Endowments in the United States
105 endowment offices are on this list, 98 of them in the United States. The largest endowment is $55.4 billion, reported by President and Fellows of Harvard College at (filed ) and managed by Harvard Management Company.
The 78 offices with a full endowment figure hold $514.4 billion together; the ten largest hold 56% of it, and half hold less than $2.7 billion. The largest public systems: Texas A&M University Endowment $18.1 billion, UC Investments $17.9 billion and University of Michigan Investment Office $17.6 billion for fiscal year 2023.
Updated . Rechecked quarterly; next check . Figures read , mostly for fiscal years ended mid 2025 (public systems: fiscal year 2023; listed stocks: June and September 2026).
- $25BN and over40%5 offices
- $10BN to $25BN28%10 offices
- $5BN to $10BN12%8 offices
- $2.5BN to $5BN12%18 offices
- $1BN to $2.5BN8%23 offices
- Under $1BN1%14 offices
Latest fiscal year of each office, mostly ended mid 2025. Read ; sources at the end of the page.
- Endowment offices listed98 in the United States, 7 outside; list of October 2026
- 105
- Combined endowment78 offices; fiscal years ended mid 2025
- $514.4BN
- Median officeHalf of the 78 hold less; fiscal years ended mid 2025
- $2.7BN
- Held by the ten largestOf the $514.4BN combined; fiscal years ended mid 2025
- 56%
Harvard, Yale and Stanford hold the three largest endowments
The ten largest by endowment at year end, latest fiscal year. Together they hold $289.5BN, 56% of the $514.4BN the 78 offices hold.
- 1
Harvard Management Company
University investment office, Boston, MA
- 2
Yale Investments Office
University investment office, New Haven, CT
- 3
Stanford Management Company
University investment office, Stanford, CA
- 4
Princeton University Investment Company
University investment office, Princeton, NJ
- 5
MITIMCo
University investment office, Cambridge, MA
- 6
Penn Office of Investments
University investment office, Philadelphia, PA
- 7
Notre Dame Investment Office
University investment office, Notre Dame, IN
- 8
Columbia Investment Management Company
University investment office, New York, NY
- 9
Johns Hopkins University Office of Investment Management
University investment office, Baltimore, MD
- 10
WashU Investment Management Company
University investment office, St. Louis, MO
Endowment at each office's fiscal year end, mostly June 30, 2025; the line shows the five years the same return reports. Spent: grants, other spending and administration from the endowment. Each pin opens the filing behind the figure; sources and method are at the end of the page. Read .
A few large endowments hold most of the money
How the 78 offices spread by size: most hold under $2.5BN, but the dollars sit at the top.
Latest fiscal year of each office; 4 tables that cover only part of an institution's funds and 3 manager company returns are left out. Read .
40%
of the combined endowment sits with 5 offices of 78: Harvard Management Company, Yale Investments Office, Stanford Management Company, Princeton University Investment Company, MITIMCo. Half of the offices hold less than $2.7 billion.
- NY11
- CA9
- PA8
- TX8
- MA7
- VA6
- IL5
- NC5
- DC3
- NJ3
City of each office as listed and checked, October 2026.
- Universities and colleges77
- Hospitals and health systems8
- Museums, libraries, institutes6
- Schools, trusts, a church, a fund7
- Outside the United States7
Kind of institution, from each office's own site, October 2026.
The largest by type of institution
Three groups the main ranking cannot compare fairly: public universities, holdings of US listed stocks, and institutions that are not schools.
| Rank | Name | Figure |
|---|---|---|
| 1 | Texas A&M University Endowment | $18.1BNFY2023 |
| 2 | UC Investments | $17.9BNFY2023 |
| 3 | University of Michigan Investment Office | $17.6BNFY2023 |
| 4 | UVIMCO | $9.6BNFY2023 |
| 5 | Ohio State University Endowment | $7.4BNFY2023 |
| 6 | UTIMCO | $5.7BNFY2023 |
| 7 | University of Wisconsin Foundation | $5.5BNFY2023 |
| 8 | UNC Management Company | $5.2BNFY2023 |
UTIMCO's figure is the UT Austin campus only; UC Investments shows the UC system office record.
| Rank | Name | Figure |
|---|---|---|
| 1 | UC Investments | $6.6BNQ3 2026 |
| 2 | Harvard Management Company | $4.3BNQ2 2026 |
| 3 | Texas Permanent School Fund | $2.3BNQ2 2026 |
| 4 | Johns Hopkins University Office of Investment Management | $1.5BNQ2 2026 |
| 5 | DUMAC | $1.1BNQ2 2026 |
| 6 | UTIMCO | $863MMQ2 2026 |
| 7 | MITIMCo | $733MMQ2 2026 |
| 8 | Vanderbilt University Office of Investments | $728MMQ2 2026 |
Princeton and UNC Management Company are left out: their values look reported in thousands of dollars.
| Rank | Name | Figure |
|---|---|---|
| 1 | Mayo Clinic | $6.2BNFY2024 |
| 2 | The Metropolitan Museum of Art | $4.8BNFY2025 |
| 3 | New York Public Library | $1.8BNFY2025 |
| 4 | The Nature Conservancy | $1.7BNFY2025 |
| 5 | ALSAC St. Jude Children's Research Hospital | $1.4BNFY2025 |
| 6 | Institute for Advanced Study | $1.3BNFY2025 |
| 7 | Mount Sinai Health System | $800MMFY2024 |
| 8 | NewYork-Presbyterian Hospital | $586MMFY2024 |
Mount Sinai's figure is the Icahn School of Medicine's, the unit that holds the endowment.
The list is public. The warm path is not. Schedule a conversation
All 105 endowment offices
A to Z, with each office's endowment, the change on the year, its fiscal year 2023 figure and its listed stocks; each pin opens the filing.
Showing all 105 offices
The first 30 are shown here; find, a kind or a size shows every match.
No row matches. Clear the find field or choose All.
Endowment is the year end balance on the office's latest return (solid bar); where there is none, its fiscal year 2023 figure from the federal education survey (hatched bar, same scale). Four returns carry a table that covers only part of the funds; they show as filed, unbarred and unranked. 1 year compares the two latest years. Listed stocks are the US listed securities the office reports each quarter. Each pin opens the filing behind the figure. The square beside a name opens every figure with its filing and notes.
Returns, not gifts, grew the endowments
Six findings from the 78 offices' latest year.
- $24.7BN
spent from their endowments in their latest fiscal year by the 78 offices, about 5.2% of what they held at the start of the year.
Sum of each office's spending lines, latest year
- $53.9BN
in investment earnings in the same year, against $9.2 billion of new gifts: returns, not gifts, grew the endowments.
Sum of each office's earnings and gifts lines, latest year
- up 8.1%
change in the endowment of the 78 offices with two years on file, latest year on the one before.
Two latest years of each office
- 3
public universities hold more than $10 billion each: Texas A&M University Endowment $18.1 billion, UC Investments $17.9 billion, University of Michigan Investment Office $17.6 billion, for fiscal year 2023.
Federal education survey, fiscal year 2023
- 2
of the 26 offices that report listed stocks name SpaceX among their five largest holdings: UC Investments, Harvard Management Company.
Quarterly listed stock reports, June and September 2026
- up 16.6%
the largest one year rise among endowments over $1 billion: Oberlin College, to $1.5 billion. The weakest: Pepperdine University Endowment, up 1.2%.
Two latest years of each office
For size and returns of the largest university endowments over time, see our study Largest US university endowments; for the managers they hire, see OCIO providers and investment consultants.
Questions
How do university endowments work?
An endowment is a pool of gifts an institution invests and spends from each year. A nonprofit reports it on IRS Form 990 Schedule D Part V: the opening balance, new gifts, investment earnings, spending and the closing balance. In their latest fiscal year the 78 offices here with a full endowment figure spent $24.7 billion, about 5.2% of what they held at the start of the year, and booked $53.9 billion of investment earnings (sums of their filings).
Why do endowments invest in private equity and hedge funds?
The figures on this page show how little of an endowment sits in listed stocks held directly: Harvard Management Company reported $4.3 billion of US listed securities for Q2 2026, against the $55.4 billion endowment that President and Fellows of Harvard College reported. The quarterly listed stock report (Form 13F) covers only US listed securities held directly; private funds, hedge funds held through partnerships, bonds and cash are not on it, so the rest of each endowment is held outside what it shows.
Which university has the largest endowment?
Harvard: President and Fellows of Harvard College reported an endowment of $55.4 billion at the end of fiscal year 2025, managed by Harvard Management Company, followed by Yale Investments Office $44.6 billion, Stanford Management Company $40.8 billion, Princeton University Investment Company $35.7 billion. Public systems file no Form 990; on the federal education survey for fiscal year 2023, Texas A&M University Endowment reported $18.1 billion, UC Investments reported $17.9 billion, University of Michigan Investment Office reported $17.6 billion.
How do I connect with university endowment investment offices?
Each of the 105 offices on this page links to its own website where we have checked one, and each figure carries a pin that opens the public filing it comes from. For fund managers and companies raising capital, Praxis Rock runs capital formation programs; see Raise Capital.
Sources and method
- Who is listed
- University and institutional endowment offices: 77 universities and colleges or their investment offices and foundations, 8 health systems, 6 museums and institutes, 7 schools, trusts, a church and a state fund, and 7 offices outside the United States, kept from earlier editions and listed at the end of the table.
- Ranking
- The top 10, the size chart and every total rank one measure: the endowment year end balance on IRS Form 990 Schedule D Part V, each filer's latest return. Other figures are shown, never ranked with it.
- What each figure is
- Form 990 Schedule D gives one endowment balance per filer, so it ranks the list. Where a row's filer is not the institution itself (a foundation, a medical school, a manager company), the row's detail says so, and a manager company's own return is never shown as the endowment. The fiscal year 2023 figures are from NCES IPEDS, the Department of Education's finance survey: its latest final release, two years older than the returns, and the only federal figure for the public systems, which file no Form 990. Listed stocks are SEC Form 13F reports: only US listed securities held directly, a small slice of each portfolio (Harvard Management Company reported $4.3 billion against a $55.4 billion endowment). Figures outside the United States are each office's own, in its currency.
- Our arithmetic
- The combined $514.4BN, the median, shares, changes, spending and payout are sums and medians of filed numbers; fiscal years differ by a few months between filers.
- Partial tables
- Sutter Health Investment Office, Indiana University Health, Kamehameha Schools, Rutgers University file an endowment table that covers only part of their funds (under $100MM and under 1% of the filer's total assets). They show as filed in the list and are left out of the ranking, the sum, the median and the charts.
- Values left out
- Princeton's and UNC Management Company's 13F values read as thousands of dollars, so each shows its holding count instead and stays out of every sum. The Mount Sinai row uses the Icahn School of Medicine return, Loma Linda the university's. KAUST's figure on our earlier edition has no source on its own site and is dropped; Nanyang and Tokyo University of Science show none.
- Pins
- Each figure's pin opens the filing it comes from: the filer's page on the IRS Tax Exempt Organization Search (which opens each e-filed return), the institution's IPEDS record, the SEC filing index of the 13F report, or the office's own report. The pin's label names the source and its date.
- What we searched
- On we searched every office's filings by name, legal name, EIN and CIK: 89 US offices file Form 990, 76 report to IPEDS, 33 have filed 13F reports (26 for a 2026 quarter) and 4 offices outside the United States publish their own figure. No office on this list files Form ADV or Form D: endowment offices invest their own institution's money. 9 US offices file no Form 990: public bodies and churches need not file.
| Figure | Source | Period, read |
|---|---|---|
| Endowment balance, gifts, earnings, spending; total assets | IRS Form 990 e-file data, Schedule D Part V and Part X, 89 filers | FY2024 and FY2025; read 2026-10-30 |
| Endowment at year end, fiscal year 2023 | NCES IPEDS Finance, 76 institutions | FY2023; read 2026-10-30 |
| Listed stocks and top holdings | SEC EDGAR Form 13F-HR, 33 filers | Q2 and Q3 2026 (7 last filed earlier); read 2026-10-30 |
| Adviser registration (none found) | SEC Form ADV adviser data | October 2026 |
| Endowments outside the United States | Each office's own annual or investment report, pinned in its row | FY2025; read 2026-10-30 |
| Logos | Each office's own website, each checked by eye; a monogram where none checks | Read 2026-10-30 |
Cite as: Praxis Rock Advisors, "Endowments in the United States," updated October 30, 2026, praxisrock.com/resources/investors/endowments