Venture capital funds have taken advantage of a strong IPO market to exit their investments.
The U.S. IPO market remained strong this year in terms of issuer and dollar volume.
Corporate defined benefit plans are seen accelerating the trend to heavier fixed-income allocations.
SPAC IPO issuance has cooled after last year's torrid pace, which included SPACs backed by KKR & Co. and Thoma Bravo.
Yale is shifting its allocation toward leveraged-buyout and venture-capital strategies to improve risk-adjusted returns.
Exxon Mobil has spent a lot to return cash to shareholders over the years.