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 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.