BOSTON – The value of Harvard University’s endowment, the world’s largest among universities, grew by nearly US$4 billion (S$5 billion) to US$56.9 billion (S$74 billion) in fiscal 2025 on the back of strong investment returns even as the Trump administration cut the school’s research funding.
Harvard Management Co, the university’s investment arm, said on Oct 16 it earned an 11.9 per cent return in the fiscal year that ended June 30. The return beat the school’s long-term target of 8 per cent, according to its annual report. In fiscal 2024, Harvard’s endowment earned a 9.6 per cent return to total US$53.2 billion.
The school said it also received a record US$600 million in unrestricted gifts from alumni and friends as its battles with the Trump administration made news headlines.
accused Harvard of fostering antisemitism
on campus amid Israel’s war in Gaza, but critics said the charge was a pretext for a broader campaign against what Mr Trump views as anti-conservative bias in academia.
The dispute, now playing out in court, also involves federal efforts to cut research funding and restrict international student enrollment at the university.
The school’s endowment allocated 41 per cent of its assets to private equity investments and 31 per cent to hedge funds, and kept its allocation to public equities unchanged at 14 per cent, Harvard Management Chief Executive N.P. Narvekar wrote in a letter.
“Though endowment results in fiscal year 2025 were dampened by having less public than private equity, HMC’s performance overall was bolstered by discerning manager selection,” Mr Narvekar wrote, referring to the endowment’s use of outside investment advisers.
Returns from Ivy League schools like Harvard are watched closely because they pioneered practices like using hedge funds and private equity funds, and they are under even more scrutiny due to the current political battles.
“We continue to adapt to uncertainty and threats to sources of revenue,” Harvard President Alan Garber wrote, without naming Mr Trump. REUTERS
