Stanford Graduate School of Business

Stanford Graduate School of Business does not manage its own endowment—its funds are pooled with Stanford University's overall endowment and overseen by the Stanford Management Company (SMC). SMC's investment committee, chaired by university trustees, sets asset allocation and manager selection. The SMC CEO and CIO are responsible for day-to-day investment decisions. (per Stanford Management Company, 2025)

The Stanford Management Company uses a diversified, long-term strategy that includes public equities, fixed income, private equity, venture capital, real estate, and natural resources. It emphasizes strong relationships with external managers and has a significant allocation to alternative assets. The portfolio is designed to support university spending needs while preserving purchasing power. (per Stanford Management Company, 2024)

Yes, the Stanford Management Company invests in venture capital as part of its alternative assets allocation, often through funds managed by top-tier firms and occasional direct co-investments. Stanford's endowment has historically leveraged its Silicon Valley proximity to gain access to early-stage technology deals. Specific fund names and co-investment amounts are not disclosed. (per Stanford Management Company, 2024)

As of fiscal year 2024, Stanford University's total endowment was approximately $36.5 billion, making it one of the largest academic endowments in the United States. The Graduate School of Business receives a portion of this endowment for its operations and scholarships. (per Stanford University, 2024)

Stanford GSB's financial assets are commingled with the university's centralized investment pool. The school's annual budget is funded by a distribution from the pool based on a long-term spending rate. This structure provides the GSB with a stable, predictable funding stream independent of short-term market swings. (public record)

No. All of Stanford University's endowment assets, including those allocated to the Graduate School of Business, are managed by the Stanford Management Company. The GSB does not maintain a separate investment committee or CIO. (public record)

Stanford University has a formal spending policy that targets a set percentage of the endowment's rolling average market value to support operations and financial aid. The fiscal 2024 spending rate was approximately 5% of the endowment value. This policy ensures intergenerational equity between current and future students. (per Stanford University, 2024)