Northwestern University Endowment

Northwestern University Endowment

The Northwestern University Endowment is the permanent investment pool supporting Northwestern University's educational, research, and operational mission. Established in connection with the University's founding in 1851, it is stewarded by the Investment Committee of the Board of Trustees and managed by the University's Investment Office in Evanston, Illinois. As of August 31, 2025, the endowment's market value reached $15.3 billion, placing it among the top 20 U.S. university endowments (per Annual Endowment Report 2025). The Office employs a diversified multi-asset strategy, partnering with external managers for the majority of assets across public equities, private equity, venture capital, absolute return, real assets, and fixed income, while directly managing a small portion (approximately 5 percent) primarily in fixed income and cash. For the twelve months ended June 30, 2025, the endowment returned 11.3 percent net of external fees, with five- and ten-year annualized returns of 10.7 percent and 7.9 percent (per Annual Endowment Report 2025). Annual payouts, totaling approximately $777 million in fiscal 2025 (about 22 percent of University operating expenses), provide stable support for scholarships, faculty, research, and programs while seeking to preserve long-term purchasing power. The Investment Office comprises roughly 23 staff, including about 13 investment professionals, led by Vice President and Chief Investment Officer Amy Falls (per official staff listing and reports). The primary objective is a long-term total return exceeding inflation plus spending to sustain intergenerational equity.