The Largest University Endowments
Harvard has the largest university endowment in the United States at roughly $56.9 billion as of fiscal 2025. UTIMCO, which invests the University of Texas and Texas A&M endowments, ranks second; the twelve largest together hold about $365 billion.
Largest: Harvard (~$56.9B, FY2025) · Top 12 combined: ~$365B · 12 endowments · FY2025 reports
A university endowment is a permanent investment pool that supports an institution in perpetuity: donors give, the fund invests across public and private markets, and the institution spends only a small annual draw. As of fiscal 2025, Harvard's endowment is the largest in the United States at roughly $56.9 billion, and the twelve largest hold about $365 billion combined.
The ranking below orders these funds by the endowment market value each institution reported for its 2025 fiscal year, which for most ends June 30. They are among the most influential allocators in private markets: the biggest endowments run the Yale-style model, allocating heavily to private equity, venture capital, hedge funds, and real assets. Every institution links to its Altss profile, where coverage and activity are tracked.
Largest university endowments by value
As of each institution's fiscal 2025 report (year ending June 30, 2025)
| # | Institution | Endowment (USD) | Headquarters |
|---|---|---|---|
| 1 | Harvard UniversityLargest single US university endowment; managed by Harvard Management Company (FY2025) | $56.9B | Boston, United States |
| 2 | UTIMCO (University of Texas / Texas A&M)UT System ($27.2B) and Texas A&M ($22.2B) endowments combined; UTIMCO is the largest US endowment manager, overseeing ~$88B including operating funds | $49.4B | Austin, United States |
| 3 | Yale UniversityYale Investments Office; pioneer of the endowment model, 11.1% return in FY2025 | $44.1B | New Haven, United States |
| 4 | Stanford UniversityStanford Management Company; 14.3% Merged Pool return in FY2025 | $40.8B | Stanford, United States |
| 5 | Princeton UniversityPrinceton University Investment Company (PRINCO); highest endowment per student | $36.4B | Princeton, United States |
| 6 | Massachusetts Institute of TechnologyManaged by MITIMCo; 14.8% return in FY2025 | $27.4B | Cambridge, United States |
| 7 | University of PennsylvaniaPenn Office of Investments (NACUBO FY2025) | $24.8B | Philadelphia, United States |
| 8 | University of MichiganLargest US public-university endowment (NACUBO FY2025) | $21.2B | Ann Arbor, United States |
| 9 | University of Notre DameUniversity of Notre Dame Investment Office (NACUBO FY2025) | $20.1B | Notre Dame, United States |
| 10 | Columbia UniversityColumbia Investment Management Company (NACUBO FY2025) | $15.9B | New York, United States |
| 11 | Northwestern UniversityNorthwestern University investment office (NACUBO FY2025) | $15.2B | Evanston, United States |
| 12 | Duke UniversityManaged by DUMAC (NACUBO FY2025) | $12.3B | Durham, United States |
Figures are the endowment market value each institution reported for fiscal 2025 (year ending June 30, 2025), cross-referenced with the 2025 NACUBO-Commonfund Study of Endowments. UTIMCO combines the University of Texas and Texas A&M systems, which it invests together; its fiscal year ends August 31. NACUBO's standardized figure for Harvard is $55.7B. Endowment values move with markets, so figures are point-in-time. Bars show relative size.
Four forces at the top of the endowment league
Harvard leads, Texas is the giant behind it
Harvard holds the largest single university endowment at about $56.9 billion. UTIMCO is the largest manager: it invests the combined University of Texas and Texas A&M endowments (roughly $49.4 billion) and oversees close to $88 billion once operating funds are counted, anchored by the Permanent University Fund.
A strong fiscal 2025
The biggest endowments posted double-digit gains for the year ending June 30, 2025: MIT returned 14.8%, Stanford's Merged Pool 14.3%, and Yale and Princeton each about 11%. Public equities and a rebound in private holdings drove most of the recovery.
The endowment tax bites
The July 2025 federal budget law replaced the flat 1.4% endowment excise tax with a tiered rate reaching 8% for the wealthiest funds per student. Harvard, Yale, Stanford, Princeton, and MIT are expected to pay the top rate; Notre Dame and Penn fall in the 4% band. The change takes effect for tax years beginning after December 31, 2025.
Anchor LPs for private markets
The largest endowments run the Yale-style model, with heavy allocations to private equity, venture capital, hedge funds, and real assets. That makes them among the most sought-after limited partners (LPs) for fund managers raising institutional capital.
How the largest endowments invest
The funds at the top of this ranking run globally diversified, alternatives-heavy portfolios. The endowment model, refined at Yale under David Swensen, tilts away from domestic public equities toward private equity, venture capital, absolute-return strategies, and real assets, on the logic that a perpetual pool can harvest the illiquidity premium. The largest endowments now hold well over half of their assets in private and alternative strategies.
For fund managers, that allocation is the story: endowments are anchor limited partners in private equity, venture, and private credit, and a single commitment can shape a first-time fund's close. Understanding each endowment's model, cycle, and investment staff is central to raising institutional capital, which is what Altss tracks across 150,000+ institutional entities.
How this ranking is built
Altss ranks endowments by the market value each institution reported for fiscal 2025, sourced from its own financial report or investment-office disclosure and cross-referenced with the 2025 NACUBO-Commonfund Study of Endowments. UTIMCO's figure combines the University of Texas and Texas A&M endowments, which it invests together. This page was last reviewed in July 2026.
For managers raising institutional capital, each institution's profile tracks coverage, mandate activity, and personnel where publicly observable.
Largest university endowments — questions
What is the largest university endowment in the United States?
Is UTIMCO or Harvard the largest endowment?
How do the largest university endowments invest?
How are these university endowments ranked?
Are university endowments limited partners (LPs)?
Sources
Figures are drawn from each institution's own reports and the following authoritative sources.
2025 NACUBO-Commonfund Study of Endowments
Annual study of US college and university endowment market values, FY2025.
Harvard Magazine — Endowment financial report, fiscal 2025
Reporting on Harvard's ~$56.9B endowment for fiscal 2025.
UTIMCO — Assets Under Management
Official reporting for the University of Texas and Texas A&M funds.
Related coverage
Raising from institutional allocators?
Altss tracks endowments, pension funds, sovereign wealth funds, and 150,000+ institutional entities — with verified contacts, mandates, and signals for fund managers.