University of Pennsylvania Endowment

University of Pennsylvania Endowment

The University of Pennsylvania Endowment, overseen by the Penn Office of Investments, delivers perpetual financial support for the University’s teaching, research, and clinical missions as well as the University of Pennsylvania Health System. As of June 30, 2025, total endowment assets stood at $24.8 billion, encompassing more than 8,900 individual funds (per Penn Office of Investments About Us page). Of this amount, approximately $19.5 billion benefits the University and $5.3 billion supports the Health System. For the fiscal year ended June 30, 2025, the endowment generated a 12.2% investment return, increasing assets by $2.5 billion and outperforming its composite benchmark (per official website and FY2025 Annual Financial Report). Five-year annualized returns reached 11.4%, with ten- and twenty-year figures of 9.2% and 8.6%, respectively. Distributions of nearly $1.1 billion in fiscal 2025 covered roughly 19% of the academic budget and have grown at a 13% annualized rate over the prior decade. The majority of assets are managed within the Associated Investments Fund (AIF), a unitized pool implemented through external managers across public equities, private equity, venture capital, hedge funds, and real assets, under the supervision of a professional staff and Investment Board. Long-term performance is designed to preserve purchasing power after spending (per primary official sources).