History of Harvard University "official philosophy" of the more empirical and more deistic Scottish school. Between 1830 and 1870, Harvard became "privatized". While the Federalists controlled state government, Harvard had prospered and the 1824 defeat of the Federalist Party in Massachusetts allowed the renascent Democratic-Republicans to block state funding of private universities. By 1870, the politicians and ministers that heretofore had made up the university's board of overseers had been replaced by Harvard alumni drawn from Boston's upper-class business and professional community and funded by private endowment. During this period, Harvard experienced unparalleled growth that securely placed it financially in a league of its
Harvard University endowment Harvard University endowment Harvard University's endowment (valued at $37.1 billion ) is the largest academic endowment in the world. Along with Harvard's pension assets, working capital, and non-cash gifts, it is managed by Harvard Management Company, Inc. (HMC), a Harvard-owned investment management company. HMC employs financial professionals to manage the approximately 12,000 funds that constitute the endowment. The company directly manages about one third of the total endowment portfolio while working closely with the external companies that manage the rest. HMC is headed by a professional, who holds the titles of president and chief executive officer of the company. Jack