# University of Pennsylvania Endowment

University of Pennsylvania Endowment is an Endowment / Foundation based in Philadelphia, United States.

## Overview

- **Organization type:** Endowment / Foundation
- **Headquarters:** Philadelphia, United States
- **Region:** North America
- **Address:** Philadelphia, Pennsylvania, United States
- **Founded:** 1740
- **Assets under management:** $24.8B (June 30, 2025)
- **Website:** investments.upenn.edu
- **LinkedIn:** https://www.linkedin.com/company/penn-office-of-investments

## Regulatory record

- **Reports private funds:** No

## About

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).

## Sectors

- Real Estate
- Natural Resources
- Healthcare Services
- Education

## People

- Peter Ammon — Chief Investment Officer
- Marc McMorris — Chair, Investment Board; Vice Chair, Board of Trustees
- J. Larry Jameson — President of the University of Pennsylvania (ex officio, Investment Board)
- Ramanan Raghavendran — Chair, Board of Trustees (ex officio, Investment Board)
- Mark Dingfield — Executive Vice President
- Ben Alden — Managing Director

## Questions

### What is the most recent reported size of the University of Pennsylvania Endowment?

The endowment totaled $24.8 billion as of June 30, 2025, up $2.5 billion from the prior year (per Penn Office of Investments and FY2025 Annual Financial Report).

### What was the endowment’s investment return for fiscal year 2025?

The endowment produced a 12.2% return for the year ending June 30, 2025, outperforming its composite benchmark (per official Penn Office of Investments website).

### Who leads the management of the University of Pennsylvania Endowment?

The Penn Office of Investments, led by Chief Investment Officer Peter Ammon, manages the endowment under the oversight of the Investment Board (per investments.upenn.edu/team).

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

In fiscal 2025, distributions provided nearly $1.1 billion in budgetary support, representing about 19% of the academic budget (per Penn Office of Investments).

### Where is the Penn Office of Investments located?

The office is located at FMC Tower, 2929 Walnut Street, Suite 100, Philadelphia, PA 19104-5099 (per official contact page).

## Related profiles

- [Los Angeles City Employees' Retirement System](https://altss.com/profile/los-angeles-city-employees-retirement-system)
- [Canada Post Pension Plan](https://altss.com/profile/canada-post-pension-plan)

---

Last updated: 2026-07-17T22:39:20.000Z

Canonical page: https://altss.com/profile/university-of-pennsylvania-endowment

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology