Harvard Endowment Regroups

Jane Mendillo spent her first year as Harvard University's endowment chief contending with the worst financial crisis in generations. Now she is repositioning the U.S.'s largest endowment in light of hard lessons learned.

Key to her strategy: selling off some holdings in hedge funds, private-equity firms and other money managers to bring more money under the purview of her internal investing staff, which she recently began expanding.

"We are looking to have a greater portion of our assets managed internally over the next few years," Ms. Mendillo, 50 years old, says. "That will allow us to be more nimble, have ...


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