The CEO of Stanford University’s endowment, Robert Wallace, has urged caution when investing in private equity and venture capital, according to Bloomberg. The head of the $25bn fund said an excess of capital is driving some company valuations too high.

Harvard Management Company is nearing the close of a $70m deal to unload 8,500 acres of dairy farms and approximately 5,500 cows. The slash in real assets is part of the university’s investment arm’s endowment overhaul under new head Nirmal “Narv” Narvekar. The Harvard Crimson has the story.

An audit into the web of spending practices by the University of Louisville’s foundation uncovered instances of the fund overspending from its endowment, finds the Associated Press. No action was taken on the audit, despite it finding a $52.2m loan of endowment funds that it said is unlikely to be repaid.

The City University of New York plans to overhaul the rules governing its affiliated nonprofit foundations as part of an effort to reassure alumni and donors, writes The New York Times. The former president of City College resigned in October after it was alleged that more than $150,000 of her personal expenses were paid for by the CUNY Research Foundation.

The U.S. Federal Reserve is widely expected to raise its benchmark interest rate this week, Reuters reports. Economists polled by thew news agency expect overwhelmingly see the Fed raising its rate to a target range of to 1 to 1.25% on Wednesday.