It was a healthy year for the Massachusetts Institute of Technology (MIT) endowment, which returned 14.3% in the fiscal year ended June 30, growing the fund to $14.8 billion, excluding pledges.
According to a report from MIT’s treasurer, the endowment fund was up 12.5% compared to the previous year, which totaled $13.2 billion. In the previous fiscal year, the endowment returned 0.8%. The endowment fund is the largest component of MIT’s total investments.
Long-term benchmarks and returns were not provided.
As of June 30, the MIT Investment Management Company (MITIMCo), which oversees the investment of the institution’s endowment, retirement, and operating funds, had $23.3 billion of assets under management. MIT has the sixth-largest endowment of any school in the US.
“We begin fiscal 2018 with the financial strength to enable MIT’s core mission, the flexibility to pursue strategic initiatives, and the resiliency to respond to economic uncertainty amid pressure on federal research funding and volatile global events,” Israel Ruiz, executive vice president and treasurer, said in the treasurer’s report. “The Institute’s ability to successfully steward MIT’s future will be further strengthened by the Campaign for a Better World.”
Tags: Endowment, Fiscal Year, MIT, MIT Investment Management Company