- NP Narvekar plans to retire as head of Harvard Management Company by late 2027
- He has led Harvard's $57 billion endowment since 2016, implementing key investment shifts
- Harvard's endowment earned 8.1 per cent annual returns over the past three years, outperforming peers
NP "Narv" Narvekar, the head of Harvard Management Company that oversees Harvard University's $57 billion endowment, plans to retire after nearly a decade in the role.
Narvekar has not fixed an exact date for his retirement but has discussed with the board the possibility of stepping down in late 2027, according to The Wall Street Journal.
Who Is NP Narvekar?
Narvekar graduated from Haverford College and later earned an MBA from the Wharton School. He serves as a trustee at The Chapin School and is part of the investment committee at Haverford College.
Earlier, he worked at the University of Pennsylvania's investment office as managing director. Before moving into university finance, Narvekar spent several years at JP Morgan, where he held various finance and investment roles. Later, Narvekar joined Columbia University Investment Management Company, where he managed investment strategies for Columbia University's endowment.
After arriving at Harvard in 2016, Narvekar oversaw major changes at Harvard Management Company (HMC), including reducing staff, shifting more investments to outside firms and changing its investment strategy. The university also increased investments in private equity, venture capital and hedge funds, while cutting exposure to real estate and natural resources. Through these investments, Harvard gained access to fast-growing companies such as SpaceX and Stripe.
Harvard earned average annual returns of 8.1 per cent over the past three years, outperforming rival universities like Yale and Princeton. Its endowment became one of the best-performing university funds in the US. Narvekar said the endowment is now in a “strong position,” noting that it supports nearly 40 per cent of Harvard's annual operating budget. Last year alone, the endowment contributed around $2.4 billion to university operations.
However, Narvekar also faced criticism for his work. Some conservative commentators, and even people within Harvard, argued that the university was putting too much money into investments that are "illiquid", reported IBF. Former US Treasury Secretary and former Harvard president Lawrence Summers criticised Harvard's performance, saying that if the university had performed as well as some other Ivy League schools, it could have had around $20 billion more today.
