Sperling Will Take Job at Lee

Scott M. Sperling, a managing partner of Harvard Private Capital announced recently that he will leave to join a private investment firm this fall.

Sperling will become a general partner in the Thomas H. Lee Company in Boston in September.

"It's difficult to leave a great place like Harvard Management, but an opportunity came up that was hard to turn down," Sperling said yesterday. "[Lee] is one of the leading private capital group in the country."

Sperling has been with Harvard Private Capital for 10 years. Formerly known as the Aeneas Group, Harvard Private Capital is a subsidiary of the Harvard Management Company (HMC) that oversees University investments in private equity deals.

As a managing partner of the group, Sperling's salary was regularly in the high six figures thanks to substantial performance bonuses, making him one of the University's highest-paid employees.

Harvard Private Capital is one of the largest private investment companies in thecountry. At times, however, Sperling and partnerMichael Eisenson were plagued with charges ofovervaluing investments on which their performancebonuses were based. Earlier this decade HMC wasforced to write down $200 million in Aeneasinvestments, 20 percent of the portfolio's valueat the time.

HMC President Jack R. Meyer refused to commentyesterday. But he told the Chronicle of HigherEducation earlier this month that a shift ofemphasis is underway at the newlydubbed HarvardPrivate Capital.

Meyer told the Chronicle that the group, whichmanages $1.5 billion in assets, will focus less ontransactions in the $5 million range involvinghigh technology. Instead, Meyer said, HarvardPrivate Capital will emphasize "larger"investments in the $30 million to $40 millionrange

HMC President Jack R. Meyer refused to commentyesterday. But he told the Chronicle of HigherEducation earlier this month that a shift ofemphasis is underway at the newlydubbed HarvardPrivate Capital.

Meyer told the Chronicle that the group, whichmanages $1.5 billion in assets, will focus less ontransactions in the $5 million range involvinghigh technology. Instead, Meyer said, HarvardPrivate Capital will emphasize "larger"investments in the $30 million to $40 millionrange