Posted on 20th November 2008
The Wellcome Trust has invited bids for much of its £3.8 bn private equity portfolio.
The trust has £1.2 bn invested in buy-out funds and £1.8 bn of uncalled private equity commitments. A number of big institutional investors are putting private equity portfolios up for sale in response to the financial situation.
A spokesperson for the Trust said, “We currently have a record level of liquidity in cash and short term bonds and will only accept bids which we deem to be attractive. We remain committed to investment in real assets, whether in public or private equity, where many current prices offer outstanding long-term value.”
Danny Truell, chief investment officer of the Wellcome Trust, told the Financial Times that the charity’s sell-off was aimed more at taking advantage of the appreciation of the dollar against the pound (10/11/2008).
