Mendillo also bought private equity assets on the secondary market in the last year.
Mendillo, a Yale alum, has been chief investment officer of Wellesley College since February 2002.
Mendillo, 49, will become the new president and chief executive officer of Harvard Management Co.
At the same time, Mendillo also purchased private equity assets at a low point in the secondary market.
By the time Jane Mendillo walked into HMC's offices in July 2008, she figured some changes needed to be made.
Mendillo says she was rebalancing the portfolio and moving more assets in-house.
Mendillo, 50, came to Harvard last July after running Wellesley's small endowment.
Mendillo says she is "satisfied with the pricing we have achieved, " adding that Harvard also bought private equity assets in the secondary market.
"Mercury has a thin atmosphere created by the ejection of atoms from its surface, a process that also occurs on our Moon, " Mendillo explained.
Mendillo did move quickly to deal with the private equity portfolio.
"HMC has been an active buyer and seller of private equity on the secondary market during the past year, " Mendillo said in a statement to Forbes.
"The observations were made shortly after sunrise before the Sun's heating of the atmosphere distorted the images captured by the telescope, " says Michael Mendillo, professor of astronomy at Boston University.
During her time at Wellesley, Harvard noted, Mendillo produced average annualized returns of 13.5%, net of fees and expenses and the costs of this restructuring, and beat her benchmark each year.
"There were a number of externally managed accounts that were terminated or resized to optimize for the best mix of strategies for the portfolio driven by HMC's management team, " says Mendillo.
As Forbes first reported in February, Harvard's fully invested and overly illiquid endowment, coupled with the use of interest-rate and total-return swaps, caused Mendillo to scramble for cash last fall.
Jane Mendillo, chief executive of the Harvard Management Co.
''Private equity has been a top-performing asset class over the past 10 years and will remain part of the portfolio, '' Jane Mendillo, who heads Harvard's endowment, said in a statement to Forbes.
That would make sense to readers of our Mar. 16 article, which detailed how Harvard's newly installed endowment manager, Jane Mendillo, scrambled for cash in the fall of 2008 to deal with crashing derivatives.
Mendillo, who only started running Harvard Management Co. in July 2008, had started trying to unload some of the private equity portfolio in the summer of 2008 but was unable to close any deals before the collapse of Lehman Brothers.
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