CAMBRIDGE, Mass. (AP) — Harvard University’s largest-in-the-nation endowment grew to $36.4 billion in the fiscal year that ended in June on a 15.4 percent return.
The endowment is now approaching its record high of $36.9 billion reached in 2008 before the worldwide financial crisis cost the Ivy League school about $11 billion. Although Harvard beat internal benchmarks, the return fell below the 16.1 median gain for educational endowments tracked by Wilshire Trust.
Harvard Management Co. oversees the endowment. It said gains were driven by strong returns in stocks, venture capital and real estate. CEO Jane Mendillo says HMC “is now well positioned to continue to deliver substantial returns and cash flow to the university for decades to come.”
Mendillo plans to step down at the end of the year. Stephen Blyth, who oversees HMC’s public markets investments, will succeed her.