Venture capital write-downs continued to weigh on U.S. college and university endowments in the latest fiscal year, tempering their ability to reap rewards from one of the strongest U.S. stock market showings of the last decade. A bright spot was smaller institutions that have less exposure to private investments and more to the U.S. stock market. “The more liquid equities you had, the better you did,” said FEG CIO Greg Dowling.