Harvard Management Company

UAO Registry · Top 100 · Rank 85 · Endowment · United States · Last researched Friday 11 September 2026 (America/Toronto). Corrections: info@universalassetowners.com.

• Executive brief
• Speakable summary
• Mandate & ownership
• Disambiguation
• Scale & portfolio
• Governance & leadership
• Investment philosophy & partners
• Performance & reporting
• Climate / ESG / sustainable investing
• Endowment at work
• Controversies & debates
• Timeline
• Official video
• Annex: FY25 CEO letter fold
• Annex: FY24 CEO letter fold
• Annex: About / leadership fold
• Annex: Partners & Performance fold
• Annex: Climate Report March 2024
• Annex: Climate Report 2023
• Annex: Climate Report 2021
• Annex: Sustainable Investment Policy
• Annex: Sustainable Investing Update 2019
• Annex: Harvard endowment explainer
• Annex: OIRA Fact Book table
• Annex: Endowment / LP peers
• Annex: Deliberate omissions
• Annex: Outbound checklist
• Annex: Editorial locks
• FAQ
• Sources
• Completeness

Executive brief

Harvard Management Company (HMC) is the wholly owned investment-management subsidiary of Harvard University, founded in 1974. Soft strings: HMC, Harvard Management Company, Harvard endowment. Official path: hmc.harvard.edu.

Prefer dated official USD for the Harvard University endowment that HMC manages: as of 30 June 2025, aggregate endowment value US$56.9 billion; fiscal year 2025 net return 11.9% (HMC FY25 Annual Report / CEO letter, October 2025; Partners & Performance; Harvard OIRA Fact Book). Prior year: US$53.2 billion and 9.6% return at 30 June 2024.

Leadership (verify live on About): CEO N.P. "Narv" Narvekar; CIO Rick Slocum; COO Sanjeev Daga. Board Chair Timothy R. Barakett. Instantiations dual seats map CEO/CIO to Narvekar/Slocum — do not invent people or titles.

HMC is an endowment manager, not a public pension or sovereign wealth fund. Schema for this profile is Organization (typically no GovernmentOrganization). Researchers comparing NBIM, Yale Investments Office, GIC, CPP Investments, CalPERS, OTPP, APFC or Kazakhstan National Fund should keep the private-university endowment frame.

Related UAO hubs: Registry · Top 100 · Careers Intelligence.

Mandate & ownership

Formed in 1974, HMC manages Harvard University’s endowment and related financial assets. Official About wording: the mission is to help ensure Harvard has the financial resources to maintain and expand leadership in education and research for future generations. The endowment comprises more than 14,000 individual funds invested as a single entity.

• Legal owner / parent: Harvard University (private research university).
• Manager: Harvard Management Company, Inc. — wholly owned subsidiary.
• What it is: Perpetual endowment investment platform supporting teaching, research, financial aid, and academic units.
• What it is not: A public pension; a sovereign wealth fund; the University operating budget as AUM; a rename of Yale’s endowment office.
• Board appointment: HMC Board of Directors elected by the President and Fellows of Harvard College; ex officio seats include Harvard President, Treasurer, CFO, and HMC CEO.

Source: https://www.hmc.harvard.edu/about/ ; https://www.hmc.harvard.edu/ ; Harvard Finance endowment pages.

Disambiguation

HMC ≠ public pension ≠ SWF ≠ Harvard GOA alone ≠ Yale Investments Office ≠ Instantiations “invented” separate AUM. Soft strings: Harvard Management Company, HMC, Harvard endowment. Instantiations headline AUM is the published aggregate endowment market value. HMC may also manage related University financial assets; audited University statements present endowment net assets separately from the General Operating Account and other pools — do not conflate.

Scale & portfolio

Currency discipline: publish official USD as Harvard / HMC publish, with as-of dates. Do not invent FX from other currencies.

Asset allocation — 30 June 2025 (FY25 CEO letter)

FY25 letter notes a measured increase in portfolio risk largely through greater equity exposure under University guidance; uncorrelated hedge funds moderate risk and provide liquidity; secondary-market transactions used strategically to refine private equity and previously to reallocate away from real estate.

Source: FY25_HMC_Annual_Report.pdf; Partners & Performance; OIRA Fact Book endowment table; HMC home.

Governance & leadership

Ultimate University fiduciary context sits with the Harvard Corporation (President and Fellows). HMC’s Board is elected by the Corporation; management runs day-to-day investing under the Board and University partnership.

Appointment facts from official About: N.P. "Narv" Narvekar joined December 2016 (prior Columbia IMC CEO; earlier Penn Investment Office; J.P. Morgan equity derivatives). Rick Slocum joined March 2017 (prior family-office CIO; Robert Wood Johnson Foundation; Penn Office of Investments; banking private placement). Sanjeev Daga joined 2019 after 15 years as Columbia IMC COO.

Current About-page Board roster opened for this profile (elected + ex officio as listed): Timothy R. Barakett (Chair); Eric W. Doppstadt; Paul B. Edgerley; Mary Callahan Erdoes; Martín Escobari; Paul J. Finnegan; Joshua S. Friedman; Alan M. Garber (Harvard President); Tricia M. Glynn; Patrick Healy; Robert Jain; Ritu Kalra (Harvard CFO); Raymond J. McGuire; N.P. Narvekar. Do not invent directors. FY24 CEO letter welcomed Michael Chae as a director in spring 2024 and noted Barakett becoming Chair at FY24 close with Finnegan continuing on the Board after nine years as Chair — if a name drops from the live About roster, prefer the live About list for Instantiations.

Source: https://www.hmc.harvard.edu/about/ ; FY24/FY25 CEO letters.

Investment philosophy & partners

Partners & Performance describes a generalist investment model that breaks down silos among asset classes to search for attractive risk-adjusted returns, with disciplined processes, analytics, and partnership culture. Risk allocation is expressed in betas and alphas to estimate total portfolio risk and support University conversations on appropriate risk.

For over 45 years HMC has partnered with world-class external managers — early in venture capital, natural resources/emerging markets, absolute return and direct strategies. The network is framed as more than 100 investment partners.

FY25 letter: public equity and hedge fund managers delivered returns well above benchmarks; private equity produced double-digit gains across strategies; results were dampened by having less public than private equity relative to some peers’ mixes.

Performance & reporting

Transparency stack opened: (1) HMC annual report / CEO letter PDFs (FY24, FY25); (2) Partners & Performance page with long-run return framing; (3) Harvard University financial reporting / Finance endowment explainers; (4) OIRA Fact Book endowment value/return/payout table FY2016–FY2025; (5) Climate Reports and Sustainable Investment Policy PDFs.

Fact Book source note: Harvard University Financial Reports; as of June 30 of each fiscal year (table last updated 12/2/25 on the opened page).

Climate / ESG / sustainable investing

Harvard Corporation (April 2020, after CCSR deliberation) instructed HMC to set the endowment on a path to net-zero greenhouse gas emissions by 2050. HMC publishes Climate Reports and a Sustainable Investment Policy. Sustainable Investing page: long-term view; ESG factors aligned with mission for strong long-term results.

Opened March 2024 Climate Report (data as of 30 June 2023): climate-transition investments exceeded 1% of the endowment; remaining exposure to private equity funds focused on fossil exploration/development represented less than 2% (decrease from 2022); HMC continues to avoid direct fossil holdings and new PE exploration/development fossil funds; distributions from legacy private energy funds exceeded capital calls. Governance: CEO Narvekar and CIO Slocum manage the generalist team including climate-related risks; responsible investment integrated in Compliance led by CCO Kate Murtagh with quarterly Board updates.

Do not invent exclusion lists or net-zero interim targets beyond opened reports. Prefer PDF vintages with as-of dates.

Endowment at work

HMC home highlights financial aid, research, libraries, and museums supported by endowment returns. Opened claim: past academic year Harvard distributed US$414 million in financial aid across the University, including roughly US$175 million need-based aid for Harvard College undergraduates — more than half of whom receive financial aid. Cumulative distributions since 1974 exceed US$46 billion.

Harvard Finance endowment pages emphasize donor restrictions: overwhelming majority of funds are donor-directed; unrestricted/more flexible funds are minority shares critical for structural expenses and strategic initiatives. Annual payout rate generally targeted around 5.0–5.5% of market value, with Corporation approval of the final distribution.

Controversies & debates

Official-first: FY25 CEO letter discusses rising federal endowment tax as increasing near-term pressure and magnifying the duty to protect purchasing power while balancing present and future academic needs. Liquidity from uncorrelated strategies is framed as ballast amid University operating stressors.

Secondary / labelled: Press coverage of endowment size, compensation Form 990 figures, campus political debates, and tax policy — useful context but Instantiations AUM/leadership must stay on Harvard/HMC primaries. Do not invent scandals.

Corrections to UAO: info@universalassetowners.com.

Timeline

• 1974: Harvard Management Company founded; long-run ~11% annualized return framing on Partners page.
• 2016-12: N.P. "Narv" Narvekar joins as CEO.
• 2017-03: Rick Slocum joins as CIO.
• 2019: Sanjeev Daga joins as COO.
• 2020-04: Corporation instructs path to net-zero GHG for endowment by 2050.
• 2020-11: HMC Sustainable Investment Policy PDF published vintage.
• FY2021: Endowment US$53.2B; return 33.6% (Fact Book).
• FY2022: US$50.9B; return −1.8%.
• FY2023: US$50.7B; return 2.9%; Climate Report data YE used in Mar 2024 report.
• FY2024: US$53.2B; return 9.6%; Barakett becomes Board Chair at FY close (FY24 letter).
• FY2025 / 30 Jun 2025: US$56.9B; return 11.9%; distribution US$2.5B.
• Oct 2025: FY25 HMC Annual Report / CEO letter.

Official video

Harvard University’s official YouTube film “The Harvard Endowment” (upload 19 July 2017) explains endowment purpose for a public audience. Embed uses YouTube nocookie. HMC homepage also links an Art Museums conservation video — that is not used here as the investment VideoObject.

Annex: FY25 CEO letter fold

Folded prose from the Harvard Management Company Message from the Chief Executive Officer for fiscal year 2025 (October 2025) — US$56.9 billion, 11.9% return, allocation table, risk posture, secondary markets, value creation, endowment tax forward look.

Harvard Management Company Message from the Chief Executive Officer Harvard’s endowed funds generated an 11.9% return PORTFOLIO STRATEGY in fiscal year 2025, bringing the aggregate endowment Harvard Management Company has in recent years value to $56.9 billion.

This performance not only undertaken a thoughtful assessment of the investment strengthens the University’s financial position but portfolio, recognizing that a singular focus on also underscores the essential role of the endowment asset allocation — while a significant contributor to in sustaining Harvard’s academic mission.

Spending returns — can mask important considerations around from the endowment now accounts for nearly 40% the volatility of those returns, and of equal importance, of annual operating revenue — a reminder that the the University’s ability to absorb that volatility.

With stewardship of these resources is inseparable from the the guidance of the University’s leadership, HMC has vitality of Harvard’s teaching, re , and service begun a measured increase in portfolio risk, largely to society. through greater equity exposure, recognizing that modest adjustments can enhance long-term returns PERFORMANCE AND PURPOSE while preserving essential resilience.

Encouragingly, these initial steps have already contributed to stronger The endowment’s returns in fiscal year 2025 performance. HMC will continue to gradually adjust surpassed Harvard’s long-term benchmark of the portfolio over time, with an eye toward enhancing 8%, which reflects the balance between annual long-term growth.

distributions (approximately 5%) and inflation (roughly 3%). Since the start of the current management team’s As of June 30, 2025, the portfolio composition was tenure eight years ago, the portfolio has generated an as follows: annualized return of 9.6%, consistently meeting or exceeding this standard.

Such long-term performance Asset Class Allocation is critical: the endowment is not simply an investment Public equities 14% portfolio, but a source of stability and continuity for Hedge funds 31% generations of students and scholars. Long/short 9% Uncorrelated 16% Multi strategy 3% Universities differ in their financial structures and Credit 3% therefore in the demands they place upon their Private equity 41% endowments.

Some institutions pursue higher levels Buyout 13% of investment risk in pursuit of greater returns; Growth buyout 4% Venture capital 14% others, like Harvard, calibrate portfolio risk to ensure Growth venture 10% resilience across varied market conditions. The Real estate 5% design of the portfolio reflects the distinctive needs Bonds/TIPs 4% of the University it serves — an acknowledgment Other real assets 3% Cash 3% that prudent stewardship requires alignment ENDOWMENT* 100% with institutional priorities, not adherence to * Rounding results in a total percentage external comparisons.

harvard university  harvard management company 12 The allocation to uncorrelated hedge funds allows Those who manage these resources do so with an HMC to moderate risk and provides access to awareness that each decision has implications not liquidity across market cycles, both up and down.

just for today, but for generations yet to come. As the University responsibility is to honor the aspirations of those faced operating stressors this year, the endowment’s who contributed to it — by ensuring their generosity liquidity has allowed it to serve as a ballast.

continues to empower Harvard’s mission long after they are gone. HMC has also employed the secondary market as a strategic tool, a practice that began eight years This intergenerational duty takes on new weight as ago to reallocate away from real estate at moments the federal endowment tax rises in the years ahead.

of strength, and a practice that we have continued Increased taxation, while significant in the near term, to use regularly to refine the composition of our also underscores the importance of protecting the private equity holdings. These transactions are not endowment’s purchasing power over time.

More will signs of constraint or liquidity concerns but rather of be required of the endowment to sustain the same intentional, disciplined portfolio management — an level of academic excellence, magnifying the ethical approach that privileges flexibility and a long-term and legal imperative to balance present needs with view over orthodox adherence to the existing portfolio.

We are deeply grateful for the partnership with the VALUE CREATION University’s financial leadership, whose collaboration The true test of any endowment lies in its ability strengthens both our strategy and its outcomes. We to generate value beyond market returns.

Though are equally indebted to the members of our board endowment results in fiscal year 2025 were dampened of directors, whose insight and counsel enrich our by having less public than private equity, HMC’s work immeasurably. performance overall was bolstered by discerning manager selection.

Public equity and hedge fund Finally, I wish to acknowledge the extraordinary managers, chosen for their distinctive perspectives dedication of my colleagues at HMC. Their and disciplined strategies, delivered returns well commitment, creativity, and rigor ensure that these above their benchmarks.

Private equity, too, financial resources are not merely preserved but produced double-digit gains across diverse strategies cultivated — so that Harvard may continue to lead, and stages. Together, these outcomes reflect the to inspire, and to serve. enduring importance of judgment, relationships, and intellectual rigor in investment practice.

Best Regards, LOOKING FORWARD The fiscal year 2025 results reaffirm that Harvard’s endowment is well positioned to support the University in the decades ahead. “Narv” Narvekar they underscore the principle that endowment CHIEF EXECUTIVE OFFICER stewardship demands more than short-term financial performance; it is an intergenerational undertaking.

Source fold: https://www.hmc.harvard.edu/wp-content/uploads/2025/10/FY25_HMC_Annual_Report.pdf. Verify against the live HMC / Harvard page or PDF before citing beyond this page.

Annex: FY24 CEO letter fold

Folded prose from the FY2024 HMC CEO letter (October 2024) — prior-year performance context, Board Chair transition to Timothy Barakett, Finnegan’s continued service, Michael Chae joining as director (spring 2024; verify against live About roster).

Harvard Management Company Message from the Chief Executive Officer Harvard’s endowment generated a 9.6% return Portfolio risk for fiscal year 2024 (FY24) and the value stood at During my early days at HMC, we initiated a deep $53.2 billion. The endowment distributed $2.4 billion review of the University’s risk tolerance to better toward the University’s operating budget supporting inform both HMC and the University of the various financial aid, faculty, re initiatives, and more.

In 2021, following thoughtful, rigorous analysis, a moderate increase in portfolio risk was approved. As discussed above, PERFORMANCE we believe the endowment’s portfolio risk is still The endowment delivered strong performance in lower than that of many private university peers.

The target return for Harvard’s endowed funds Nevertheless, the moderate increase has bolstered is 8%, which accounts for roughly a 5% distribution returns and conversations with the University remain and 3% growth to maintain purchasing power over active to determine if future increases to risk tolerance time.

The annualized return of 9.3% over the past are warranted. seven years — which encompasses the full fiscal years since I joined Harvard Management Company Asset allocation (HMC) — has more than kept pace with that target. The University’s tolerance for risk informs HMC’s portfolio risk level and therefore HMC’s asset While it is common practice — and seemingly allocation decisions, one of the most significant straightforward — to compare endowment performance factors in the portfolio’s long-term returns.

among peer institutions, such comparisons ignore the nuance of each institution’s investment goals. HMC’s asset allocation has featured three interrelated Endowment portfolios are constructed to reflect the portfolio moves over the last seven years. First, we specific needs and risk tolerances of their respective reduced the exposure to real estate and natural institutions.

Accordingly, portfolios may be more, or resources from 25% of the endowment portfolio in less, aggressive, and therefore benefit more, or less, FY18 to 6% today. This strategic reduction has had a from a particular market environment. With the positive and compounding impact on the University’s University’s reliance on endowment distributions to endowment returns.

It has also created room for the fund a substantial portion of its operations — over second major portfolio shift, which is our significant one-third when I arrived and now approaching increase in private equities. Public equity returns are 40% — the endowment’s orientation toward strong often outpaced by private equity — both buyouts and investment returns has been tempered by the venture capital.

However, in FY24, for the second imperative for budgetary stability. We believe that has year in a row, private equity returns lagged those of resulted in a lower tolerance for risk than many of our public equity markets. Readers will recall that in FY22, largest private university peers, which can cause lags private managers did not reduce the value of their in ebullient environments, but also provide protection investments in a manner consistent with declining during downturns.

As presaged in that year’s letter, those private asset managers did not The endowment performance of any institution must subsequently increase the value of their investments be understood in this context. In fact, the portfolio’s in the context of rising public equity markets in fiscal performance is based on three sets of factors: portfolio years 2023 and 2024.

Finally, we increased the size risk level, asset allocation, and manager selection. harvard university  harvard management company 12 of the hedge fund portfolio as a means of limiting I also thank the University’s exceptional financial equity exposure (public and private, collectively) and, team, with whom we continue to work very closely.

Ultimately, I extend my gratitude to the members of HMC’s board. We benefit tremendously from Asset Class Allocation their dedicated service and insightful leadership. At Public equities 14% the close of this past fiscal year, we welcomed Tim Hedge funds 32% Private equity 39% Barakett ’87, MBA ’93, who had joined the board in Real estate 5% 2022, as Chair of the HMC Board of Directors.

Paul Bonds/TIPs 5% Finnegan ’75, MBA ’82, who joined the board in Other real assets* 3% 2014 and had chaired the board for nine years, has Cash 3% ENDOWMENT** 100% been an invaluable contributor to HMC’s successful turnaround and we are fortunate for his continued * Natural Resources, now under 1% of allocation, is included among Other Real Assets.

Additionally, Michael Chae ’90 ** Rounding results in a total percentage greater than 100%. joined as a director this past spring, bringing decades of asset management and investment expertise to the Manager selection HMC board. A significant positive factor in our returns has been HMC’s strong manager selection.

In FY24, HMC’s Twenty years ago, Harvard’s endowment distributions public equity and hedge fund portfolios stood out accounted for 21% of the University’s budget. This is a particularly years later, it had grown to 31%. Now, it is approaching positive indicator, since HMC’s hedge fund portfolio 40%.

The ever-increasing reliance on this critical has less equity exposure than most hedge fund resource makes our work all the more important. indices, yet still outperformed during a strong year We are motivated by the fact that our efforts directly for equities.

Overall, significant alpha production over support an institution that serves as a global leader in relevant benchmarks — a reflection of HMC’s strength teaching, learning, re , and the groundbreaking in its process of selecting managers — has reduced advancements its community makes each day.

the drawbacks of a comparatively under-equitized and lower-risk portfolio. Best Regards, IN CLOSING The endowment’s performance in FY24 was encouraging, less for its one-year return than for the trend it continues to reflect. “Narv” Narvekar undertaken to reposition the endowment for long-term CHIEF EXECUTIVE OFFICER success is clearly visible and the risk-adjusted returns to date show we are on the right track.

This wouldn’t October 2024 be possible without a remarkable team, and I extend my gratitude to each and every member of HMC for their contributions, individually and collectively, to our progress. harvard university  harvard management company 13

Source fold: https://www.hmc.harvard.edu/wp-content/uploads/2024/12/FY24_HMC_Annual_Report.pdf. Verify against the live HMC / Harvard page or PDF before citing beyond this page.

Annex: About / leadership fold

Folded official About page language — singular mission since 1974, Narvekar / Slocum / Daga biographies, Board election by President and Fellows, named directors.

About – Harvard Management Company A Singular Mission Formed in 1974, HMC manages Harvard University’s endowment and related financial assets. Our mission is to help ensure Harvard University has the financial resources to confidently maintain and expand its leadership in education and re for future generations.

Supporting Harvard Since 1974 Since its inception, HMC has been tasked with the singular mission to generate strong long-term results to support the educational and re goals of Harvard University. This long-term focus has given us an edge in many facets of investment management.

We were among the earliest institutional investors in venture capital, one of the first and largest investors in timberland assets, and a leading investor in some of the most successful absolute return and direct investment strategies. Being an early entrant and bringing long-term focus has often allowed us to establish unique investment positions in less crowded areas.

As a result, our portfolio has significantly outperformed a typical 60/40 stock/bond portfolio and the average endowment portfolio. This outperformance has contributed billions of dollars to Harvard University. “Narv” Narvekar / Chief Executive Officer Narv Narvekar joined HMC in December 2016 as Chief Executive Officer.

Narvekar was most recently the Chief Executive Officer of Columbia University Investment Management Company, responsible for setting and leading investment strategy for the university endowment’s portfolio. Narvekar was the Managing Director at the University of Pennsylvania Investment Office.

Previously, he served in a number of roles at J.P. Morgan, rising to the position of Managing Director, Equity Derivatives. Narvekar is a Trustee at the Chapin School and a member of the Haverford College Investment Committee. Narvekar is a graduate of Haverford College and received an MBA from the Wharton School at the University of Pennsylvania.

Read More Rick Slocum / Chief Investment Officer Rick Slocum joined HMC as Chief Investment Officer in March 2017. Slocum served as chief investment officer of a family office in New York where he was responsible for building the portfolio, the investment team, and developing an asset allocation framework.

Slocum was responsible for portfolio management and private equity at the Robert Wood Johnson Foundation and worked as a Senior Director in the University of Pennsylvania’s Office of Investments. Slocum also worked for three different banks in New York over 20 years, primarily as a private placement specialist.

He structured private credit and private equity deals, and also performed fundamental analysis in both credit and equity. Slocum holds a BS and MBA from the Wharton School of the University of Pennsylvania. He is currently a member of Chatham House and serves on the Rockefeller Foundation’s Investment Committee.

Read More Sanjeev Daga / Chief Operating Officer Sanjeev Daga serves as Chief Operating Officer of Harvard Management Company. Daga spent 15 years as COO of Columbia University Investment Management Company (CIMC), developing and overseeing the investment support systems of one of the most successful endowments during that time period.

Daga worked in risk management for both the Royal Bank of Scotland and Bankers Trust. He holds an MBA from the NYU Stern School of Business and a BA from Rutgers University. Read More Board of Directors HMC’s Board of Directors is elected by the President and Fellows of Harvard College.

Ex officio members of the HMC Board include Harvard University’s President, Treasurer, and Chief Financial Officer, as well as the Chief Executive Officer of HMC. Elected members, leaders in their respective fields, are selected for their investment, academic, and industry expertise.

MEMBERS OF THE BOARD OF DIRECTORS Timothy R. Barakett, Chair Chairman , TRB Advisors LP Treasurer , Harvard University Eric W. Doppstadt Vice President and Chief Investment Officer Ford Foundation Paul B. Edgerley Managing Director and Co-Founder VantEdge Partners Mary Callahan Erdoes Chief Executive Officer J.P.

Morgan Asset & Wealth Management Martín Escobari Co-President and Head of Global Growth Equity General Atlantic Paul J. Finnegan Chairman Madison Dearborn Partners Joshua S. Friedman Co-Founder, Co-Chairman, and Co-Chief Executive Officer Canyon Partners, LLC Alan M.

Garber President Harvard University Tricia M. Glynn Managing Partner Advent International Patrick Healy Chief Executive Officer Hellman & Friedman LLC Robert Jain Chief Investment Officer Jain Global Ritu Kalra Chief Financial Officer Harvard University Raymond J.

McGuire President of Lazard and Co-Head of Financial Advisory, North America Lazard, Inc. Narvekar Chief Executive Officer Harvard Management Company

Source fold: https://www.hmc.harvard.edu/about/. Verify against the live HMC / Harvard page or PDF before citing beyond this page.

Annex: Partners & Performance fold

Folded Partners & Performance page — generalist model, risk framework, external partners network, US$56.9 billion / ~11% since founding / nearly 40% revenue contribution.

Partners & Performance – Harvard Management Company Risk-Adjusted Returns HMC’s generalist investment model breaks down silos among asset classes to the world for the most attractive risk-adjusted returns. A central tenet of our investment culture is a belief that a disciplined set of processes, practiced by a capable and experienced team, will generate superior long-term results.

We are keenly focused on building processes—and supporting analytics—and executing them consistently. We combine these processes with a partnership culture in which the collective team engages in focused debates about investment opportunities both within asset classes and across the investment universe.

The result is an investment team with a singular focus: the performance of the overall endowment. Our risk allocation framework expresses the portfolio in terms of exposure to betas and alphas, and gives us a perspective on the portion of risk, rather than the portion of dollars, coming from any such exposures.

Ultimately, our framework gives us an estimate of total risk of the portfolio, aiding deep conversations with the university in determining the appropriate level of risk for Harvard. Partners in Investment For over 45 years, HMC has developed and maintained partnerships with a variety of world-class asset managers.

Our long-term outlook gives us an edge in many facets of investment management. HMC was among the earliest institutional investors in venture capital, one of the first in natural resources and emerging markets, and a leading investor in some of the most successful absolute return and direct investment strategies.

Our partners include both early-stage and established investors, small and large institutions, and incorporate a wide range of mandates—geography, sector, and strategy. The common thread between them all is that they are investors, rather than asset gatherers, who see the world differently.

HMC encourages this contrarian perspective and offers deep expertise in a variety of fields to support their endeavors. If you would like to join this network of more than 100 investment partners, we encourage you to contact partnerships@hmc.harvard.edu . HMC Performance The annualized return on the endowment, since HMC’s founding, has been approximately 11% per year and the endowment was valued at $56.9 billion on June 30, 2025.

In fiscal year 2025, distributions from the endowment contributed nearly 40% of Harvard University’s operating revenue. HMC ANNUAL REPORT Harvard Management Company – Harvard’s endowment is a dedicated and permanent source of funding that maintains the teaching and re mission of the University.

Serving Harvard University Harvard’s endowment is a dedicated and permanent source of funding that maintains the teaching and re mission of the University. Established in 1974, Harvard Management Company invests these funds as a single entity, the revenue from which contributes more than one-third of the University’s annual operating budget.

Endowment at Work Made up of more than 14,000 individual funds invested as a single entity, the endowment’s returns have enabled leading financial aid programs, groundbreaking discoveries in scientific re , and hundreds of professorships across a wide range of academic fields.

Financial Aid This past academic year, Harvard set a record in financial aid by distributing $414 million to students across the University. That number included roughly $175 million in need-based aid for Harvard College undergraduates—more than half of whom receive financial aid—graduate student grants and fellowships, and a variety of additional loan-free funding opportunities.

Read More Art Preservation The Straus Center for Conservation and Technical Studies is a world leader in fine arts conservation, re , and training. The center’s laboratories are where conservation, conservation science, and curatorial practice intersect, coming together to enrich the understanding of and care for the approximately 250,000 objects in the Harvard Art Museums’ collections.

► View Video / Read More WIDENER LIBRARY In 2015, the venerable Harry Elkins Widener Library turned 100 years old. Widener is the centerpiece of the Harvard library system, and also the largest university repository of books and manuscripts in the world. Read More SCIENTIFIC ADVANCEMENT Re ers from the Harvard John A.

Paulson School of Engineering and Applied Sciences (SEAS) and the Wyss Institute for Biologically Inspired Engineering have developed new wound dressings that dramatically accelerate healing and improve tissue regeneration. Read More Learn More Long-term Results Since HMC was founded in 1974, annual distributions from the endowment to Harvard University have grown significantly and now account for more than one-third of the University’s annual operating budget.

Source fold: https://www.hmc.harvard.edu/partners-performance/ and hmc.harvard.edu home. Verify against the live HMC / Harvard page or PDF before citing beyond this page.

Annex: Climate Report March 2024

Folded HMC Climate Report (March 2024; data as of 30 June 2023) — net-zero 2050 framing, transition investments, legacy fossil PE, governance (Narvekar/Slocum; CCO Kate Murtagh), measurement and engagement themes.

RI TAS Climate Report MARCH 2024 As part of Harvard University’s commitment to achieve net-zero greenhouse gas (GHG) emissions for its endowment portfolio by 2050, Harvard Management Company (HMC) reports annually on progress toward the goal. Data in this report are as of June 30, 2023, the end of HMC’s most recent fiscal year.

Past Climate Reports are available on the HMC website. Introduction Calendar year 2023 continued to demonstrate the inextricable link between climate stability and economic resilience. The effects of wildfire smoke, record-high ocean temperatures, and drought were felt throughout the world.

The past year, however, was also notable for progress toward advancing the energy transition and environmental justice. At COP28 in Dubai, the UAE announced a $30 billion commitment to support climate action in the Global South.1 In the United States, the private sector announced over $110 billion of new investments in clean energy manufacturing and utilities announced over $120 billion in commitments to clean energy generation projects.2 Globally, investment in clean energy exceeded $1.7 trillion in 2023.3 Governments and the private sector continue to explore ways to mobilize further public and private capital to generate the estimated $4 trillion in annual investment in clean energy needed by 2030 to transition the world away from a fossil fuel-based economy.4 The progress of the past year was significant, but there remains a long road ahead.

Solving climate issues in the real economy and supporting sustainable growth are fundamental principles in HMC’s approach to a net zero portfolio. As part of its fiduciary duty to account for all material risks to the endowment portfolio, HMC has long considered the climate transition and physical risks more generally in making investment decisions.

Investments in technologies that will enable the economy to leverage renewable energy on a global scale also present an opportunity to seek appropriate risk-adjusted returns. HMC partners with several external asset managers at the forefront of investing in climate solutions.

These investors are experts in innovative technologies addressing climate mitigation, such as carbon removal, energy transition, and materials science. They also take novel approaches to assessing environmental impact, incorporating emission goals in remuneration, engaging with portfolio companies, and developing new markets for a low-carbon world.

As HMC continues to monitor and take account of the evolving climate context in its plans to achieve its net zero commitment, this report provides updates on HMC’s climate-related initiatives. It discusses HMC’s transition investments, progress in developing a framework for measuring portfolio emissions, collaborative engagements, and HMC’s carbon-neutral operations.

1 COP28, UAE commits US$30 billion in catalytic capital to launch landmark climate-focused investment vehicle at COP28, December 1, 2023. 2 The White House, FACT SHEET: One Year In, President Biden’s Inflation Reduction Act is Driving Historic Climate Action and Investing in America to Create Good Paying Jobs and Reduce Costs, August 16, 2023.

3 International Energy Agency (IEA), World Energy Investment 2023, May 2023 Update. MARCH 2024 1 Climate Transition Investments In 2020, HMC began investing in technologies that accelerate the necessary low-carbon transition as a thematic strategy to generate outsized risk-adjusted returns.

This strategy encompasses a range of investments that directly reduce greenhouse gas emissions or are a critical component to scaling up such solutions. HMC is optimistic that these investments in climate solutions will help drive sustainable development and job growth, while generating competitive financial returns.

These investments are primarily focused on private markets, specifically venture and growth stages of activity. Over the past three years, these commitments have increased. As of June 30, 2023, HMC’s exposure to climate transition investments exceeded 1% of the endowment.

To give a better sense of the variety of approaches taken by climate-focused asset managers, below are two that are seen as leaders in their field. Breakthrough Energy was founded in 2015 to Eclipse is a venture capital firm that supports accelerate innovation in sustainable energy.

As the digital transformation of physical industries. part of that effort, Breakthrough Energy Ventures Through a collaboration with Rho Impact and Prime (BEV) was formed the following year to “finance, Coalition, Eclipse publishes the Eclipse Carbon launch, and scale companies that will eliminate Optimization (ECO) report to provide the data greenhouse gas emissions throughout the global investors and companies need to help manage net economy.” zero commitments.

Eclipse portfolio companies develop technologies that drive efficiency, reduce BEV’s approach draws on Breakthrough Energy’s waste, and support electrification and digitization. framing of the Five Grand Challenges, which identifies the most GHG -intensive industries: The Eclipse team has developed a novel framework m a n u f a c t u r i n g , e l e c t r i c i t y, a g r i c u l t u r e , to measure the expected environmental impact of its transportation, and buildings.

They also incorporate investments and has standardized a methodology the Green Premium concept in their investment for investors to model emissions reduction by decision-making. The Green Premium is a model portfolio companies. The calculation considers that estimates, by industry, the additional cost of market-level emissions, GHG intensity reduction using clean technology sources over those that by the investee technology, and estimated market emit more greenhouse gases.

BEV then targets its penetration of the technology by 2050. investment activity toward opportunities that will Their reporting has also informed HMC’s views have the greatest impact on reducing the Green regarding the type of forward-looking analysis for Premium, incentivizing companies to become as managing a net zero portfolio.

For more information competitive—if not more competitive—by using on Eclipse’s emissions impact reporting, please clean solutions over high-emissions ones. BEV has invested more than $1 billion in over 100 companies, and in doing so has established itself a leading manager in the space.

More information on BEV, and its current perspective, are available in its annual State of the Transition Report. MARCH 2024 2 Within the energy sector, HMC continues to avoid direct exposure to fossil fuel holdings and new investments in private equity funds focused on exploration and development in the fossil fuel industry.

Over the past year, distributions from our legacy private energy funds continued to exceed capital calls. As of June 30, 2023, HMC’s remaining exposure to private equity funds focused on the exploration and development of fossil fuels represented less than 2% of the endowment, a decrease from 2022.

As expected, the endowment’s exposure to climate transition solutions is on pace to exceed those in fossil fuel-related investments in the next few years. Net Zero Assessment HMC continues to make progress in developing the systems and processes to gather and aggregate the information necessary to estimate the financed emissions of the endowment consistently.

To date, HMC has conducted extensive re into the various frameworks for assessing a net zero portfolio—some of which have been discussed in past Climate Reports—and is actively testing other methods to measure portfolio emissions. In parallel with building the financed emissions framework, HMC continues to study methods of forward-looking analysis, such as measuring potential avoided emissions by investments or implied temperature rise.

This work will enable us to not simply look at past measures, but also analyze how investments will impact future emissions. To gather accurate data across a diversified portfolio, HMC must account for the variety of challenges that each asset class presents. As the necessary time and resources are allocated to address the details of each asset class, HMC anticipates it is still several years away from publicly reporting financed emissions.

Source fold: https://www.hmc.harvard.edu/wp-content/uploads/2024/04/2024-Climate-Report.pdf. Verify against the live HMC / Harvard page or PDF before citing beyond this page.

Annex: Climate Report 2023

Folded prior Climate Report vintage for researchers tracking net-zero progress language year-over-year. Prefer March 2024 report for the newest opened metrics; keep 2023 figures attached to this vintage.

RI TAS Climate Report FEBRUARY 2023 As part of Harvard University’s commitment to achieve a portfolio of investments with net-zero greenhouse gas (GHG) emissions by 2050, Harvard Management Company (HMC) reports annually on progress toward the goal. Data in this report is as of June 30, 2022, the end of HMC’s most recent fiscal year.

Past Climate Reports are available on the HMC website. Executive Summary Managing Harvard’s net-zero goal is a key initiative for HMC. This report provides updates on the following components of this effort: • Carbon Neutral Operations – As a stand-alone investment office with physical operations apart from the University, HMC’s facilities and operations achieved carbon neutral status for the first time in fiscal year 2022.

HMC is identifying pathways to reduce its operational emissions over the long term by engaging with its landlord, as well as analyzing behavioral impacts and purchases. In the short to medium term, HMC has partnered with high-quality carbon dioxide removal (CDR) companies to meet its carbon neutral commitment.

This approach allows HMC to have an immediate impact on atmospheric emissions relative to its operations. HMC’s goal is to reduce its carbon emissions as much as possible and limit the need for offsets to maintain carbon neutrality. • Investing in the Climate Transition – The Glasgow Financial Alliance for Net Zero (GFANZ) estimates that at least $130 trillion in private capital is needed to transform the economy to net zero.

Much of this investment needs to flow into high-emitting sectors such as power generation, transportation, agriculture, and industrial processes. As of June 30, 2022, HMC’s exposure to climate transition solutions approached 1% of the endowment. At the same time, HMC’s exposure to private equity funds focused on the exploration and development of fossil fuels was slightly more than 2% of the endowment.

The value of these investments changes over time due to contractual capital commitments, changing commodity prices, and the performance of the energy sector relative to other assets in the endowment. On a net basis, the entire year-over-year increase in fossil fuel exposure is due to rising commodity prices.

HMC expects its exposure to climate transition solutions to exceed exposure to fossil fuels in the coming years, as investment activity in climate transition ramps up and fossil fuel exposure winds down. • Measuring Portfolio Emissions – HMC is implementing a plan to calculate the baseline emissions associated with the portfolio.

HMC partners with two third-party data providers to estimate emissions. One data provider focuses on private equity investments, while the other specializes in hedge fund investments. Additionally, HMC continues to work with external managers to improve reporting of emissions and other climate-related data.

Based on current projections — and subject to the caveats discussed below — HMC anticipates being able to make an initial baseline assessment by the fall of 2024. Of course, this timeline is not wholly within HMC’s control and requires the cooperation of a range of third parties well in advance of 2024.

Nevertheless, HMC is committed to making its very best efforts in this regard and expects to have a clearer sense of timing in its next report. FEBRUARY 2023 1 • Collaborative Engagements – HMC remains committed to collaborating with like-minded investors to engage with companies on establishing a strong governance framework for addressing climate change, reducing GHG emissions throughout their value chain, and improving corporate disclosure in line with the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD).

HMC’s ongoing collaborations are detailed in the Appendices. Introduction According to the Intergovernmental Panel on Climate Change (IPCC), the world had an estimated 500 gigatons of carbon dioxide (GtCO2) remaining in its carbon budget in 2020 to maintain a 50% chance of limiting warming to 1.5 degrees Celsius and an estimated carbon budget of 1,350 GtCO₂ to keep warming to 2.0 degrees Celsius.1 At current global emission rates, the world is not on track to limit warming to 1.5 degrees and the 2.0 degrees goal is under ever-increasing threat.

Without serious efforts to rein in global GHG emissions, the effects of climate change will intensify. These developments have profound implications for investors. Forward-looking risk and impact analysis is now just as imperative as measuring current emissions.

HMC approaches the net zero commitment with a holistic, transition mindset, including investing in transformative climate solutions, advancing long-term emissions reductions across the portfolio, and seeking forward-looking analysis in addition to measuring financed emissions.

Quality emissions-related data from external managers continues to be a foremost need. HMC does not receive this information as a matter of course. Company-level reported information is still not widely available and carbon accounting methodologies do not yet exist for all strategy types.

In the interim, HMC is implementing a plan to estimate its portfolio’s carbon metrics. This analysis will be shared as the project moves forward. As data availability improves, and carbon accounting standards develop, the endowment’s carbon metrics will similarly evolve and improve.

HMC is committed to having an ongoing dialogue with its managers about their approaches to analyzing climate risks and solutions and improving direct reporting of emissions and other climate-related data. To encourage portfolio company GHG reporting in the private equity industry, HMC became a signatory to the ESG Data Convergence Initiative — a first among U.S.

An Evolving Landscape In April 2020, Harvard became the first U.S.-based endowment to make a net-zero commitment. Since then, Harvard has been encouraged to see a growing number of asset owners, including endowments, make their own net-zero commitments. While the net-zero commitments are aligned, the methodologies for achieving this goal vary widely across asset owners and are expected to evolve over time to meet the unique needs of individual institutions and their portfolios.

Institutions making the net-zero commitment include: University of Oxford (April 2020), University of Manchester (May 2020), Stanford University (June 2020), David Rockefeller Fund (August 2020), University of Cambridge (October 2020), World Resources Institute (October 2020), Arizona State University (February 2021), Trinity College Cambridge (February 2021), University of Michigan (March 2021), University of Pennsylvania (April 2021), Princeton University (May 2021), University of Waterloo (June 2021), University of Sydney (June 2021), University of Toronto (October 2021), and the McKnight Foundation (October 2021), Northwestern University (June 2022), Rice University (February 2022), San Francisco State University (September 2022), and University of Virginia (March 2022).

Source fold: https://www.hmc.harvard.edu/wp-content/uploads/2024/03/2023-Climate-Report.pdf. Verify against the live HMC / Harvard page or PDF before citing beyond this page.

Annex: Climate Report 2021

Folded early Climate Report after the Corporation’s net-zero instruction — useful for baseline policy language and initial implementation framing.

RI TAS Climate Report FEBRUARY 2021 Introduction In April 2020, the President and Fellows of Harvard College instructed Harvard Management Company, Inc. (HMC) to set the Harvard endowment on a path to achieve net-zero greenhouse gas (GHG) emissions from investments in its portfolio by 2050.

higher education endowments and a natural extension of Harvard’s ongoing efforts — through its teaching, re , and operations — to prepare for and accelerate the necessary transition to a fossil fuel-free economy. This report provides an update on HMC’s early progress towards this commitment and our recent engagement activity.

Executive Summary As of the end of HMC’s most recent fiscal year (June 30, 2020): • HMC had no direct exposure to companies that explore for or develop further reserves of fossil fuels. • HMC has reduced its overall exposure to fossil fuels — including both direct commodity investments as well as indirect investments in companies that explore for or develop further reserves of fossil fuels held through dedicated externally managed funds — from approximately 11% of the portfolio at the end of fiscal year 2008 to less than 2% at the end of fiscal year 2020, a decrease of more than 80%.

These calculations reflect those exposures we can determine through available data. HMC is working aggressively towards the much more ambitious 2050 commitment. Our current focus and our priorities for the next few years will be: • Improving Data Access — Since the vast majority of our public market managers do not provide holdings- level data on their portfolios, we are embarking on a significant initiative to gain access or otherwise estimate carbon emissions data from our public managers.

While our private managers do provide holdings information, they do not yet provide carbon emissions data for companies in their portfolios. We are working with our private managers to make progress in this arena as well. Furthermore, we have begun efforts to encourage other institutional investors to collaborate with us on improving data access, as a collective approach will yield the highest chance of success and in the timeliest manner.

We will continue our vigorous efforts to improve data access and are confident that, over time, we will attain success. • Developing a Methodology — HMC has engaged external data vendors, each of which is experienced in estimating the carbon footprint of portfolios, to assist with these efforts.

However, there is not yet an industry consensus on how to best estimate portfolio carbon emissions for many alternative investment strategies. These efforts are also impacted by the data access issues discussed above. While initial analysis has begun, HMC must continue its work to improve its own understanding of the various methodologies employed by vendors.

FEBRUARY 2021 1 • Engagement — With our increased utilization of external managers, HMC believes that the most significant way to interact with publicly listed companies is through collaborative engagements where HMC can join with other like-minded asset managers and asset owners.

In Appendix 1 of this report we provide an update on HMC’s engagement and stewardship activities, including our recent work with Climate Action 100+ and proxy voting, as well as other collaborations with the Task Force on Climate-Related Financial Disclosures (TCFD), Principles for Responsible Investment (PRI), Sustainability Accounting Standards Board (SASB), CDP, and Ceres.

Our Commitment Recognizing the existential threat of climate change, as well as the urgent need to take immediate action, HMC has committed to: • Transition the Harvard University endowment to a portfolio of investments with net-zero GHG emissions by 2050 consistent with the stated goals of the Paris Agreement; • Achieve this goal by taking into account the best available scientific knowledge, using standards set by the United Nations Intergovernmental Panel on Climate Change (IPCC); • Embed this commitment into HMC’s holistic approach to managing sustainability considerations, consistent with its fiduciary duty to manage risks and achieve target investment returns; • Work with current and prospective asset managers to emphasize GHG emissions reduction outcomes in the real economy; and • Work collaboratively with peer institutions who have made (or are interested in making) a similar commitment.

Harvard made this pledge in support of the stated goals of the Paris Agreement with the expectation that governments will follow through on their own commitments to ensure these objectives are met. We are keenly aware that breakthrough technologies, changes in consumer behavior, and structural changes in the economy are also necessary to achieve both a net-zero economy and a net-zero investment portfolio.

Exposure to Fossil Fuel Companies In his message on climate change announcing the net-zero commitment, President Bacow emphasized that Harvard was choosing a path of decarbonizing “the investment portfolio as a whole, rather than simply targeting the suppliers and producers of fossil fuels.” Nonetheless, members of the Harvard community remain acutely concerned with the endowment’s investments in companies that produce or develop fossil fuels.

As part of our effort to meet the net-zero commitment, we have begun a more granular analysis of the investment portfolio. We can report that, as of the end of HMC’s most recent fiscal year (June 30, 2020): • HMC had no direct exposure to companies that explore for or develop further reserves of fossil fuels.

• HMC has reduced its overall exposure to fossil fuels — including both direct commodity investments as well as indirect investments in companies that explore for or develop further reserves of fossil fuels held through dedicated externally managed funds — from approximately 11% of the portfolio at the end of fiscal year 2008 to less than 2% at the end of fiscal year 2020, a decrease of more than 80%.

These calculations reflect those exposures we can determine through available data. FEBRUARY 2021 2 Progress Towards the Commitment and Next Steps HMC is working aggressively towards the 2050 net-zero commitment. Our current focus and our priorities for the next few years will be improving data access and developing a tailored methodology for measuring the endowment’s carbon footprint.

Improving Data Access As the first fundamental and major step in this commitment, HMC is pursuing better access to the underlying holdings data of its portfolio. Since 2016, HMC has shifted away from internal management of the portfolio and has relied much more on investing through external managers.

Source fold: https://www.hmc.harvard.edu/wp-content/uploads/2021/02/2021-Climate-Report.pdf. Verify against the live HMC / Harvard page or PDF before citing beyond this page.

Annex: Sustainable Investment Policy

Folded HMC Sustainable Investment Policy (November 2020 PDF vintage linked from Sustainable Investing) — policy principles for ESG integration and stewardship within fiduciary duty.

Sustainable Investing Policy (Updated August 2020) Approach to Sustainable Investing In 2014, Harvard University was the first U.S. endowment to become a signatory to the United Nations- supported Principles for Responsible Investment (PRI). Accordingly, Harvard Management Company, Inc.

(HMC) is committed to considering environmental, social, and governance (ESG) factors in the course of underwriting, analyzing, and monitoring investments. While ESG integration is an organization-wide undertaking, HMC’s investment professionals ensure that ESG factors are considered and integrated within the investment decision-making process.

Other components of HMC’s sustainable investing practices, including reporting and collaborative engagements, are led by HMC’s sustainable investing team. The sustainable investing team also works closely with the University’s Corporation Committee on Shareholder Responsibility (CCSR) and Advisory Committee on Shareholder Responsibility (ACSR) on issues pertaining to proxy voting.

ESG Integration HMC commits to consider relevant ESG factors—both risk factors and opportunity sets—in the course of its underwriting, analysis, and monitoring of investments. Relevant ESG factors are those that HMC determines, in its sole discretion, have, or have the potential to have, a material impact on the financial performance of an investment.

This approach applies to all asset classes, sectors, and markets in which HMC invests. The degree to which ESG factors are relevant and material to an investment depends on many factors, such as the specific company or asset, the industry in which it operates, and the type of investment strategy.

ESG factors may have a direct financial impact on an investment, such as additional environmental regulation increasing operating costs, or health and safety violations leading to fines or legal liability. ESG factors may also have an indirect financial impact on an investment, such as harassment or discrimination claims in the workplace impairing a company’s ability to attract talented employees, or safety-based recalls impairing customer loyalty, as well as a company’s reputation and brand.

While it is important to understand how HMC considers ESG integration, it is equally important to understand the elements of a broader sustainable investment philosophy that HMC’s program does not incorporate: • HMC does not have a mandate for impact investment which actively seeks a social or environmental return, separate from, and in addition to, a financial return.

• HMC does not segregate a portion of the endowment for thematic investing. • Any negative screening (divestment) in the portfolio is determined by Harvard University, and only on very rare occasions (See Ethical Considerations and Investment Exclusions, below).

External Managers HMC is fortunate to collaborate with outstanding external managers, many of whom it has partnered with for years. When HMC engages with external managers, they are expected to consider relevant ESG factors that may have a material impact on the financial performance of their portfolios and to have a willingness to engage with HMC in a dialogue on sustainable investing.

HARVARD MANAGEMENT COMPANY – CONFIDENTIAL Sustainable Investing Policy The approach to engagement with external managers is not proscriptive and HMC does not seek to limit its managers’ investment universe. The goal is to understand how managers integrate material ESG factors into their investment strategies, how they communicate ESG-related issues with limited partners, and the weight they give those considerations in light of HMC’s stated ESG priorities and objectives.

HMC utilizes the PRI’s Limited Partners’ Responsible Investment Due Diligence Questionnaire as a framework for ESG due diligence. Climate-related Risk With regard to climate-related risk, HMC works with external managers to: • Actively engage with their portfolio companies on ESG issues to understand and influence that company’s exposure to, and planned mitigation of, climate-related risks; • Encourage climate-related financial disclosures from their portfolio companies consistent with the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD); and • Encourage portfolio companies to develop a credible plan to reduce their greenhouse gas (GHG) emissions, including measurable, science-based targets, consistent with achieving the goals of the Paris Agreement.

Recognizing the existential threat of climate-related risk, as well as the urgent need to take immediate action, the President & Fellows of Harvard College instructed HMC to set the Harvard endowment on a path to achieve net-zero greenhouse gas emissions by 2050, consistent with the goals of the Paris Agreement.

Stewardship Collaborative Engagements As a long-term investor, HMC encourages its external managers and portfolio companies to be a positive force in meeting society’s long-term needs while addressing pressing imperatives. Thoughtful engagement is an effective means of exchanging information, improving understanding of a company’s business and practices, and encouraging companies’ to improve their ESG performance, thereby enhancing the value of the investment.

With its increased utilization of external managers, HMC believes that the most significant way to engage with publicly listed companies is through collaborative engagements such as those organized by the PRI, the Ceres Investor Network on Climate Risk and Sustainability (Ceres Investor Network), and Climate Action 100+.

The primary objective of engagement activities is the protection and enhancement of the value of HMC’s investments. HMC may engage with companies on a host of issues, but expects the focus of most of its engagement activity to be on firms’ ESG disclosure and performance.

Issues identified as appropriate for ESG engagements include: • Sustainability reporting – analyzing and communicating ESG practices in a systemic fashion • Environmental factors – including climate-related risk, water and natural resource use • Social factors – including diversity and inclusion, human rights, and supply chain management • Governance factors – accountability and transparency in management practices Before joining a collaborative engagement, HMC considers the objectives for the engagement.

Source fold: https://www.hmc.harvard.edu/wp-content/uploads/2020/11/HMC-Sustainable-Investment-Policy.pdf. Verify against the live HMC / Harvard page or PDF before citing beyond this page.

Annex: Sustainable Investing Update 2019

Folded 2019 Sustainable Investing Update PDF — historical SI programme language. Prefer later Climate Reports / Policy for current Instantiations climate metrics.

SUSTAINABLE INVESTMENT UPDATE November 2019 Introduction This memo gives a brief summary of HMC’s Sustainable Investment Strategy and details HMC’s recent engagement activities through collaborative engagements, participation with aligned organizations, and speaking engagements.

Sustainable Investment Strategy HMC has developed a multi-year Sustainable Investment Strategy focused on six strategic initiatives: • Distribute a manager expectations statement • Collaborate with like-minded investors on issues of concern to the Harvard community (e.g., climate risk) to enhance the effectiveness of engagement efforts • Increase reporting to Harvard University stakeholders on sustainable investment initiatives • Develop an environmental, social and governance (ESG) monitoring and assessment framework • Improve ESG integration in the investment process Collaborative Engagement With our increased utilization of external managers, we believe the most significant way to engage with publicly listed companies will be through collaborative engagements, such as those organized by the United Nations-supported Principles for Responsible Investment (PRI), the Ceres Investor Network on Climate Risk and Sustainability (Ceres Investor Network), and the Sustainable Accounting Standards Board (SASB), where HMC can join forces with other like-minded asset managers and asset owners.

Collaborative engagements are driven by a range of factors, beginning with the stated objectives of the engagement. Participating investors can utilize a wide range of engagement approaches, often starting with letter-writing campaigns and in-person meetings with senior executives and members of the board of directors.

Depending upon how this dialogue progresses, investors may escalate engagement through making a statement at a company’s annual general meeting, supporting shareholder resolutions on topics of concern (e.g., climate risk), voting for removal of directors who have not demonstrated accountability, and voting against company led resolutions.

By their nature, collaborative engagements are usually multi-year initiatives. Three of HMC’s recent collaborative engagements are described below. Climate Action 100+ This past September, Harvard, through its affiliation with the Ceres Investor Network, joined Climate Action 100+, a multi-year, investor-led initiative to engage the world’s largest corporate greenhouse gas emitters to take steps to address climate change.

According to its 2019 Progress Report, since its launch at the One Planet Summit in late 2017, Climate Action 100+ has grown to be one of the most influential and significant investor initiatives on climate change with more than 370 investor signatories representing more than $35 trillion in assets under management.

600 Atlantic Avenue, Boston, MA 02210-2203 | 617.523.4400 HMC.HARVARD.EDU Sustainable Investing Update The three objectives central to the Climate Action 100+ engagement agenda are: • Improve corporate climate governance, including a strong governance framework which clearly articulates the board’s accountability and oversight of climate change risks and opportunities • Curb greenhouse gas emissions across the value chain, consistent with the goals of the Paris Agreement • Strengthen climate-related financial disclosures, including alignment with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) HMC will join other investors on three to four company engagements.

The target companies will be selected based on the relevance to HMC’s portfolio and the ability of HMC’s staff to add meaningfully to the engagement. PRI-Coordinated Collaborative Engagement – Methane Emissions Over the past three years, HMC has served as a co-lead investor in engaging with two major fossil fuel companies in the PRI’s collaboration on methane emissions.

As a participant in this collaboration, Harvard agreed to keep the names of the target companies confidential. In this memo they are referred to as Company A and Company B. As a co-lead investor, HMC signed letters to all companies targeted in the collaboration, and engaged in dialogues with both Company A and Company B to better understand their risk management activities with respect to the monitoring and reduction of methane emissions.

The objectives of the engagement were three-fold: 1. Strengthen investor understanding on methane risk exposure in global portfolios 2. Understand best practices in managing methane risks and transfer these learnings across companies 3. Encourage energy and utility companies to improve their management and reduction of methane emissions and to strengthen disclosure of their progress Through our work on this engagement we connected with oil and gas experts at the Environmental Defense Fund (EDF) and HMC team members had the opportunity to provide input on two investor white papers authored by EDF and jointly by PRI, EDF, and Ceres.

Both papers offer guidance to the energy industry on methane management and investor reporting. Following years of substantive engagement, including this collaboration, Company A announced that it had taken the following actions: • Assessed the impact of climate change and the adoption of the Paris Agreement on its business • Adopted a plan to reduce methane emissions by 15% and a 25% reduction in flaring by 2020 • Joined voluntary initiatives including the Methane Guiding Principles and the Oil and Gas Climate Initiative (OGCI), which includes group-wide methane intensity reduction targets • Submitted a formal comment to the Environmental Protection Agency (EPA) supporting the need for strong methane policy (after receiving a letter from investors requesting that Company A follow through on its commitment to advocate for sound methane policy) 600 Atlantic Avenue, Boston, MA 02210-2203 | 617.523.4400 HMC.HARVARD.EDU Sustainable Investing Update During the period of the engagement, Company B: • Publicly committed to end routine flaring by 2030 and provide interim progress reports to stakeholders, including investors • Joined the OGCI and committed to the initiative’s methane reduction targets • Announced its intention to become carbon-neutral across the value chain (scope 1–3 emissions) • Issued a climate report providing information on its OGCI membership, low-carbon technologies and initiatives, target setting, and IEA Sustainable Development (1.5°C) Scenario modelling In August 2019, Harvard joined with 140 other investors representing over $5.5 trillion in assets under management on a statement calling on the top 35 oil and gas producers to oppose the EPA’s proposed rollbacks of the New Source Performance Standards (NSPS) and publicly support continued federal regulation of methane emissions.

Under the current administration, the EPA has taken preliminary steps to roll back the NSPS regulating oil and gas methane emissions. Because the rollbacks are not yet finalized (the comment period is open through November 2019), investors are calling on companies to support the existing regulatory framework and pressure the American Petroleum Institute (API), a major trade association for the sector, to withdraw its support for the rollbacks.

PRI-Coordinated Collaborative Engagement – Corporate Climate Lobbying In 2015, HMC participated in a collaborative engagement led by the PRI targeting public companies that indirectly lobby, through trade and industry associations, against climate policy despite publicly supporting the need for climate policy solutions.

The engagement included: • Development of a public statement outlining investor expectations of companies’ lobbying activities as they relate to membership and support of trade or industry associations actively lobbying against climate policy • Private engagement with target companies The PRI, together with the Institutional Investors Group on Climate Change and members of this collaboration, developed the Investor Expectations on Corporate Climate Lobbying (the Investor Expectations), setting out expectations for company practice and disclosure on climate change-related policy activity.

Source fold: https://www.hmc.harvard.edu/wp-content/uploads/2019/11/Sustainable-Investing-Update-2019.pdf. Verify against the live HMC / Harvard page or PDF before citing beyond this page.

Annex: Harvard endowment explainer

Folded Harvard.edu / Finance endowment explainer language opened for this profile — distribution role, donor restrictions, payout framing, and public endowment narrative.

Endowment - Harvard University main content About the endowment Harvard is funded, in part, by an endowment. The endowment includes thousands of philanthropic gifts donated since Harvard’s early history, many of which were given to support specific aspects of Harvard’s teaching and re work.

Together, these gifts form a permanent source of funding that connects scholars and learners from many diverse backgrounds with opportunities at Harvard, now and into the future. Learn about Harvard’s endowment Endowment at work Our endowment supports many aspects of our work, from student financial aid to neighborhood programs, from museum and library preservation to campus activities, from faculty and fellow positions to scientific advancement.

Read more about what our endowment makes possible $6.8 billion the University’s annual operating expenses in the 2025 fiscal year. 14,765 the approximate number of funds that make up Harvard’s endowment. $784 million granted in financial aid and scholarships in the 2025 fiscal year.

80% of the market value of the endowment is donor directed to specific programs, departments, or purposes. $56.9 billion the size of Harvard University’s endowment in the 2025 fiscal year. An endowment is a dedicated source of long-term funding, made up of donated gifts, that supports the mission and work of a philanthropic organization like a university.

Each year, a portion of the endowment is paid out as an annual distribution to fund the organization’s work. Any appreciation in excess of this annual distribution is retained in the endowment so it can grow and support future generations. Harvard’s endowment is nearly as old as the University itself.

In 1638, minister John Harvard of Charlestown died and left his library and half his estate to the recently established institution of higher learning that would become Harvard University. Since then, many more donors have contributed generously to Harvard’s endowment.

The endowment’s annual distributions are a critical source of funding for the University, making up more than a third of Harvard’s revenue each year, the largest single revenue stream. In this way, the endowment bridges the gap between revenue that is brought in from tuition and re grants, and the critical costs associated with the University’s teaching and re activities.

To learn more about sources of operating revenue, please visit our Financial Overview page . Many endowments, including Harvard’s, are structured to exist in perpetuity, meaning that the institution must continue to rely on the endowment’s earnings forever. Because of this, our endowment is not only for today’s generation, but is for all future generations of Harvard students and scholars.

Guided by this principle of intergenerational equity, Harvard’s endowment is carefully managed in order to ensure that future generations will enjoy its benefits just as much as the current one. Harvard’s endowment is crucial to our excellence in teaching, learning, and re , as well as the University’s purpose-driven initiatives and partnerships on campus, in our neighboring communities, and all over the world.

Connected to a long tradition of philanthropy, the endowment supports an incredible range of activities and work, including student aid, faculty positions, groundbreaking re , the arts, community programs, and much more. The endowment’s support for operations enabled Harvard to grant $784 million in financial aid and scholarships in the 2025 fiscal year alone.

Are there constraints on endowment funds? Harvard’s endowment is made up of approximately 14,765 individual funds, the majority of which are “restricted.” This means that donors have specified that their gift must support a particular aspect of the University’s work, from specific scientific re to named professorships and dedicated scholarships.

These philanthropic gifts are critical to many areas of our work, each with a unique person and story behind it. About the Harvard endowment Click to Play Video ArtLab During her 2021 residency at this hub of innovation and creativity, Harvard music professor and Grammy Award–winning artist Esperanza Spalding brings together musicians and medical re ers to explore music as a tool for healing.

Explore the ArtLab Embedded EthiCS “We want to send the message that ethical reasoning is part of what you do as a computer scientist,” says Alison Simmons, one of the faculty members leading the project to bring philosophers and computer scientists together. Learn more about Embedded EthiCS Financial aid In 2013, David Velasquez became the first person in his family to attend college.

In 2024, he will become the first person ever to graduate from Harvard Medical School, Harvard Business School, and Harvard Kennedy School. Through the generosity of donors, financial aid and scholarships make it possible for extraordinary students like Velasquez to attend Harvard en route to becoming innovators in their fields and leaders in their communities.

Explore Harvard College's financial aid Johnson-Kulukundis Family President’s Fund for the Arts This fund is instrumental in cultivating artistic growth and supporting wide-ranging artistic experiences—from public art like Teresita Fernández’s Autumn (…Nothing Personal) to dance residencies to symposia to multifaceted website archival projects.

Learn more about the art installation Bloomberg Center for Cities This newly endowed center will strengthen the capabilities of mayors and their teams, advance effective organizational practices in city halls around the world, support a new generation of public servants, and produce new re and instructional materials that will help city leaders.

Source fold: harvard.edu endowment / finance pages; hmc sustainable-investing. Verify against the live HMC / Harvard page or PDF before citing beyond this page.

Annex: OIRA Fact Book endowment table context

OIRA Fact Book endowment table strings (FY2016–FY2025 value, return, payout rate, percent of revenue). Prefer this table for multi-year Instantiations history alongside HMC letters.

Fact Book: Endowment – Office of Institutional Re & Analytics content HARVARD.EDU Back: PHYSICAL PLANT Fact Book: Endowment Next: Sponsored Re Endowment Value, Return, Payout and Percent of Revenue FY2016-FY2025 Fiscal Year Endowment Value (in $Billions) Return on Investments Payout Rate Endowment as Percent of Revenue 2025 $56.9 11.9% 5.0% 40.0% 2024 $53.2 9.6% 5.0% 37.0% 2023 $50.7 2.9% 4.7% 37.0% 2022 $50.9 −1.8% 4.2% 36.0% 2021 $53.2 33.6% 5.2% 39.0% 2020 $41.9 7.3% 5.2% 37.0% 2019 $40.9 6.5% 5.1% 34.6% 2018 $39.2 10.0% 5.2% 34.9% 2017 $37.1 8.1% 5.3% 35.8% 2016 $35.7 −2.0% 5.1% 35.4% Source : Harvard University Finanical Reports.

Last updated 12/2/25 | Download PDF of this Table close close Site

Source fold: https://oira.harvard.edu/factbook/fact-book-endowment/. Verify against the live HMC / Harvard page or PDF before citing beyond this page.

Annex: Endowment / LP peers

Peer registry links for large endowments and institutional LPs: Yale Investments Office, NBIM, GIC, CPP Investments, OTPP, CalPERS, APFC. HMC’s Instantiations distinguishing features are private-university ownership, published FY endowment market value/returns, generalist + external-partner model, and Corporation net-zero 2050 instruction with Climate Reports.

Annex: Deliberate omissions

• No invented people, titles, AUM, or Board seats.
• No GovernmentOrganization schema (private university endowment manager).
• No promotion of Art Museums YouTube as investment VideoObject.
• No phones from office directories.
• Michael Chae: mentioned in FY24 letter; omitted from Instantiations leaders unless restored on live About.
• SAFE / TRS Texas / Kuwait PIFSS / BIA remain skipped (not this ship).
• Full University audited financial-statement PDF was access-denied / blocked this pass — do not invent line items from secondary press.

Annex: Outbound checklist

• HMC home
• About / leadership / Board
• Partners & Performance
• Sustainable Investing
• FY25 HMC Annual Report PDF
• FY24 HMC Annual Report PDF
• Climate Report March 2024
• Climate Report 2023
• Climate Report 2021
• Sustainable Investment Policy
• OIRA Fact Book: Endowment
• Harvard University — The Harvard Endowment (YouTube)

Annex: Editorial locks

• H1 = Harvard Management Company only — never “| UAO Top 100” in H1.
• Single www canonical via post.canonical_url only.
• Organization; WebPage; BreadcrumbList; FAQPage (12); VideoObject (official endowment film).
• Daily-refresh disabled; desk untouched (a13480ec21c4dc98).
• Seat-lock + META lastsweep 2026-09-11; theme uao 1.3.179; sitemap 06cb with 81 locs.
• Tag #registry-institution. Do not message CoS/SEO from this ship (parent batches at 80; next CoS at 85).

FAQ

What is Harvard Management Company (HMC)?

Harvard Management Company, Inc. (HMC) is the wholly owned investment management subsidiary of Harvard University, founded in 1974. It manages Harvard’s endowment and related financial assets as a single entity to support the University’s teaching and research mission. Soft researcher strings: HMC, Harvard Management Company, Harvard endowment manager.

Is HMC a public pension fund or sovereign wealth fund?

No. HMC manages a private university endowment and related University financial assets. It is not a public pension plan and not a sovereign wealth fund. Prefer Organization schema without GovernmentOrganization. Instantiations type: Endowment.

What official AUM has Harvard / HMC published for the endowment?

Prefer dated official USD. As of 30 June 2025 (fiscal year 2025), the aggregate Harvard University endowment was valued at US$56.9 billion (HMC FY25 Annual Report / CEO letter, October 2025; Partners & Performance; Harvard OIRA Fact Book). At 30 June 2024 the endowment was US$53.2 billion. Do not invent a separate “HMC AUM” distinct from the published endowment aggregate without a primary.

What returns has HMC reported recently?

Fiscal year 2025 net return on endowed funds was 11.9%, surpassing Harvard’s long-term 8% benchmark (~5% distribution + ~3% inflation). Fiscal year 2024 return was 9.6%. Since the start of the current management team’s tenure (about eight years as of the FY25 letter), the portfolio generated an annualized 9.6%. Partners & Performance states annualized return since HMC’s 1974 founding has been approximately 11% per year.

Who leads HMC — CEO and CIO?

Chief Executive Officer N.P. “Narv” Narvekar joined HMC in December 2016 (prior Columbia University Investment Management Company CEO). Chief Investment Officer Rick Slocum joined in March 2017. Chief Operating Officer Sanjeev Daga joined in 2019. UAO person SSR: /registry/person/n-p-narvekar/ and /registry/person/rick-slocum/.

Who chairs the HMC Board of Directors?

Timothy R. Barakett is Chair of the HMC Board of Directors (also listed as Chairman, TRB Advisors LP, and Treasurer of Harvard University). The Board is elected by the President and Fellows of Harvard College. Ex officio members include Harvard’s President, Treasurer, and Chief Financial Officer, plus the HMC CEO. Current About-page directors include (among others) Alan M. Garber (Harvard President), Ritu Kalra (Harvard CFO), and elected investment directors such as Mary Callahan Erdoes, Paul J. Finnegan, Joshua S. Friedman, and others named on hmc.harvard.edu/about/.

How much does the endowment distribute to Harvard’s operating budget?

In fiscal year 2025 the endowment distributed US$2.5 billion. HMC’s FY25 letter states spending from the endowment accounts for nearly 40% of annual operating revenue; Harvard Finance pages also cite about 37% of University revenue / over a third. The OIRA Fact Book lists endowment as 40.0% of revenue for FY2025. Prefer citing both the US$2.5 billion distribution and the published percentage with the source vintage.

What was the endowment portfolio mix at 30 June 2025?

Per the FY25 CEO letter: public equities 14%; hedge funds 31% (long/short 9%, uncorrelated 16%, multi-strategy 3%, credit 3%); private equity 41% (buyout 13%, growth buyout 4%, venture capital 14%, growth venture 10%); real estate 5%; bonds/TIPs 4%; other real assets 3%; cash 3% (rounding can exceed 100%). HMC describes a measured increase in portfolio risk via greater equity exposure under University guidance.

What is HMC’s climate / net-zero commitment?

In April 2020, following Corporation Committee on Shareholder Responsibility deliberation, the Harvard Corporation instructed HMC to set the endowment on a path to net-zero greenhouse gas emissions by 2050. HMC publishes Climate Reports (opened: 2021, 2023, March 2024 with data as of 30 June 2023). Policy language includes avoiding direct fossil fuel holdings and new private equity funds focused on fossil exploration/development, while building climate-transition investments.

How many individual funds make up the Harvard endowment?

Official HMC and Harvard materials state the endowment comprises more than 14,000 individual funds invested as a single entity. A large majority of funds are donor-restricted to specific purposes; unrestricted/flexible funds are a minority share (Harvard Finance describes roughly 20% more flexible / less than 5% fully unrestricted depending on the vintage wording — cite the opened Finance page).

Is the Harvard endowment the same as HMC’s balance sheet or the University’s General Operating Account?

No. Instantiations AUM for this profile is the published aggregate endowment market value (US$56.9B at 30 June 2025). HMC also manages related University financial assets; the University’s audited financial statements separately present endowment net assets, General Operating Account, and other pools. Do not conflate GOA or working capital with endowment AUM.

Where should researchers correct UAO Registry errors about HMC?

Send corrections to info@universalassetowners.com. Prefer primaries on https://www.hmc.harvard.edu/ (About, Partners & Performance, Sustainable Investing, FY annual report PDFs, Climate Reports) and Harvard Finance / OIRA Fact Book endowment tables. Currency discipline: official USD with as-of dates. Leadership: verify CEO Narvekar and CIO Slocum on the live About page. Schema: Organization (typically no GovernmentOrganization).

Sources & further reading

Primary: hmc.harvard.edu (home, About, Partners & Performance, Sustainable Investing); FY25 and FY24 HMC Annual Report CEO-letter PDFs; Climate Reports 2021/2023/March 2024; Sustainable Investment Policy (Nov 2020); Sustainable Investing Update 2019; Harvard OIRA Fact Book endowment table; Harvard endowment explainer pages. Official video: Harvard University YouTube “The Harvard Endowment.” Secondary labelled only if used for tax/compensation context — Instantiations AUM/leadership stay on primaries.

Completeness note

This elite profile targets ~10k+ sourced words from opened HMC/Harvard primaries. Non-blocking expansions: full University audited financial-statement PDF when fetchable; newer Climate Report when published; deeper Board biography folds; Form 990 compensation tables only if needed with secondary labels. No filler padded.