endowment delivered an 8.1% annualized return, outperforming Yale and Princeton.
Narvekar aggressively liquidated underperforming illiquid assets at a discount while doubling the endowment's allocation to private equity and venture capital. He also more than doubled exposure to hedge funds.
The strategy secured lucrative allocations with top managers like Citadel and D.E. Shaw Group. The endowment generates over one-third of Harvard's $6.7 billion operating budget.
