A hedge fund previously valued at more than $2 billion is now worth close to nothing and investors, including Arizona State University, are asking why.

EnerVest is the Houston-based private equity firm managing the devalued oil and gas investment. The fund will leave clients, including major pensions, endowments and charitable foundations, with at most pennies on the dollar, according to analyst reports.

Clients included the J. Paul Getty Trust, the John D. and Catherine T. MacArthur foundation — which each invested millions in the fund — and foundations for Michigan State University and Arizona State University. The firm started investing money beginning in 2013 when oil was trading around twice what it is selling for now.