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 $27.2 billion on June 30, 2017, 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, 2017, Yale's investment program added $5.3 billion of value relative to the results of the mean endowment. The University's 20-year market-leading return of 12.1 percent per annum produced $24.3 billion in relative value. Over the past 30 years, Yale's investments have returned an unparalleled 12.5 percent per annum, adding $28.0 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.