On Friday, November 14, 2025, the American Council of Trustees and Alumni (ACTA) hosted a webinar exclusively for the trustees of the 18 universities in the Big Ten Conference regarding a proposed $2.4 billion private equity deal between the conference and UC Investments. A recording of the webinar is available on ACTA’s YouTube channel.
Our webinar panelists included five trustees representing Big Ten schools: Charles T. (Tom) McMillen, member of the University System of Maryland Board of Regents; Sarah Hubbard, member of the University of Michigan Board of Regents; Jay Paterno, member of the Pennsylvania State University Board of Trustees; Jeffrey Smulyan, member of the University of Southern California Board of Trustees; and James Farnsworth, member of the University of Minnesota Board of Regents.
The panelists spoke as individuals, not as representatives of their respective boards. They expressed serious concerns about the lack of transparency in the process, explaining that trustees have not been given sufficient information about the finances and governance structure of the proposed deal. While ACTA does not take a position on the merits of the proposal, we believe that the governing boards of Big Ten schools must be provided with all relevant documents, analyses, and legal opinions related to the proposal in order to exercise proper oversight and make an informed decision.
To learn more about ACTA’s recommendations for restoring integrity to this process, and any similar decisions in the future, please read our open letter to the trustees and regents of Big 10 institutions, published on November 10.
Since 1995, ACTA has advocated for trustees to take an active, informed role in higher education governance. We have published several publicly available resources for trustees on key issues of higher education quality and effectiveness. Visit our resources page to learn more.
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The American Council of Trustees and Alumni (ACTA) is urging governing boards at Big Ten universities to halt a proposed $2.4 billion private equity deal between the Big Ten Conference and UC Investments, the investment branch of the University of California system. In its letter, ACTA—an advocate for “trustee-led” university governance—raised concerns about transparency and oversight, […]
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