Endowments in the United States

The Brown University Investment Office manages $8 billion in endowment and other managed assets as of June 2025, returning 11.9 percent in fiscal 2025. The endowment grew from $7.2 billion to $8 billion through investment gains of $853 million, new gifts of $133 million, and the addition of $200 million from Brown University Health. The endowment provided a record $352 million to Brown's operating budget, representing 23 percent of total university revenue.

The Caltech Investment Office manages the California Institute of Technology's approximately $5 billion endowment and trust assets. Despite the relatively modest endowment size compared to peers, Caltech has one of the highest endowment-per-student ratios in the nation given its enrollment of approximately 2,400 students. The office invests across a diversified portfolio of public equities, private equity, hedge funds, and real assets to support Caltech's research-intensive mission. Ken Lee, who joined as Chief Investment Officer in 2025, has been rebuilding the office's investment team and processes.

Columbia Investment Management Company oversees the $15.9 billion Columbia University endowment as of June 2025, returning 12.4 percent for the fiscal year with significant improvement in private markets performance. The endowment distributed $664 million in fiscal 2025 at a spending rate of 4.9 percent to support students, faculty, and university activities. IMC employs a diversified portfolio approach with allocations across public equities, private equity, hedge funds, and real assets. IMC President and CEO Kim Lew leads the office.

The Cornell University Office of University Investments manages the university's $11.8 billion endowment, which returned 12.3 percent in fiscal 2025, the second-highest return among Ivy League institutions. The endowment supports financial aid, faculty research, and campus operations through a diversified portfolio spanning public equities, private equity, venture capital, hedge funds, and real asset strategies.

The Dartmouth Investment Office manages Dartmouth College's $9 billion endowment as of June 2025, which returned 10.8 percent in fiscal year 2025. The endowment distributed a record $453 million to support the college's operating budget. Dartmouth follows a Yale-model investment approach with substantial allocations to private equity, venture capital, and other alternative asset classes, using its lean team structure and long-standing manager relationships.

DUMAC Inc. is the professionally staffed investment organization controlled by Duke University that manages the university's $12.3 billion endowment as of June 2025, comprising more than 6,400 individual funds. Governed by an 11-member board of directors, DUMAC invests principally through external investment advisory firms and partnerships, targeting an annualized real rate of return of at least 5 percent net of fees. Beyond the endowment, DUMAC manages Duke's employee retirement pool and Duke University Health System investments.

Emory Investment Management oversees approximately $11.4 billion in endowment assets for Emory University, also managing investments for Emory Healthcare and the Carter Center. Based in Atlanta, EIM maintains a diversified portfolio with allocations to public equities, private equity, hedge funds, real assets, and fixed income. The firm gained attention for its early institutional adoption of cryptocurrency, investing nearly $16 million in bitcoin-related holdings.

Georgetown's $4.4 billion endowment supports the oldest Catholic and Jesuit university in the United States, founded in 1789. The investment office allocates across PE, venture capital, real assets, and hedge funds, following the endowment model that its Ivy League peers pioneered. Georgetown's D.C. location and policy-oriented mission give it distinctive access to government and international affairs networks that inform its investment perspective.

Harvard Management Company runs the largest academic endowment in the world, $56.9 billion as of June 2025, with an 11.9 percent return in fiscal 2025. The allocation is heavily alternatives: 41 percent PE, 31 percent hedge funds, 14 percent public equities, with the balance in real estate, real assets, and fixed income. HMC has distributed over $46 billion since its founding in 1974 and currently funds more than a third of Harvard's operating budget.

The Johns Hopkins University Office of Investment Management oversees the university's $13.2 billion endowment, with approximately 78 percent held in donor-restricted funds supporting specific academic and research programs. As the largest research university in the United States by federal research spending, Johns Hopkins relies on endowment returns to supplement a mission heavily dependent on federal funding, making its investment strategy particularly focused on stable long-term returns across diversified asset classes.

KAUST IMC manages a $23.5 billion endowment for King Abdullah University of Science and Technology, one of the largest university endowments outside the U.S. The Saudi government seeded it with $10 billion at founding; the portfolio has more than doubled since through a global strategy across equities, fixed income, real estate, and alternatives.

MITIMCo manages MIT's $27.4 billion endowment, peak AUM first reached in fiscal 2021 and held through fiscal 2025. The 14.8 percent fiscal 2025 return was among the best in higher education, and the ten-year annualized of 10.7 percent puts MIT in elite company. The endowment funds $1.57 billion in annual operating expenses at a 5 percent spending rate.

The Northwestern University Investment Office manages the university's $15.2 billion endowment as of fiscal 2025, ranking as the 13th-largest among U.S. higher education institutions. The endowment grew 6.7 percent in fiscal 2025 through a diversified portfolio spanning global equities, private markets, and alternative strategies. The Investment Office has been vocal about the potentially destructive impact of proposed endowment tax increases on university missions.

The Notre Dame Investment Office manages the University of Notre Dame's endowment of about $20.1 billion as of June 2025, within a broader investment portfolio of about $25.8 billion that includes working capital and other assets. The endowment returned 13.6 percent in fiscal 2025. Notre Dame's 5-, 10-, 15-, and 20-year returns all rank among the top decile of its peer group of the 20 largest university endowments, reflecting a disciplined alternatives-heavy approach refined over decades.

The NYU Investment Office manages New York University's approximately $7.4 billion endowment, supporting the largest private university by enrollment in the United States. While the endowment is substantial in absolute terms, it is relatively modest on a per-student basis given NYU's enrollment of over 60,000 students. The office invests across public equities, private markets, and alternative strategies to maximize long-term risk-adjusted returns.

Ohio State's endowment manages approximately $7.5 billion, making it one of the largest public university endowments in the Midwest. The investment office runs a diversified portfolio across public equities, fixed income, PE, venture capital, real assets, and hedge fund strategies. Ohio State's scale gives it institutional credibility with top-tier GPs that smaller university endowments often lack.

Penn's Office of Investments runs a $24.8 billion endowment comprising over 8,900 individual funds that support both the university and Penn Health System. The split: $19.5 billion for the university, $5.3 billion for health. Fiscal 2025 return was 12.2 percent, with a five-year annualized of 11.4 percent.

PRINCO manages Princeton's $35.7 billion endowment, the third-largest in the Ivy League. When PRINCO was established in 1987, assets were $2.2 billion. The 20-year average annual return of 9.5 percent tells the compounding story. PRINCO runs an outsourced model, partnering with external managers across PE, venture, real assets, and hedge funds, and posted an 11 percent return in fiscal 2025.

Rice Management Company manages Rice University's $8.5 billion total endowment as of June 2025, with $7.9 billion in the managed investment pool excluding directly held real estate. RMC returned 11.4 percent in fiscal 2025 and plays a uniquely critical role at Rice, as endowment distributions provide approximately 40 percent of the university's operating revenues, making it the single largest revenue source for the operating budget.

Stanford Management Company oversees a $40.8 billion endowment and a broader $47.7 billion Merged Pool that includes Stanford Health Care capital reserves. SMC posted 14.3 percent on the Merged Pool in fiscal 2025, five-year annualized of 11.7 percent, ten-year of 9.4 percent. Silicon Valley proximity gives Stanford unusually deep venture capital relationships, and the portfolio carries large allocations to PE, venture, and real assets. Robert Wallace serves as CEO of Stanford Management Company.

Sutter Health operates one of California's largest not-for-profit healthcare systems, with an investment office managing approximately $16 billion. The portfolio runs across PE, venture capital, real estate, hedge funds, and private credit, an endowment-model approach unusual for a healthcare system. The VC allocation reflects Sutter's proximity to Silicon Valley and a strategic interest in healthcare innovation.

Texas A&M's endowment system manages approximately $18 billion, benefiting from the Permanent University Fund alongside university-specific endowment assets managed by UTIMCO. The portfolio spans PE, venture capital, real estate, natural resources, and absolute return strategies. As part of the broader UTIMCO platform, A&M's endowment benefits from institutional-scale access to top-tier GP relationships that a standalone $18 billion pool would struggle to replicate.

Established by the Texas Constitution of 1845 and seeded with $2 million in 1854, the Texas Permanent School Fund is the oldest endowment-style fund in the United States, managing $68 billion to generate income for Texas public schools. The fund invests across public equities, fixed income, real estate, and alternatives, posting an 8.2 percent return in fiscal 2025. Income distributions flow directly to school districts statewide, making the PSF one of the most consequential education endowments in the country.

UC Investments is the OCIO for the University of California Regents, running $190 billion across retirement, endowment, and working capital for the ten-campus UC system. The endowment piece is about $30 billion split between the General Endowment Pool and the Blue and Gold Endowment Pool; the pension fund exceeds $100 billion. The portfolio carries meaningful allocations to private equity, real assets, and absolute return. Jagdeep Singh Bachher serves as Chief Investment Officer and Senior Vice President of Investments.

UNC Management Company is a nonprofit organization providing investment management services to the University of North Carolina System, its constituent institutions, and their affiliated endowments and foundations. UNCMC manages the UNC Investment Fund, a commingled vehicle with over $13 billion in assets, returning 11.6 percent in fiscal 2025. The fund serves multiple campuses including UNC-Chapel Hill, whose individual endowment of $5.7 billion ranks among the ten wealthiest public universities. In March 2026, UNCMC named a new CEO-CIO recruited from the Cleveland Clinic's investment office, succeeding longtime chief King.

The University of Chicago Office of Investments manages the university's $10.9 billion endowment as of June 2025, which returned 10.2 percent in fiscal 2025. The office undertook a strategic sale of legacy private market assets during the year, trimming performance from a pre-trade return of 11.1 percent. The endowment ranks among the 20 largest private university endowments in the United States and employs a diversified strategy across public markets, private equity, venture capital, and hedge funds.

The University of Florida Investment Corporation manages roughly $3.5 billion in endowment assets for one of the largest public universities in the country. UF's endowment has grown rapidly over the past decade, driven by investment returns and the university's rising national profile. The portfolio allocates across public equities, fixed income, PE, venture capital, and real assets, with a growing focus on technology and innovation-linked strategies. Mark Baumgartner serves as CEO and CIO of the University of Florida Investment Corporation.

Michigan's $21.2 billion endowment posted a sector-leading 15.5 percent return in fiscal 2025, boosted by early bets on AI-related investments and crypto exposure. The office distributed $538 million during the year. As one of the larger public university endowments, Michigan has built out meaningful positions in PE, venture capital, and emerging technology. The Investment Office was established in 1999 as a unit of Business & Finance.

The University of Minnesota endowment manages approximately $4 billion supporting the state's flagship public research university. The portfolio includes allocations to PE, venture capital, real estate, and absolute return strategies. The endowment benefits from the university's strength in medical research and technology transfer, which creates deal flow visibility in healthcare and biotech venture investing. UMFIA, the endowment's investment manager, was formed in 1998 as a nonprofit subsidiary of the University of Minnesota Foundation.

The University of Oregon's endowment manages roughly $3 billion through the UO Foundation. The portfolio allocates meaningfully to PE, venture capital, real assets, and hedge funds. Phil Knight's major gifts to the university have boosted endowment growth, and the investment office has built a diversified alternatives program that punches above its weight for a public university of its size. Founded in 1922, the University of Oregon Foundation is led by President and CEO Paul Weinhold.

The University of Pittsburgh manages roughly $6 billion in endowment assets supporting one of the top public research universities in the Northeast. The portfolio follows a diversified institutional approach with allocations to PE, real assets, hedge funds, and public markets. Pitt's strength in healthcare and life sciences research creates natural alignment with the biotech and healthcare-focused venture managers in its portfolio. Jeffer Choudhry serves as the university's chief investment officer.

The University of Wisconsin Foundation manages approximately $5 billion supporting UW-Madison and the broader UW System. The portfolio allocates to PE, venture capital, real estate, and absolute return strategies alongside traditional public market investments. As a large public university endowment in the Big Ten, the Foundation competes for GP access with peers like Michigan and Northwestern, using its Midwest institutional network.

The USC Investment Office manages the University of Southern California's approximately $8.1 billion endowment, supporting academic programs, scholarships, and research across one of the largest private research universities in the United States. The office employs a diversified portfolio strategy with allocations to public equities, fixed income, private equity, real estate, and hedge fund strategies to generate consistent long-term returns.

UTIMCO is the largest university endowment fund manager in the U.S., overseeing $88.2 billion in total assets under management as of November 30, 2025, per the monthly asset report UTIMCO publishes, including approximately $68 billion held specifically in endowment funds (the Permanent University Fund, Permanent Health Fund, Long Term Fund, and Separately Invested Funds). It manages the Permanent University Fund and other long-term assets for both the UT and Texas A&M systems. The portfolio spans public equities, private equity, real assets, and fixed income, oil and gas royalty income from PUF lands gives UTIMCO a funding stream most endowments lack. UTIMCO was established in March 1996 as the first external investment corporation formed by a public university system.

The University of Virginia Investment Management Company manages a $15.5 billion long-term investment pool as of June 2025, serving the university endowment, strategic investment fund, and assets held by affiliated organizations including the Darden School Foundation and Law School Foundation. UVIMCO returned 12.4 percent in fiscal 2025 while increasing exposure to public equity and private equity and trimming absolute return and real assets allocations.

The Vanderbilt University Office of Investments manages the university's $10.9 billion endowment as of fiscal 2025, ranking 13th among private university endowments. The endowment returned 9.9 percent in fiscal 2025, driven by global equities and diversified portfolio allocation. Assets have nearly tripled since 2013, with $2.9 billion earmarked for financial aid support. The continued growth reflects both strong investment returns and the university's Dare to Grow fundraising campaign.

The Washington University in St. Louis Investment Management Company manages the university's Managed Endowment Pool of approximately $14.5 billion, with the core endowment valued at $13.4 billion as of June 2025. WashU IMC posted a strong 14.7 percent return in fiscal 2025 through a diversified portfolio that includes private equity, venture capital, real estate, and hedge fund allocations alongside traditional public market investments.

Yale's $44.1 billion endowment is where the modern endowment model was born. David Swensen ran the portfolio from 1985 until his death in 2021, building the template that shifted institutional investing toward venture capital, leveraged buyouts, and real assets. CIO Matthew Mendelsohn has maintained the approach. Fiscal 2025 return: 11.1 percent. Ten-year annualized: 9.4 percent.