That's a great question - when I was in the industry (back in 2005-2006) Harvard had already outsourced a large portion after their managers left. In many cases

That's a great question - when I was in the industry (back in 2005-2006) Harvard had already outsourced a large portion after their managers left. In many cases, the managers started up their own funds and then Harvard immediately placed money into them. I think the answer may be that Harvard (and others) continue to see decent returns - the question is at what cost relative to managing it internally.