# University of Michigan Endowment

University of Michigan Endowment is an Endowment / Foundation based in Ann Arbor, United States.

## Overview

- **Organization type:** Endowment / Foundation
- **Headquarters:** Ann Arbor, United States
- **Region:** North America
- **Address:** Ann Arbor, MI, United States
- **Founded:** 1817
- **Assets under management:** $21.2B (June 30, 2025)
- **Website:** bf.umich.edu

## Regulatory record

- **Reports private funds:** No

## About

The University of Michigan Endowment, comprising approximately 13,500 separate endowment and quasi-endowment funds, is pooled primarily in the University Endowment Fund and invested via the Long Term Portfolio overseen by the university's Investment Office (a unit of Business & Finance established in 1999). As of June 30, 2025, the endowment had a market value of $21.2 billion, ranking among the top 10 U.S. higher education endowments and third among public universities (per University Endowment Fund Profile June 30, 2025 and FY 2025 Annual Report). It generated a 15.5% net return for the fiscal year ended June 30, 2025, with distributions of $538 million supporting scholarships (29%), patient care (23%), teaching (23%), and research (15%). The spending policy targets 4.5% of the trailing seven-year average market value (capped at 5.3% of current value) to preserve intergenerational equity and purchasing power while insulating the operating budget from market volatility. The diversified, equity-oriented portfolio includes private equity, venture capital, real assets, absolute return, equities, and fixed income, managed primarily through external managers under Board of Regents oversight and Investment Office strategy led by the Chief Investment Officer. Distributions since FY 2000 exceed $7 billion in cumulative support for the university's mission across its three campuses and Michigan Medicine (per official Public Affairs Endowment Q&A and Record announcements).

## Sectors

- Real Estate
- Venture Capital
- Private Equity
- Natural Resources
- Hedge Funds
- Energy Transition & Renewables

## People

- Erik Lundberg — Chief Investment Officer
- Bobby Hewlett — Interim Executive Vice President and Chief Financial Officer (oversees Investment Office)
- Domenico Grasso — President
- Michael J. Behm — Chair, Board of Regents
- Carl J. Meyers — Vice Chair, Board of Regents

## Questions

### What is the most recent market value of the University of Michigan Endowment?

The endowment was valued at $21.2 billion as of June 30, 2025 (University Endowment Fund Profile and official announcements).

### What return did the Long Term Portfolio generate in FY 2025?

The Long Term Portfolio returned 15.5% net of fees for the fiscal year ended June 30, 2025 (per University Record and Endowment Profile).

### How much does the endowment distribute annually to support university operations?

Distributions totaled $538 million in FY 2025 under the 4.5% spending rule based on the trailing seven-year average market value (official Public Affairs and Record sources).

### Who oversees the management of the University of Michigan Endowment?

The Investment Office, led by Chief Investment Officer Erik Lundberg under the Executive Vice President and Chief Financial Officer and Board of Regents, manages the Long Term Portfolio (bf.umich.edu).

### How many individual funds make up the endowment?

Approximately 13,500 separate endowment and quasi-endowment funds are pooled in the University Endowment Fund (per official Endowment Q&A as of 2025).

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Last updated: 2026-07-17T22:36:37.000Z

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