Biggest endowment struggled to unload a troubled investment.
Colin Butterfield was frantic. The Harvard University endowment executive wanted to unload a disastrous $270 million investment in Brazilian farmland. But the school had no takers, and it was burning through millions of dollars.
“Why I’m freaking out is that we’re running out of money,” Butterfield said in a November 2017 conference call, referring to the project, not the college. “We have no more money.”