(Reuters) -Yale University is finalizing the sale of up to $2.5 billion of its private equity and venture capital assets, Bloomberg News reported on Wednesday.

The Ivy League school's endowment is in advanced talks on the portfolio sale, code-named "Project Gatsby," with an overall discount expected to be less than 10%, Bloomberg News reported citing people familiar with the matter.

In April, Reuters reported that Yale was exploring a sale of private equity fund interests and was being advised by investment banking firm Evercore ( EVR ).

The sale discussions includes a so-called mosaic deal that allows buyers to cherry-pick specific investment funds they would like to acquire, and multiple buyers, including Lexington Partners and HarbourVest Partners, have assessed the portfolio, Bloomberg said.

Yale University and Lexington did not immediately respond to a request for comment. HarbourVest declined to comment.