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    Annual report · 2026 edition

    CrossWork University Endowment Private Equity Report 2026

    How U.S. university endowments came to hold 29% of their assets in private equity and venture capital, school by school, with the fiscal 2026 results reported so far.

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    Sources
    1. 50. NACUBO, February 12, 2026: NACUBO-Commonfund Study of Endowments, fiscal year 2025 (dollar-weighted asset allocation).

    Key findings

    Five figures from the report.

    29%

    of U.S. college endowment assets were in private equity and venture capital in fiscal 2025, up from 15% in fiscal 2015.

    NACUBO-Commonfund Study of Endowments, FY2025; NACUBO allocation tables, FY2015. Dollar-weighted.
    28%

    Endowments over $3 billion held 28.1% in private equity and venture capital at 30 June 2024, against 11.6% at endowments under $200 million.

    Cambridge Associates, Annual Review of Endowments, FY2024.
    27%

    The UNC Investment Fund raised its private equity policy target from 18% in fiscal 2019 to 27% in fiscal 2024.

    UNC Management Company annual reports, FY2019 and FY2024.
    38%

    Fiscal 2026 returns reported so far: UNC 37.8%, WashU 37.3%, Stanford 31.7%, Penn 27.4%.

    The institutions' own releases; Bloomberg. Year to 30 June 2026.
    41%

    Harvard, Yale and Princeton each held about 41% in private equity in fiscal 2025.

    Harvard Management Company, Yale and Princeton reports for fiscal 2025.
    Sources
    1. 50. NACUBO, February 12, 2026: NACUBO-Commonfund Study of Endowments, fiscal year 2025 (dollar-weighted asset allocation).
    2. 51. NACUBO: historic endowment study data, asset allocation tables, fiscal years 2010 to 2020.
    3. 53. Cambridge Associates, February 2025: Annual Review of Endowments, fiscal year 2024 (mean shares at June 30, 2024).
    4. 54. UNC Management Company: UNC Investment Fund annual report, fiscal year 2019.
    5. 55. UNC Management Company: UNC Investment Fund annual report, fiscal year 2024.
    6. 56. Bloomberg, September 19, 2026: the UNC endowment fund's fiscal 2026 year and its early SpaceX stake.
    7. 57. Bloomberg via Yahoo Finance, September 2026: a SpaceX stake helps drive Washington University's fiscal 2026 year.
    8. 58. Stanford Report, September 2026: annual financial results of the Stanford Merged Pool.
    9. 59. The Daily Pennsylvanian, September 24, 2026: Penn's endowment reaches a record high in fiscal year 2026.
    10. 60. Harvard Management Company: annual report, fiscal year 2025.
    11. 61. Yale University: financial report 2024–25.
    12. 62. Princeton University: financial statements, fiscal year 2025.

    The trend

    The long rise. Private equity and venture capital as a share of U.S. college endowment dollars.

    Private equity and venture capital share of all U.S. college endowment dollars
    Fiscal yearShare
    FY201015.0%
    FY201515.0%
    FY202022.8%
    FY202127.2%
    FY202428.8%
    FY202529.0%

    NACUBO allocation tables FY2010 to FY2020, NACUBO-TIAA study FY2021 and NACUBO-Commonfund studies FY2024 and FY2025; dollar-weighted. Exact shares: 15.0, 15.0, 22.8, 27.2, 28.8 and 29.0 per cent. Fiscal years shown are those with published figures.

    Illustrative geometry, sourced figures.

    Sources
    1. 50. NACUBO, February 12, 2026: NACUBO-Commonfund Study of Endowments, fiscal year 2025 (dollar-weighted asset allocation).
    2. 51. NACUBO: historic endowment study data, asset allocation tables, fiscal years 2010 to 2020.
    3. 52. NACUBO-TIAA Study of Endowments, fiscal year 2021.

    Inside the report

    The chapters. Research first, then CrossWork.

    Research chapters

    1. The trend

      How the private equity and venture share of endowment dollars changed since fiscal 2010.

    2. Where each endowment stands

      Private equity and venture shares for 40 universities, private and public.

    3. Fiscal 2026 performance

      The fiscal 2026 results reported so far, school by school.

    4. Profiles and news

      UNC, Stanford, Yale, Harvard, Michigan, WashU and 18 more.

    5. Liquidity, fund-stake sales and the endowment tax

      Reported sales of fund stakes by endowments, and the endowment tax.

    6. The debate

      Published views on private equity in endowment portfolios.

    CrossWork chapters

    1. The CrossWork record: Midas I and the co-investment SPVs, 2021–25 vintages, net of fees

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    2. Cerebras: 2023 entry, 2026 IPO

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    3. What the data room shows

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