Harvard University paid its top six endowment officials $33 million total in 2018, confirmed university spokesman Patrick McKiernan in an email.
N.P. "Narv" Narvekar, CEO of Harvard Management Co., which oversees the Cambridge, Mass.-based university's $40.9 billion endowment, was at the top of the list of executives as he was paid $7.2 million in 2018, down from the $9.3 million he was paid in 2017.
Meanwhile, two former portfolio managers in HMC's real estate group, Kavindi Wickremage and Benjamin Brady, ranked second and third on the list, each making roughly $5.8 million during the year. Both executives are now managing directors in the real estate business of Bain Capital.
Chief Investment Officer Richard Slocum made $5 million in 2018. Carlos Saravia and Adam Goldstein, two members of HMC's generalist investment team, each made roughly $4.6 million.
HMC's top six executives were paid $40.5 million total in 2017.
Harvard University’s endowment returned 10% for the fiscal year ended June 30, 2018. Mr. Narvekar wrote in HMC’s annual report published in October 2018: “While we are not pleased with this performance, we are mindful that ours is an organization and a portfolio in transition.”
Mr. Narvekar, who became CEO in December 2016, reorganized HMC’s staff to change its investment strategy from a specialized or “silo” approach to a generalist investment model in which all members of the investment team take ownership of the entire portfolio.