A secretive Big Ten proposal to place $2.4 billion under private equity management has drawn criticism from trustees who say they lack adequate information and time to vet terms. Multiple member‑institution trustees complained the deal was rushed and insufficiently transparent, raising governance and conflict‑of‑interest concerns at a time when athletic revenues and conference finances are under intense scrutiny. At the same time, trustee education initiatives are ramping up: AGB is promoting endowment governance workshops that stress fiduciary fundamentals as institutions confront market volatility and potential drawdowns in endowments. The shift toward private capital arrangements places trustees on the front line of complex oversight responsibilities. For higher ed boards, the episode is a cautionary moment: large off‑balance‑sheet deals and new investment structures require clearer disclosure, stronger trustee engagement and alignment with institutional missions to avoid reputational and financial risk.