Harvard Management Co., Boston, has cut its private equity allocation...

Harvard Management Co., Boston, has cut its private equity allocation by three percentage points to 12% of assets from 15% after being unable to invest millions of dollars it had available for venture cap in 1999, said Jack Meyer, president. Harvard Management, which invests Harvard University’s $14.4 billion endowment, also cut its allocation to domestic equities to 24% of assets from 32%; raised its cash allocation to zero from -5%; and created a new 4% allocation to inflation-indexed bonds.