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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Key findings
Five figures from the report.
of U.S. college endowment assets were in private equity and venture capital in fiscal 2025, up from 15% in fiscal 2015.
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.
The UNC Investment Fund raised its private equity policy target from 18% in fiscal 2019 to 27% in fiscal 2024.
Fiscal 2026 returns reported so far: UNC 37.8%, WashU 37.3%, Stanford 31.7%, Penn 27.4%.
Harvard, Yale and Princeton each held about 41% in private equity in fiscal 2025.
Sources
- 1. NACUBO, February 12, 2026: NACUBO-Commonfund Study of Endowments, fiscal year 2025 (dollar-weighted asset allocation).
- 2. NACUBO: historic endowment study data, asset allocation tables, fiscal years 2010 to 2020.
- 3. Cambridge Associates, February 2025: Annual Review of Endowments, fiscal year 2024 (mean shares at June 30, 2024).
- 4. UNC Management Company: UNC Investment Fund annual report, fiscal year 2019.
- 5. UNC Management Company: UNC Investment Fund annual report, fiscal year 2024.
- 6. Bloomberg, September 19, 2026: the UNC endowment fund's fiscal 2026 year and its early SpaceX stake.
- 7. Bloomberg via Yahoo Finance, September 2026: a SpaceX stake helps drive Washington University's fiscal 2026 year.
- 8. Stanford Report, September 2026: annual financial results of the Stanford Merged Pool.
- 9. The Daily Pennsylvanian, September 24, 2026: Penn's endowment reaches a record high in fiscal year 2026.
- 10. Harvard Management Company: annual report, fiscal year 2025.
- 11. Yale University: financial report 2024–25.
- 12. 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.
| Fiscal year | Share |
|---|---|
| FY2010 | 15.0% |
| FY2015 | 15.0% |
| FY2020 | 22.8% |
| FY2021 | 27.2% |
| FY2024 | 28.8% |
| FY2025 | 29.0% |
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.
Inside the report
The chapters. Research first, then CrossWork.
Research chapters
The trend
How the private equity and venture share of endowment dollars changed since fiscal 2010.
Where each endowment stands
Private equity and venture shares for 40 universities, private and public.
Fiscal 2026 performance
The fiscal 2026 results reported so far, school by school.
Profiles and news
UNC, Stanford, Yale, Harvard, Michigan, WashU and 17 more.
Liquidity, fund-stake sales and the endowment tax
Reported sales of fund stakes by endowments, and the endowment tax.
CrossWork chapters
The CrossWork record: Midas I and the co-investment SPVs, 2021–25 vintages, net of fees
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Cerebras: 2023 entry, 2026 IPO
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What the data room shows
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Sources
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Questions
Common questions. Answered from the report.
How much do university endowments allocate to private equity?
In fiscal 2025, 29% of U.S. college endowment assets were in private equity and venture capital, up from 15% in fiscal 2015 (dollar-weighted).
Do larger endowments hold more private equity?
Yes. Endowments of over 3 billion dollars held 28.1% in private equity and venture capital at 30 June 2024, against 11.6% at endowments under 200 million dollars.
How much do Harvard, Yale and Princeton hold in private equity?
Harvard, Yale and Princeton each held about 41% in private equity in fiscal 2025, based on their fiscal 2025 reports.
How has the private equity share of endowments changed since 2010?
As a share of all U.S. college endowment dollars, private equity and venture capital went from 15.0% in fiscal 2010 and 2015 to 22.8% in fiscal 2020, 27.2% in fiscal 2021, 28.8% in fiscal 2024 and 29.0% in fiscal 2025.
Sources
More research
The other 2026 reports.
State pension funds
CrossWork State Pension Fund Private Equity Report 2026
Private equity at 32 state and local pension funds, with then and now for 25 of them.
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Private equity at 18 teachers' retirement systems, with profiles of CalSTRS, Missouri and Ontario Teachers'.
Sovereign wealth funds
CrossWork Sovereign Wealth Fund Private Equity Report 2026
Private equity at the largest sovereign funds and U.S. state permanent funds, and sovereign capital in AI.
Family offices
CrossWork Family Office Private Equity Report 2026
How family offices are moving from funds to direct and pre-IPO deals, survey by survey.
High-net-worth investors
CrossWork High-Net-Worth Investor Private Equity Report 2026
What wealthy individuals hold in private equity, what they want, and how they reach private markets.
Registered investment advisers
CrossWork RIA Private Equity Report 2026
How registered investment advisers plan to use private equity, from RIA and adviser surveys.
Wealth managers
CrossWork Wealth Manager Private Equity Report 2026
How wealth firms build private markets into client portfolios, and what wealthy clients ask for.