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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000915656-98-000009.txt : 19980212
<SEC-HEADER>0000915656-98-000009.hdr.sgml : 19980212
ACCESSION NUMBER:		0000915656-98-000009
CONFORMED SUBMISSION TYPE:	SC 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		19980211
SROS:			NYSE

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			H&Q LIFE SCIENCES INVESTORS
		CENTRAL INDEX KEY:			0000884121
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				043147016
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		SC 13G/A
		SEC ACT:		
		SEC FILE NUMBER:	005-48561
		FILM NUMBER:		98531342

	BUSINESS ADDRESS:	
		STREET 1:		50 ROWES WHARF
		STREET 2:		HAMBRECHT & QUIST FOURTH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		6175740500

	MAIL ADDRESS:	
		STREET 1:		50 ROWES WHARF
		STREET 2:		HAMBRECHT & QUIST 4TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			YALE UNIVERSITY
		CENTRAL INDEX KEY:			0000938582
		STANDARD INDUSTRIAL CLASSIFICATION:	 []
		IRS NUMBER:				06646973
		STATE OF INCORPORATION:			CT
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		SC 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		230 PROSPECT STREET
		CITY:			NEW HAVEN
		STATE:			CT
		ZIP:			06511-2107
		BUSINESS PHONE:		2034325761

	MAIL ADDRESS:	
		STREET 1:		YALE UNIVERSITY INVESTMENT OFFICE
		STREET 2:		230 PROSPECT STREET
		CITY:			NEW HAVEN
		STATE:			CT
		ZIP:			06511-2107
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G/A
<SEQUENCE>1
<DESCRIPTION>SCHEDULE 13G, AMENDMENT NO. 1
<TEXT>

                SECURITIES AND EXCHANGE COMMISSION

                      Washington, D.C. 20549

                           SCHEDULE 13G

             Under the Securities Exchange Act of 1934

                          Amendment No. 1

                    H&Q LIFE SCIENCES INVESTORS
                         (Name of Issuer)

              Common Stock, par value $0.01 per share
                  (Title of Class of Securities)

                            404053-10-0
                          (CUSIP Number)

      Check the following box if a fee is being paid with this statement [ ].
- -----------------------------------------------------------------------
1)    Name and I.R.S. Identification No. of Reporting Person:

      Yale University
      I.R.S. Number 06-0646973-N
- -----------------------------------------------------------------------
2)    Check the Appropriate Box if a Member of a Group:

      (a)  (Not Applicable)
      (b)  (Not Applicable)
- -----------------------------------------------------------------------
3)    SEC Use Only
- -----------------------------------------------------------------------
4)    Citizenship or Place of Organization:

      Yale University is a Connecticut corporation.

Number of Shares         (5)  Sole Voting Power  -  518,100
Beneficially Owned by    _________________________________________
Each Reporting           (6) Shared Voting Power (Not Applicable)
Person With:             _________________________________________
                         (7)  Sole Dispositive Power  -  518,100
                         -----------------------------------------
                         (8)  Shared Dispositive Power (Not Applicable)
- -----------------------------------------------------------------------
9)    Aggregate Amount Beneficially Owned by Each Reporting Person: 518,100
- -----------------------------------------------------------------------
10)   Check if the Aggregate Amount in Row (9) Excludes Certain Shares:
      (Not  Applicable)
- -----------------------------------------------------------------------
11)   Percent of Class Represented by Amount in Row (9):  7.1%
- -----------------------------------------------------------------------
12)   Type of Reporting Person:  EP
- -----------------------------------------------------------------------

<PAGE>

Item 1. Issuer:

      (a)  Name of Issuer:

           H&Q Life Sciences Investors (the "Company")

      (b)  Address of Issuer's Principal Executive Office:

           H&Q Capital Management Incorporated
           50 Rowes Wharf - 4th Floor
           Boston, MA 02110-3328

Item 2. Person Filing:

      (a)  Name of Person Filing:

           Yale University

      (b)  Address of Principal Office:

           Yale University
           Investments Office
           230 Prospect Street
           New Haven, CT 06511-2107

      (c)  Citizenship:

           Yale University is a Connecticut corporation.

      (d) Title of Class of Securities:

           Common Stock

      (e) CUSIP Number:

           404053-10-0

Item 3. Status of Person Filing:

     If this statement is filed  pursuant to rules  13d-1(b) or 13d-2(b),  check
whether the person filing is a:

           . . . .

           (f) [X] . . . Endowment Fund; see section 240.13d-1(b)(1)(ii)(F).

           . . . .

Item 4. Ownership:

      (a)  Amount Beneficially Owned:        518,100

      (b)  Percent of Class: 7.1%

<PAGE>


      (c) Number of Shares as to which such person has:

        (i)  sole power to vote or to direct the vote:
                518,100

        (ii)   shared power to vote or to direct the vote:
               (Not  Applicable)

        (iii)  sole power to dispose or to direct the disposition of:  
                  518,100

        (iv)  shared  power to  dispose  or to  direct  the  disposition  of:
                 (Not Applicable)

Item 5. Ownership of Five Percent or Less of a Class:

           (Not Applicable)

Item 6. Ownership of More than Five Percent on Behalf of Another Person:

           (Not Applicable)

Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on By the Parent Holding Company:

           (Not Applicable)

Item 8. Identification and Classification of Members of Group:

           (Not Applicable)

Item 9. Notice of Dissolution of Group:

           (Not Applicable)

Item 10. Certification:

     By signing  below I certify  that,  to the best of my knowledge and belief,
the  securities  referred  to above  were  acquired  in the  ordinary  course of
business  and were not acquired for the purpose of and do not have the effect of
changing or  influencing  the control of the issuer of such  securities and were
not acquired in connection  with or as a participant in any  transaction  having
such purpose or effect.

                             SIGNATURE

     After  reasonable  inquiry and to the best of my  knowledge  and belief,  I
certify that the information  set forth in this statement is true,  complete and
correct.


Date:  February 10, 1998        /s/ David F. Swensen
                                ___________________________________
                                Name: David F. Swensen
                                Title: Chief Investment Officer


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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