Yale University
Since it's founding in 1701, Yale has been dedicated to expanding and sharing knowledge, inspiring innovation, and preserving cultural and scientific information for future generations.

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It is the first university to reveal investments plan for 2019. The second-largest endowment in higher education posted a 12.3 percent investment gain on the strength of its alternative investments.

Asset Allocation

Yale continues to maintain a well-diversified, equity-oriented portfolio, with the following asset allocation targets for the fiscal year 2019:
Absolute return 26.0%
Venture capital 18.0%
Foreign equity 15.5%
Leveraged buyouts 15.0%
Real estate 9.5%
Bonds and cash 6.5%
Natural resources 6.5%
Domestic equity 3.0%

Yale targets a minimum allocation of 30% of the endowment to market-insensitive assets (cash, bonds and absolute return). The university further seeks to limit illiquid assets (venture capital, leveraged buyouts, real estate, and natural resources) to 50% of the portfolio.
Yale’s spending and investment policies provide substantial levels of cash flow to the operating budget for current scholars while preserving endowment purchasing power for future generations. Approximately a quarter of spending from the endowment is specified by donors to support professorships and teaching. Nearly a fifth is dedicated to scholarships, fellowships, and prizes. A quarter is available for general university purposes. The remaining endowment funds are donor-designated to support specific departments or programs.

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The Yale Investments Office

Led by Chief Investment Officer David F. Swensen and operating under the guidance of Yale's Investment Committee, the Investments Office manages Yale's Endowment.
Totaling $29.4 billion on June 30, 2018, the Endowment contains thousands of funds with a variety of purposes and restrictions. Approximately three-quarters constitute true endowment - gifts restricted by donors to provide long-term funding for designated purposes. The remaining one-quarter represents quasi-endowment, monies that the Yale Corporation chooses to invest and treat as an endowment.

During the decade ending June 30, 2018, Yale's investment program added $4.5 billion of value relative to the results of the mean endowment. The University's 20-year market-leading return of 11.8 percent per annum produced $27.1 billion in relative value. Over the past 30 years, Yale's investments have returned an unparalleled 13.0 percent per annum, adding $31.6 billion in value relative to the Cambridge mean. Sensible long-term investment policies, grounded by a commitment to equities and a belief in diversification, underpin the University's investment success.

The university’s longer-term results remain in the top tier of institutional investors.

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