Tiger Management, which announced this week it will close, will return $25 million to the University of North Carolina, Chapel Hill. About 77% of the returned money will be in cash and come by May 1, said Mark Yusko, chief investment officer for the $1 billion endowment. The rest will come after the manager settles some large positions, he said. The money could be reallocated to other managers or used to fund venture capital investment, subject to the board’s approval, Mr. Yusko said.
He had nothing but praise for Tiger and its head, Julian Robertson Jr., a graduate of UNC. ‘‘Julian Robertson made a lot of money for the University of North Carolina,’’ he said.
Tiger bested its benchmark, the MSCI World index, by 100 basis points over the past 10 years, Mr. Yusko said. The index returned an annualized 12% over the 10 years ending Dec. 31, according to PIPER data. The endowment has a 10% allocation to opportunistic equities.
