The private equity and venture capital (PE/VC) benchmark continues to be the most impactful decision when evaluating an endowment’s return versus its policy portfolio benchmark. With public equity markets outperforming private strategies in recent years, the use of a public index to represent PE/VC in a benchmark has resulted in a high bar for a diversified endowment to clear—a position that most respondents are in. This section summarizes the various approaches that endowments use for benchmarking total portfolio performance and compares endowment performance versus policy benchmark returns.

Shifts in asset allocation trends since 2022 have been more muted compared to much of prior history. The average peer allocation to public equities has increased a bit over this timeframe, but our analyses show this is not because endowments are changing their asset allocation policies to invest more heavily in public assets. This section covers this and other topics, such as the number of external investment managers and the types of investment vehicles used.

Annual spending from endowments has grown at a much higher rate than endowment asset values since 2022. The result has been a steady uptick in the effective spending rate for portfolios over this timeframe. Over the longer term, most endowments have earned more than enough to replenish spending and offset the loss in purchasing power due to inflation. This section contains analysis on this and other statistics related to the financial support that C&Us receive from their endowments.

This report provides a first look at the results of our 2025 College and University Investment Pool Returns survey, including investment pool returns and asset allocation for 157 colleges and universities.