Yale chief investment officer Swensen dies of cancer

BOSTON (Reuters) - David Swensen, who spent more than three decades managing one of the world's best performing college endowments as Yale University's chief investment officer, has died of cancer, the university said.

"David served our university with distinction. He was an exceptional colleague, a dear friend, and a beloved mentor to many in our community. Future generations will benefit from his dedication, brilliance, and generosity," Yale president Peter Salovey said in a statement.

Swensen pioneered investments in hedge funds, private equity and real estate, creating a model, known as the "Yale Model," that many endowments have sought to emulate over the years. The endowment was valued at $31.2 billion in June, 2020.

Swensen, who earned a Ph.D. in economics from Yale, returned to his alma mater in 1985 after working on Wall Street for several years. He was 67.

(Reporting by Svea Herbst-Bayliss; Editing by Chizu Nomiyama)