The endowment of Dartmouth College reported a 17.5% return in the 2026 fiscal year, in what has been a strong year overall for higher education endowment performance.
Assets under management from the Hanover, New Hampshire-based institution rose to $10 billion as of the end of June, up from approximately $9 billion in the 2025 fiscal year, after accounting for $476 million in distributions to support the institution’s operating budget.
Over the past three, five and 10 years, Dartmouth reported annualized returns of 12.1%, 6.8% and 11.7%, respectively.
“What matters most is long-term performance,” said Hadley Mullin, chair of the investment committee, at the board of trustees’ October meeting. “Dartmouth’s 10-year return of 11.7% exceeds the spending rate plus inflation, the portfolio benchmark and ranks in the top decile of the Cambridge Associates’ peer universe. That record reflects the sound judgment and long-term focus of the Investment Office team and the generosity of the alumni and friends who helped the endowment reach this milestone.”
According to Dartmouth’s 2025 endowment report, the college allocated 39% of its assets to private equity and venture capital, 23% to global equities and hedge funds, 9% to real assets and 6% to fixed income and cash.
“The stability that the endowment distribution provides to the operating budget is invaluable,” said Dartmouth Chief Financial Officer Scott Frew, in the meeting. “Given the current economic backdrop, which includes higher interest rates, energy costs, tariff policy, taxation of investment earnings and inflationary conditions, along with uncertainty regarding federal research and student loan programs, a dependable source of funding is foundational to Dartmouth’s ability to invest in the institution today and to secure its future.”
Dartmouth was one of several higher education institutions hit with an increased excise endowment tax, raising the tax rate on its investment income from 1.4% to 4%.
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