Endowments Boom as Colleges Bury Earnings Overseas

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American universities are using offshore strategies to swell their coffers, skirt taxes and obscure investments that could spark campus protests.

In 2006, the endowments of Indiana University and Texas Christian University invested millions of dollars in a partnership, hoping to mint riches from oil, gas and coal.

Slep 1aThe partnership was formed by the Houston-based Quintana Capital Group, whose principals include Donald L. Evans, an influential Texan and longtime supporter of former President George W. Bush.

Little more than a year earlier, Mr. Evans had left his cabinet position as…

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