Space has changed the past years

During the Financial Crisis of 2008-2009 many of Yale’s illiquid investments experienced large losses. Discuss Yale’s approach to managing risk and recommend changes that would reduce the possibility of such large losses occurring in the future

The Yale case discusses how the Private Equity, and in particular venture capital, space has changed in the past 10 years. Do you think this space remains a good long-term investment for endowments that do not have Yale’s personal relationships with the mangers? Explain your reasoning.