Yale Investments Office

UAO Registry · Top 100 · Rank 91 · Endowment · United States · Last researched Friday 11 September 2026 (America/Toronto). Corrections: info@universalassetowners.com.

• Executive brief
• Mandate & ownership
• Scale & portfolio
• Governance & leadership
• Investment philosophy
• Spending policy & stewardship notes
• Performance & reporting
• Controversies & debates
• Timeline
• FAQ
• Sources
• Official video

Executive brief

The Yale Investments Office manages the Yale University endowment — a private U.S. university endowment peer to Harvard Management Company. Soft strings: Yale Investments Office, Yale endowment, YIO. Official USD (prefer Financial Report / Investments Office / Yale News / OIR): endowment net assets US$44.207 billion at 30 June 2025 (Financial Report 2024–2025 rollforward); narrative approximately US$44.2 billion; Yale News states US$44.1 billion; OIR W087 market value US$44.155 billion. FY2025 investment return 11.1% net of fees. Leadership Instantiations: CIO Matt Mendelsohn; CEO empty (do not invent a CEO).

Yale News (24 October 2025) reports that after providing distributions of US$2.1 billion to the operating budget, the endowment’s value increased to US$44.1 billion on 30 June 2025, on an 11.1% net return representing about US$4.5 billion in investment gains. The audited Financial Report rollforward closes endowment net assets at US$44.207 billion after US$2.081 billion of spending allocation and US$259 million of contributions. Over the decade ending 30 June 2025, Yale cites a 9.4% annualized return and US$15.3 billion of cumulative endowment spending.

Researchers care because Yale’s equity-oriented, partnership-heavy “Yale Model” remains a reference architecture for endowments and many institutional LPs. Related UAO hubs: Registry, Top 100, Harvard Management Company, NBIM, GIC, CPP Investments.

Mandate & ownership

Yale Investments Office is the university team that stewards the Yale Endowment — a collection of thousands of funds designated to support specific aspects of Yale’s mission. Approximately 75% of the endowment is restricted; Yale Investments manages the funds as a single pool for intergenerational equity. Legal owner / parent: Yale University (private). Schema: Organization only (no GovernmentOrganization).

Official investments.yale.edu framing: the Endowment is the product of more than 300 years of generosity, sustained by disciplined spending and prudent investment management, contributing roughly a third of Yale’s annual operating budget. Mandate is investment management and spending-policy execution in support of teaching, research, financial aid, and related university priorities — not a public-pension liability match and not a sovereign wealth mandate.

• Soft ≠ Harvard Management Company / Harvard endowment AUM
• Soft ≠ public pension fund or SWF
• Soft ≠ Yale University operating budget as Instantiations AUM (AUM = endowment market / net assets as published)
• Instantiations type: Endowment · Rank 91 · USA · New Haven, CT

Scale & portfolio

Official USD scale (dated)

Investments at NAV (Financial Report note, US$ thousands)

The Financial Report investments note discloses fair values for investments reported at net asset value. These are composition markers inside the broader investment pool — not a substitute for the US$44.2B endowment net-assets headline.

FY2025 Financial Report narrative: roughly 91% of the endowment pool is invested in assets expected to produce equity-like returns (domestic and international securities, real assets, and private equity). FY2024 Financial Report used a ~95% equity-like framing. Yale aims to spend 5.25% of endowment value each year; over a decade it spends about half the total value of the endowment (investments.yale.edu / Funding Yale overview).

Mendelsohn (Yale News FY25) noted solid absolute returns with relative lag versus strong public indices, as outperformance in several asset classes was tempered by underperformance in leveraged buyouts and, more meaningfully, real estate — consistent with a private-markets-heavy book versus a public 70/30 comparator.

Governance & leadership

CIO (Instantiations)

Matt Mendelsohn (also styled Matthew S. T. Mendelsohn on yale.edu) is Yale University’s Chief Investment Officer and leads the Yale Investments Office. Appointed effective 1 September 2021 (Yale News / President Salovey announcement). Joined the Investments Office in 2007 after Yale College (B.S. physics); CFA charterholder; previously managed the venture capital portfolio and contributed across buyouts and natural resources. CEO field: empty — do not invent a CEO.

Investment Committee (official list, investments.yale.edu/the-endowment)

• Joshua Bekenstein ’80 — Managing Director and Co-chair, Bain Capital
• Francis Biondi ’87 — Co-founder and Former Managing Partner, King Street Capital Management
• Matt Cohler ’01 — Former General Partner, Benchmark Capital
• Anne Glover ’78 MPPM — CEO and Co-founder, Amadeus Capital Partners
• Maurie McInnis ’96 PhD — President, Yale University
• John Shrewsberry ’92 MPPM — Former CFO, Wells Fargo & Company
• Carter Simonds ’99 — Former Managing Director, Blue Ridge Capital
• Neal S. Wolin ’83 ’88 J.D. — Vice Chairman, Brunswick Group

Official page language: the Investment Committee brings extensive experience to oversight of the Endowment, offering strategic guidance, reviewing asset allocation and investment decisions, and ensuring responsible stewardship of Yale’s resources.

Office / team (people page — not Instantiations CEO/CIO)

investments.yale.edu/people lists the working team across Investments, Operations, and Legal (opened 2026-09-11), including Managing Directors (e.g., Amy Chivetta, Alex Hetherington, John Ricotta), Chief Technology Officer Bill Krueger, Head of Business Affairs & Administration Marcella Rooney, Chief of Staff Caroline O’Connor, and numerous Principals, Directors, Associates, and Analysts. Cite the live people page for roster changes; Instantiations leadership fields remain CIO-only with blank CEO.

Investment philosophy / Yale Model

Home-page partnership vision: “We partner with the world’s best investors to enable the education, research, and innovation that Yale contributes to humanity.” David Swensen (CIO 1985–2021) is quoted on people and relationships as the “real secret.” Current CIO language (Yale News FY25): diversification, disciplined risk management, and long-term partnerships with world-class managers across market cycles.

Financial Report asset-allocation prose combines tested theory and informed market judgment: long horizon → equity orientation; inflation vulnerability → limited reliance on fixed income; diversification to build superior risk/return characteristics. Funding Yale / the-endowment FAQ language describes the Yale Model as the pioneering application of modern portfolio theory to build a diversified set of investments for sustained growth with managed risk.

Editorial lock: do not paste secondary-site “FY2025 target %” grids that Yale’s latest Financial Report does not itself publish. Prefer the dated equity-like share (~91% FY2025 / ~95% FY2024 narratives) and the NAV category table above.

Spending policy & stewardship notes

Target spending rate approved by the Yale Corporation: 5.25%. Smoothing rule (FR): endowment spending in a given year represents the sum of 80% of the previous year’s spending and 20% of the target long-term spending rate applied to the market value at the start of the prior year, adjusted for inflation and an allowance for taxes, constrained so the calculated rate is at least 4.0% and not more than 6.5% of the endowment’s inflation-adjusted market value at the start of the prior year. Funding Yale FAQs add operational detail on the two-year lag used when constructing budgets.

FY2025 Financial Report also notes July 2025 federal tax legislation expected to increase the tax burden on the university’s endowment beginning July 2026, with evaluation underway of impacts on mission-related support — cite as official forward-looking disclosure, not a forecast invented here.

Climate / ESG: this ship folds only opened official prose. Yale’s public Funding Yale / Investments materials emphasize mission support, restricted-purpose fidelity (~75% restricted), and long-horizon stewardship. Do not invent a net-zero policy date or exclusion list that was not opened in this research pack; expand when Yale publishes a dedicated RI/climate report comparable to peer HMC Climate Reports.

Performance & reporting

• FY2025: 11.1% net return; endowment to US$44.1B–US$44.207B class official USD; spending ~US$2.1B
• FY2024: 5.7% net return; endowment to ~US$41.4B (News) / OIR US$41.290B
• 10-year to 30 Jun 2025: 9.4% annualized; excess vs college/university median ~1.4 pp (Yale News); FR +US$19.2B vs composite passive
• FY2024 decade framing (prior release): 9.5% annualized to 30 Jun 2024; 20-year 10.3% annualized
• Transparency stack: Yale News return releases; Yale University Financial Report PDFs; OIR Endowment Summary W087; investments.yale.edu

CIO commentary (FY25): diversified portfolio solid in absolute terms; trailed public indices amid strong markets; LBO and especially real estate underperformance tempered outperformance elsewhere. FY24 commentary: significant private-asset allocation implies lag in strong public markets when private exit markets are depressed — focus remains long-term.

Controversies & debates

Official attributable first: Financial Report discloses the forthcoming increase in federal endowment-tax burden from July 2026 and states the university is evaluating impacts on spending support. Yale News and Financial Reports openly discuss periods when absolute returns were modest versus public benchmarks (FY2022–FY2024 sequence) while spending still rose via the smoothing rule after the FY2021 40.2% return.

Secondary press often debates endowment size, tax treatment, divestment campaigns, and “Yale Model” liquidity/illiquidity trade-offs. Label secondary narratives as secondary; Instantiations AUM and leadership stay on Yale primaries only.

Timeline (annotated)

• 1701→ : Endowment accumulates via gifts across Yale’s history (official “300+ years of generosity” framing)
• 1985–2021: David Swensen CIO era; Yale Model institutionalization
• 2021-08-24 / 2021-09-01: Matt Mendelsohn appointed / starts as CIO (Yale News)
• FY2021: 40.2% investment return (Financial Report comparative series) — later spending uplift via smoothing
• 30 Jun 2024: ~US$41.4B; 5.7% return (Yale News / FR)
• 30 Jun 2025: US$44.207B net assets (FR); 11.1% return; ~US$2.1B spending (FR / Yale News)
• 2025-10-24: Yale News publishes FY2025 return release
• Jul 2026→: Financial Report notes higher federal endowment-tax burden begins (legislation Jul 2025)

Annex: Financial Report 2024–2025 endowment fold

Folded prose from Yale University Financial Report 2024–2025 — endowment net assets, 11.1% return, spending policy, equity-like allocation narrative, tax forward look.

Financial Report 2024–2025 Yale University Yale University Financial Report 2024–2025 1 Highlights 2 Message from the Senior Vice President for Operations and the Vice President for Finance 4 Financial Results 4 Overview 8 Operating Revenue 12 Operating Expenses 13 Physical Capital 16 Endowment 18 Management’s Responsibility for Financial Statements 19 Report of Independent Auditors 21 Consolidated Statements of Financial Position 22 Consolidated Statement of Activities 23 Consolidated Statements of Cash Flows 24 Notes to Consolidated Financial Statements 60 The President and Fellows of Yale University 60 The Officers of Yale University Front cover (from top left, moving clockwise) Students studying in the newly renovated Linonia & Brothers Room, Sterling Memorial Library.

Photo: Jack Devlin Yale President Maurie McInnis welcomes incoming students. Photo: Allie Barton School of the Environment celebrating commencement, 2025. Photo: Cloe Poisson Nick Frattini working on a quantum computer at Becton Engineering and Applied Science Center.

Photo: Andrew Hurley Re Associate Meiling Zhu depends on the Olympus 1X70 microscope for experiments she conducts. Photo: Robert DeSanto Back cover Cryogen-free Dilution Refrigerator hosting a superconducting quantum processor at the Schoelkopf Lab. Photo: Nuch Graves Inside back cover Maurie McInnis at her inauguration, 2025.

Photo: Robert DeSanto Copyright ©2025 Yale University Highlights Fiscal Years Five-Year Financial Overview ($ in millions) 2025 2024 2023 2022 2021 Net Operating Results - Management View $ 235 $ 211 $ 147 $ 167 $ 276 Financial Position Highlights: Total assets $ 59,043 $ 55,315 $ 54,426 $ 54,719 $ 56,223 Total liabilities 9,672 9,278 9,698 10,025 11,931 Total net assets $ 49,371 $ 46,037 $ 44,728 $ 44,694 $ 44,292 Endowment: Net investments, at fair value $ 44,155 $ 41,290 $ 40,504 $ 41,122 $ 41,913 Total return on investments 11.1% 5.7% 1.8% 0.8% 40.2% Spending from endowment 5.1% 4.8% 4.3% 3.8% 5.0% Facilities: Land, buildings and equipment, net of accumulated depreciation $ 6,340 $ 6,011 $ 5,748 $ 5,598 $ 5,508 Disbursements for building projects $ 661 $ 614 $ 448 $ 378 $ 380 Debt $ 5,205 $ 4,847 $ 5,138 $ 5,164 $ 5,200 Statement of Activities Highlights: Operating revenues $ 6,155 $ 5,755 $ 5,104 $ 4,810 $ 4,579 Operating expenses 5,808 5,412 4,936 4,540 4,201 Increase in net assets from operating activities $ 347 $ 343 $ 168 $ 270 $ 378 Five-Year Enrollment Statistics 2025 2024 2023 2022 2021 First-Year Enrollment Class of: '28 '27 '26 '25 '24 First-Year applications 57,516 51,803 50,060 47,240 35,220 First-Year admitted 2,227 2,332 2,289 2,509 2,299 Admissions rate 3.9% 4.5% 4.6% 5.3% 6.5% First-Year enrollment 1,554 1,641 1,554 1,786 1,264 Yield 69.8% 70.4% 67.9% 71.2% 55.0% Total Enrollment: Yale College 6,814 6,818 6,645 6,536 4,703 Graduate and professional schools 8,750 8,263 8,161 8,031 7,357 Total 15,564 15,081 14,806 14,567 12,060 Yale College Term Bill and Financial Aid: Yale College term bill $ 87,150 $ 83,880 $ 80,700 $ 77,750 $ 74,900 Average grant award for students receiving aid $ 67,366 $ 65,195 $ 64,686 $ 59,944 $ 58,340 1 Message from the Senior Vice President for Operations and the Vice President for Finance Financial results Yale finished the year ending June 30, 2025, with a surplus, despite a challenging environment for many universities, including Yale.

The surplus from operations was on both a Generally Accepted Accounting Principles (GAAP) basis and a Management View basis — the way Yale looks at financial information for internal discussion and decision-making purposes (see page 4 for additional information).

The surplus from operations was $347 million on a GAAP basis and $235 million on a Management View basis. The balance sheet finished the year in a strong financial position with $49.4 billion in net assets as of June 30, 2025, up from $46.0 billion as of June 30, 2024.

Revenue growth The university’s operating revenue was $6.2 billion, which represented 7% growth over the prior year. The university’s three major sources of revenue — spending from the endowment, medical services, and grants and contracts — each grew at a healthy rate.

Combined, these three revenue sources account for over 80% of the university’s total revenue. Spending from the endowment was $2.1 billion, which grew by 7% over the prior year, enabling increased support for financial aid, re , teaching, and other mission-related activities.

Spending from the endowment increased even though the market value of the endowment was roughly flat in nominal terms for the preceding four years. This increase in spending was a direct result of the smoothing component of the Endowment Spending Policy. This is a good illustration of the policy achieving one of its primary objectives, balancing years of lower and higher returns in order to provide a stable source of funding for the budget, “smoothing” the amount of year-to-year spending changes relative to the volatility of investment returns.

The endowment investment return for the year ending June 30, 2025 was 11.1%, and it will begin to flow into the operating budget in July 2026, consistent with the spending policy. Medical services revenue was $1.7 billion, which grew by 6% over the prior year as a result of the continued expansion of the clinical practice in the School of Medicine, physician productivity, and strategic alignment and support from Yale New Haven Health System and its flagship Yale New Haven Hospital.

Grant and contract income was $1.3 billion, which grew by 7% over the prior year as Yale faculty continued to secure federal and non-federal sponsored re funding for their groundbreaking re . This growth came in the context of a challenging environment for universities in general and federal funding for re in particular.

Yale, like many universities and other recipients of federal re funding, experienced stop work orders and cancellations during the year. This seriously impacted the re and re ers funded by these grants. In terms of the university’s overall financial results, these lost revenues only modestly impacted the university’s results for the year.

New challenges Recent months have seen a range of actions by the federal government that pose serious challenges for universities, including Yale. All of the university’s major revenue sources face pressure from these actions. 2 Yale University Financial Report 2024-2025 In July 2025, Congress passed legislation that increases the tax rate on net investment income (the “endowment tax”) from 1.4% to 8% for Yale, beginning July 1, 2026.

This increase in the tax will mean significantly less money available to spend on financial aid, re , teaching, and other mission-related activities. In the area of federal support for sponsored re , the budgets for the National Institutes of Health (NIH) and other federal agencies to fund the direct and indirect costs of re have been under pressure, but the degree of impact in this area remains uncertain.

The same recent federal legislation made changes in funding for healthcare, including Medicaid, which will affect medical services income, but the degree of the impact is also not yet known. The university is actively developing and implementing programmatic and financial plans to prepare for and adapt to these new financial realities.

Focus on academic priorities The university remains focused on its mission of teaching, re , and practice to improve the world today and for future generations. Yale has continued to invest in financial aid, fellowships, and stipends, which increased to $690 million this year or 7% more than the previous year.

In addition, Yale’s capital spending for the year was $661 million, an increase of 44% over the prior year excluding property acquisitions. This represents a wide range of exciting investments in new spaces that will play a vital role in advancing Yale’s mission, including a new home for quantum re that is beginning to take shape on Science Hill, the renovation of Osborn Memorial Laboratories to become the intellectual hub for activities related to Yale Planetary Solutions, the outfitting of space at 101 College Street to support growth in the School of Medicine, the new Living Village at the Divinity School, and the first steps toward a new Dramatic Arts Building.

These are just a few highlights from the past year, made possible through the generosity of donors to the For Humanity fundraising campaign, which is now in its final year with a goal of raising $7 billion. We invite you to visit YaleNews (news.yale.edu) for more information about these and other topics.

Looking ahead In July 2024, Yale welcomed its twenty-fourth president, Maurie McInnis, BA, ’90 MA, ’96 PhD. We join her hopeful view of the future of Yale and its positive impact on the world. As she noted in her inaugural address, “Across the generations, we have enlightened.

And, time and again, we have been both challenged and refreshed by change.” Yale University’s financial results this past year were solid and in line with the strong financial performance of the past several years. As we look ahead, the university is facing serious financial headwinds, but we are similarly hopeful about the university’s future.

As we shared in a recent budget update to the campus, “throughout its history, Yale has weathered tremendous challenges, each time adjusting, adapting, and responding with new ways to advance its mission. The path ahead requires us to address harsh realities, but with careful and thoughtful stewardship of our resources, we will continue to shape a future defined by resilience, innovation, and progress.” We are deeply grateful — and profoundly so in this challenging moment — for the incredible work and dedication of the faculty, staff, students, alumni, and friends of Yale who make the university and the pursuit of its mission possible each and every day.

Murphy Senior Vice President for Operations and Vice President for Finance and Chief Operating Officer Chief Financial Officer 3 Financial Results Overview Yale University (“Yale” or the “university”) manages its operations to achieve long-term financial equilibrium.

Source fold: https://your.yale.edu/media/3134/download?inline= (Financial Report 2024–2025 PDF). Verify against the live Yale / Investments Office page or PDF before citing beyond this page.

Annex: Financial Report 2023–2024 endowment fold

Folded prior-year Financial Report context — 5.7% return, ~US$41.4B, spending growth after FY2021, ~95% equity-like narrative.

Financial Report 2023–2024 Yale University Yale University Financial Report 2023–2024 1 Highlights 2 Message from the Senior Vice President for Operations and the Vice President for Finance 4 Financial Results 4 Overview 8 Operating Revenue 11 Operating Expenses 13 Physical Capital 15 Endowment 18 Management’s Responsibility for Financial Statements 19 Report of Independent Auditors 21 Consolidated Statements of Financial Position 22 Consolidated Statement of Activities 23 Consolidated Statements of Cash Flows 24 Notes to Consolidated Financial Statements 60 The President and Fellows of Yale University 60 The Officers of Yale University Front cover The newly revamped 65-foot-long Brontosaurus exhibit at the Yale Peabody Museum.

Photo by Peter Aaron, courtesy of Centerbrook Architects and Planners and Yale University Back cover (from top left, moving clockwise) A life-sized model of a Pteranodon welcomes visitors in the Peabody’s main lobby. Photo courtesy of the Yale Peabody Museum Handsome Dan greets visitors at the opening of the Yale Peabody Museum.

Photo courtesy of the Yale Peabody Museum A Mosasaur chases an Archelon in the rafters of the Peabody’s new Central Gallery. Photo courtesy of the Yale Peabody Museum The 7,350-pound bronze sculpture of a Torosaurus in front of the Yale Peabody Museum. Photo by Kai Nip Former Yale President Peter Salovey speaks at the opening celebration of the renovated Yale Peabody Museum.

Photo courtesy of the Yale Peabody Museum Copyright ©2024 Yale University Highlights Fiscal Years Five-Year Financial Overview ($ in millions) 2024 2023 2022 2021 2020 Net Operating Results - Management View $ 211 $ 147 $ 167 $ 276 $ 125 Financial Position Highlights: Total assets $ 55,315 $ 54,426 $ 54,719 $ 56,223 $ 44,696 Total liabilities 9,278 9,698 10,025 11,931 12,964 Total net assets $ 46,037 $ 44,728 $ 44,694 $ 44,292 $ 31,732 Endowment: Net investments, at fair value $ 41,290 $ 40,504 $ 41,122 $ 41,913 $ 30,957 Total return on investments 5.7% 1.8% 0.8% 40.2% 6.8% Spending from endowment 4.8% 4.3% 3.8% 5.0% 4.8% Facilities: Land, buildings and equipment, net of accumulated depreciation $ 6,011 $ 5,748 $ 5,598 $ 5,508 $ 5,438 Disbursements for building projects $ 614 $ 448 $ 378 $ 380 $ 437 Debt $ 4,847 $ 5,138 $ 5,164 $ 5,200 $ 5,242 Statement of Activities Highlights: Operating revenues $ 5,755 $ 5,104 $ 4,810 $ 4,579 $ 4,247 Operating expenses 5,412 4,936 4,540 4,201 4,044 Increase in net assets from operating activities $ 343 $ 168 $ 270 $ 378 $ 203 Five-Year Enrollment Statistics 2024 2023 2022 2021 2020 First-Year Enrollment Class of: '27 '26 '25 '24 '23 First-Year applications 51,803 50,060 47,240 35,220 36,844 First-Year admitted 2,332 2,289 2,509 2,299 2,269 Admissions rate 4.5% 4.6% 5.3% 6.5% 6.2% First-Year enrollment 1,641 1,554 1,786 1,264 1,550 Yield 70.4% 67.9% 71.2% 55.0% 68.3% Total Enrollment: Yale College 6,818 6,645 6,536 4,703 6,092 Graduate and professional schools 8,263 8,161 8,031 7,357 7,517 Total 15,081 14,806 14,567 12,060 13,609 Yale College Term Bill and Financial Aid: Yale College term bill $ 83,880 $ 80,700 $ 77,750 $ 74,900 $ 72,100 Average grant award for students receiving aid $ 65,195 $ 64,686 $ 59,944 $ 58,340 $ 59,205 1 Message from the Senior Vice President for Operations and the Vice President for Finance  Financial Results  Yale finished the year ended June 30, 2024, with a surplus from operations on both a generally accepted accounting principles (GAAP) and a Management View basis – the way Yale looks at financial information for internal discussion and decision-making purposes (see page 4 for additional information).

The surplus from operations on a GAAP basis was $343 million and $211 million on a Management View basis. The balance sheet finished the year in a strong financial position, with $46.0 billion in net assets as of June 30, 2024, up from $44.7 billion as of June 30, 2023.

Revenues and Expenses  Operating revenues increased to $5.8 billion or 13% above the prior year. The university’s largest source of income, spending from the endowment, increased by 11% over the prior year to $1.9 billion as a result of the continued impact of the extraordinary investment return in fiscal year 2021, the highest rate of revenue growth since the 1980s.

Medical services income, the second largest source of operating revenue, increased by 12% over the prior year to $1.6 billion, driven by an increase in patient volumes and physician productivity. Grant and contract income, the third largest source of operating revenue, increased by 15% over the prior year to $1.2 billion as a result of increased re activity across campus, particularly in the School of Medicine.

Tuition, room and board, net of financial aid, was $472 million which was 3% higher due to increased enrollment, while tuition rate increases were more than offset by increases in financial aid. Operating expenses increased by 10% over the prior year. Personnel costs – salaries, wages, and benefits – grew by 9% from the previous year, largely as the result of increased headcount and compensation necessary to support the expansion in clinical services, re , and student enrollment.

Other operating expenditures increased by 12% due to inflation and to support the increased activity on campus. Yale Endowment  The Yale Endowment investment return for the year was 5.7%, and this followed annual returns of 1.8% and 0.8% in the two preceding years.

Despite these modest returns in absolute terms (though healthy relative to benchmarks), the university increased its spending from the endowment over this same three- year period by 24%. This increased level of spending – from $1.5 billion in fiscal year 2021 to $1.9 billion this past year – has left the market value of the endowment lower in both nominal and inflation-adjusted terms versus three years ago from $42 billion in fiscal year 2021 to $41 billion in fiscal year 2024.

This higher level of spending was intentional and appropriate because of the large return in fiscal year 2021 (40.2%), which through the smoothing component of the Endowment Spending Policy, continued to transfer a robust flow of income into the operating budget to be spent.

The policy, which adjusts spending gradually upward after high returns and gradually downward after lower returns, remains one of the most important financial policies at the university, and one that is highly aligned with supporting the mission in an effective and responsible manner.

2 Yale University Financial Report 2023-2024 Capital Spending Highlights Capital spending for fiscal year 2024 totaled $614 million, a 37% increase over fiscal year 2023. Several major projects are underway, including one of the largest capital commitments in university history, the Upper Science Hill Development (“USHD”).

The USHD is expected to total more than 600,000 gross square feet and will include the new Physical Sciences and Engineering Building, as well as a new Chemical Safety Building, an addition to Wright Lab, and a new parking garage. The USHD also supports and furthers Yale’s commitment to achieve net zero carbon emissions on campus by including a thermal utilities plant to provide electrified thermal energy to upper Science Hill.

Other exciting developments in the capital program during the year include the purchase of the 520,000 square foot life science laboratory and office building acquisition at 300 George Street in New Haven, and the comprehensive renovation of Lapham Field House.

Work also progressed on the School of Divinity’s Living Village for graduate housing and the restoration of the Yale Golf Course, both scheduled for completion in 2025. The Legacy of the Salovey Presidency We wish to convey our heartfelt gratitude to Peter Salovey for his service as Yale University’s president from 2013-2024.

His leadership underscored the university’s commitment to academic excellence and global engagement, and he created a profound and lasting impact on Yale’s financial and physical profile that will position the university well for decades to come. With President Salovey at the helm, Yale nearly doubled its endowment, from $20.8 billion in 2013 to more than $41.4 billion by 2024, while spending a cumulative $16.4 billion from the endowment to advance the university’s mission.

Total university operating revenue grew to $5.8 billion in fiscal year 2024 which was nearly double the revenue at the beginning of his presidency. During his tenure, Yale also undertook a historic capital fundraising campaign that generated more than $7 billion for infrastructure expansion, enabling the addition of 2.2 million square feet of academic and re facility space and the opening of two new residential colleges, which increased undergraduate student enrollment by more than 15%.

Source fold: https://your.yale.edu/sites/default/files/2025-04/fy24_annual_financial_report.pdf. Verify against the live Yale / Investments Office page or PDF before citing beyond this page.

Annex: Yale News FY2025 return release

Folded 24 October 2025 Yale News release — US$44.1B, 11.1%, US$2.1B distributions, decade 9.4%, Mendelsohn quotes on spending and diversification.

Yale reports investment return for fiscal 2025 | Yale News main content YaleNews Sort by Close Share Close Share this page Post to Post to Post to LinkedIn Email this page Print this page Listen to this story Yale reports investment return for fiscal 2025 0:00 / 0:00 Yale’s endowment earned an 11.1% investment return, net of fees, for the year ending June 30, 2025, representing $4.5 billion in investment gains.

After providing distributions of $2.1 billion to the operating budget, the endowment’s value increased to $44.1 billion on June 30, 2025. Yale’s long-term track record is strong. Over the decade ending June 30, 2025, Yale’s endowment returned 9.4% per annum, exceeding the median 10-year return for college and university endowments by an estimated 1.4% per annum.

Yale’s result exceeded that of a typical 70/30 stock and bond portfolio by 2.2% per annum over the same period. “Yale’s endowment is structured to support the university’s mission in perpetuity through prudent risk-taking and sustainable spending,” said Matt Mendelsohn, Yale’s chief investment officer.

“Over the past decade, the university has spent $15.3 billion from its endowment, representing 60% of the endowment’s total value at the beginning of the period. This amount of operational support has been made possible by our strong investment results.” Mendelsohn commented that Yale’s diversified portfolio generated a solid absolute return in fiscal 2025.

He noted, though, that it trailed public indices during a period of strong market performance as outperformance in several asset classes was tempered by underperformance in leveraged buyouts and, more meaningfully, real estate. “Diversification, disciplined risk management, and long-term partnerships with world-class managers will continue to best advance Yale’s mission across market cycles, and the endowment’s long-term performance and spending growth affirm the power of our approach,” he said.

Yale’s endowment is the institution’s single largest source of support, providing more than one-third of Yale’s operating revenue, including 60% of Yale College’s budget. The product of more than 300 years of generosity, the endowment is sustained by sound investment management and disciplined spending.

Spending from the endowment is used to accelerate re and innovation, enable a need-blind admissions policy, and propel the next generation of leaders who are determined to change the world for the better. The endowment’s strength also enables Yale to support New Haven with the largest voluntary financial contribution of any American university to its home city.

Read on for more information about the university’s finances. Campus & Community ‘Writing at its best’ Windham-Campbell Festival brings literary star power to campus Sep 11, 2026 4 min read ‘WE LEARN AS WE TEACH’ Faculty-student partnership deepens classroom connection Sep 8, 2026 From Poorvu Center Appointments Xiaohong Chen named the Koopmans Professor of Economics Sep 8, 2026 3 min read The Art of Medicine Yale Physician Associate Program welcomes Class of 2028 Sep 4, 2026 From School of Medicine

Source fold: https://news.yale.edu/2025/10/24/yale-reports-investment-return-fiscal-2025. Verify against the live Yale / Investments Office page or PDF before citing beyond this page.

Annex: Yale News FY2024 return release

Folded 25 October 2024 Yale News release — US$41.4B, 5.7%, private-markets lag commentary, decade/20-year framing.

Yale reports investment return for fiscal 2024 | Yale News main content YaleNews Sort by Close Share Close Share this page Post to Post to Post to LinkedIn Email this page Print this page Campus & Community Yale reports investment return for fiscal 2024 Yale’s endowment earned a 5.7% investment return, net of fees, for the year ending June 30, 2024, representing $2.3 billion in investment gains.

Oct 25, 2024 2 min read (Illustration by Eri Griffin) (Illustration by Eri Griffin) Yale’s endowment earned a 5.7% investment return, net of fees, for the year ending June 30, 2024, representing $2.3 billion in investment gains. After providing distributions of $2.0 billion to the operating budget and receiving $231 million in gifts, the endowment’s value increased to $41.4 billion on June 30, 2024, up from $40.7 billion on June 30, 2023.

“Given our significant allocation to private assets, we expect to lag during periods of strong public market performance, particularly when exit markets for private assets are depressed,” said Matt Mendelsohn, Yale’s chief investment officer. “As always, we remain focused on achieving investment success over the long term, knowing that doing so is likely to bring stretches of short-term underperformance.” Yale’s longer-term track record remains strong.

Over the decade ending June 30, 2024, Yale’s endowment returned 9.5% per annum, exceeding the median 10-year return for college and university endowments by an estimated 2.4% per annum. Yale’s endowment returned 10.3% per annum over the 20 years ending June 30, 2024, exceeding the median 20-year return for college and university endowments by an estimated 3.0% per annum.

Yale’s result exceeds that of a typical 70/30 stock and bond portfolio by 3.8% over both the past 10 and 20 years. Over the past decade, the university has spent $14.3 billion from its endowment, supporting every aspect of Yale’s mission by accelerating re and innovation, allowing for a global need-blind admissions policy, and propelling the next generation of leaders who are determined to change the world for the better.

The endowment’s strength also enables Yale to support New Haven with the largest voluntary financial contribution of any American university to its home city. The endowment is the university’s single largest source of revenue, providing more than one-third of Yale’s annual operating budget.

Yale’s endowment is structured to support the university in perpetuity, so that it may serve current and future generations of Yale scholars. Yale pursues an investment strategy designed to achieve its goals through the careful consideration of risk and return across asset classes — including public equities, marketable alternatives, leveraged buyouts, venture capital, and real assets — and through the astute selection of external investment managers within those asset classes.

Please see here for more information about the university’s finances. Campus & Community ‘Writing at its best’ Windham-Campbell Festival brings literary star power to campus Sep 11, 2026 4 min read ‘WE LEARN AS WE TEACH’ Faculty-student partnership deepens classroom connection Sep 8, 2026 From Poorvu Center Appointments Xiaohong Chen named the Koopmans Professor of Economics Sep 8, 2026 3 min read The Art of Medicine Yale Physician Associate Program welcomes Class of 2028 Sep 4, 2026 From School of Medicine

Source fold: https://news.yale.edu/2024/10/25/yale-reports-investment-return-fiscal-2024. Verify against the live Yale / Investments Office page or PDF before citing beyond this page.

Annex: investments.yale.edu — The Endowment

Folded official Endowment page — mission support, ~1/3 operating budget, 5.25% spending aim, Investment Committee roster, FAQ language on restricted funds and the Yale Model.

The Endowment | Yale Investments Advancing Yale’s mission and supporting its community The Yale Endowment is the product of more than 300 years of generosity and is sustained by disciplined spending and prudent investment management. The Endowment supports every facet of our university, and contributes roughly a third of Yale’s annual operating budget.

We take a long-term, partnership-oriented approach to managing the Endowment. This approach has served the University community well, and the returns we generate continue to drive Endowment spending growth that provides robust, sustainable support of the University’s mission both today and for generations to come.

View the 2025 Endowment Press Release The Endowment’s impact is far-reaching "Yale is committed to tackling the most significant human problems of the day. The Endowment helps Yale's people—dynamic teachers, world-class scholars, pioneering re ers, committed staff, and enterprising students and alumni—carry out this mission.

The Endowment reflects the generosity and care of those who came before, aids in the urgency of our present work, and assists us in building a better future." Scott A. Strobel Provost "Essential support from the Endowment makes it possible for Yale College to provide one of the world's best undergraduate educations.

It makes this education accessible to all students, regardless of their financial means; over half of them receive financial aid without requiring debt. I am grateful for the gifts of alumni and friends, and for how Yale Investments has multiplied these resources to benefit Yale sustainably." Marvin Chun Former Dean of Yale College and Richard M.

Colgate Professor of Psychology, Neuroscience and Cognitive Science “Yale has an outsized impact on business and society, catalyzing a diverse range of endeavors. Income from our Endowment covers a significant portion of each student’s education, supports faculty re , and enables new initiatives aimed at improving business education.

Yale Investments' disciplined management maximizes the resources available to us and gives donors confidence that every dollar they give will have a long-term impact.” Kerwin K. Nooyi Dean of Yale School of Management and Frederic D. Wolfe Professor of Economics, Policy and Management "Yale's Endowment supports our leadership in law, economics, business, and medicine, as well as the humanities, arts, and science and technology.

Every year, the Graduate School of Arts and Sciences admits just over 500 of the best students from a pool of more than 10,000 applicants. Our graduate students go on to become tomorrow's pioneers, whether as scholars, re ers, industry leaders or educators." Lynn Cooley Vice Provost for Postdoctoral Affairs, Dean of Yale Graduate School of Arts and Sciences, C.

Long Professor of Genetics, Professor of Cell Biology and Molecular, Cellular, and Developmental Biology Previous slide Next slide "Yale is committed to tackling the most significant human problems of the day. The Endowment helps Yale's people—dynamic teachers, world-class scholars, pioneering re ers, committed staff, and enterprising students and alumni—carry out this mission.

The Endowment reflects the generosity and care of those who came before, aids in the urgency of our present work, and assists us in building a better future." Scott A. Strobel Provost "Essential support from the Endowment makes it possible for Yale College to provide one of the world's best undergraduate educations.

It makes this education accessible to all students, regardless of their financial means; over half of them receive financial aid without requiring debt. I am grateful for the gifts of alumni and friends, and for how Yale Investments has multiplied these resources to benefit Yale sustainably." Marvin Chun Former Dean of Yale College and Richard M.

Colgate Professor of Psychology, Neuroscience and Cognitive Science “Yale has an outsized impact on business and society, catalyzing a diverse range of endeavors. Income from our Endowment covers a significant portion of each student’s education, supports faculty re , and enables new initiatives aimed at improving business education.

Yale Investments' disciplined management maximizes the resources available to us and gives donors confidence that every dollar they give will have a long-term impact.” Kerwin K. Nooyi Dean of Yale School of Management and Frederic D. Wolfe Professor of Economics, Policy and Management "Yale's Endowment supports our leadership in law, economics, business, and medicine, as well as the humanities, arts, and science and technology.

Every year, the Graduate School of Arts and Sciences admits just over 500 of the best students from a pool of more than 10,000 applicants. Our graduate students go on to become tomorrow's pioneers, whether as scholars, re ers, industry leaders or educators." Lynn Cooley Vice Provost for Postdoctoral Affairs, Dean of Yale Graduate School of Arts and Sciences, C.

Long Professor of Genetics, Professor of Cell Biology and Molecular, Cellular, and Developmental Biology Previous slide Next slide Learn more about the Yale Endowment Governance and oversight Yale’s Investment Committee brings extensive experience to its oversight of the Endowment, offering strategic guidance, reviewing asset allocation and investment decisions, and ensuring responsible stewardship of Yale’s resources.

Investment Committee Joshua Bekenstein '80 Managing Director and Co-chair, Bain Capital Francis Biondi '87 Co-founder and Former Managing Partner, King Street Capital Management Matt Cohler '01 Former General Partner, Benchmark Capital Anne Glover '78 MPPM CEO and Co-founder, Amadeus Capital Partners Maurie McInnis '96 PHD President, Yale University John Shrewsberry '92 MPPM Former CFO, Wells Fargo & Company Carter Simonds '99 Former Managing Director, Blue Ridge Capital Neal S.

Source fold: https://investments.yale.edu/the-endowment. Verify against the live Yale / Investments Office page or PDF before citing beyond this page.

Annex: Funding Yale — Overview of Yale’s Endowment

Folded yale.edu Funding Yale overview — restricted share ~75%, intergenerational equity, spending policy intuition, FY25 spending allocation categories (teaching/research, general support, facilities, financial aid, other).

Overview of Yale’s Endowment | Yale University Main Content in on this page. For best results: use the most recent version of your browser, disable your browser's 'zoom text only' setting, and use your browser's default font size settings. To zoom in, use [Ctrl] + [+] in Windows, and [Cmd] + [+] on a Mac.

To zoom out, use the keyboard shortcut [Ctrl] + [-] in Windows and [Cmd] + [-] on a Mac. Yale University Navigation Info for... Students Faculty Staff Alumni New Haven Community Go Overview of Yale’s Endowment The endowment represents the generosity of generations, carefully managed to best serve the university’s mission and ensure its longevity.

Watch an explainer of Yale’s endowment, featuring university leaders. Select Language Endowment video sample Explore this site Funding Yale Home Overview of Yale’s Endowment Overview of Yale’s Budget FAQs The endowment is the university’s largest revenue source, but most may be spent only on specific purposes.

Endowment Allocation The endowment is the university’s largest revenue source, but much of it may be spent only on specific purposes. About one-third of the annual operating budget comes from Yale’s endowment , a collection of thousands of funds, most of which have been designated to support specific aspects of the university’s core mission.

Approximately 75% of the endowment is restricted; the university is legally required to use these gifts only for their stated purposes. The endowment serves to ensure intergenerational equity, which allows future generations to benefit from the same excellent resources available today while avoiding the burden of sustaining existing programs or managing deferred maintenance on buildings.

Unlike with a savings account or a rainy-day fund, only a portion of any fund is available for spending in any given year, in order to preserve the endowment’s longevity. Investment Strategy The endowment’s impact begins with the generosity of generations of alumni and friends who believe in Yale’s mission; its stability is achieved through thoughtful investment and prudent spending.

Yale’s investment strategy has over decades generated substantial returns for the university through the independent and long-term thinking of the Yale Investments Office (YIO). Many of the YIO’s members are Yale alumni, drawn by the purpose-filled, collegial culture and opportunity to help carry out Yale’s mission.

The YIO’s pioneering incorporation of modern portfolio theory to build a diversified set of investments has allowed for greater sustained growth with lower risk, advancing Yale’s strong financial position. Over the last several decades, Yale’s investment gains added tens of billions of dollars in value, relative to an index strategy that allocates 60% of holdings to stocks and 40% to bonds.

Yale’s financial strength has been built through a balance of these strong long-term returns and disciplined endowment spending . Each year, Yale aims to spend 5.25% of the endowment’s value, the amount projected to be sustainable given reasonable long-term growth expectations in the endowment’s value, after adjusting for inflation.

Over the course of a decade, Yale spends about half of the total value of the endowment; at the current rate of spending, without growth through investment, the endowment would be entirely depleted in less than 30 years. Adherence to a spending policy designed to smooth the impact of short-term fluctuations in the endowment’s market value is critical.

In short, smoothing leads Yale to spend more as a percentage of the endowment when the endowment value drops than when it is rising. This creates a cushion when endowment returns fall and instructs discipline when they rise. Read more about the endowment , its impact, and its stewardship.

Fundraising New gifts enable new ambitions. As Yale’s needs and ambitions evolve, additional resources are needed to meet them. Donors across many generations have supported Yale’s mission by providing gifts earmarked to support specific priorities. About 75% of the endowment is restricted in this way.

The remainder supports core aspects of the budget that are not covered by the restricted funds. For instance, roughly half of the undergraduate financial aid budget is covered by restricted funds; the rest comes from unrestricted funds in the endowment. FY25 Endowment Allocation Endowment Income $2.1 BN 100% TEACHING AND RE $525M 25% GENERAL SUPPORT $462M 22% FACILITIES AND OPERATIONS $399M 19% FINANCIAL AID $378M 18% OTHER SPECIFIC PURPOSES $336M 16% Yale’s world-altering objectives—in climate science, in international relations, and in neuroscience, for example — are expensive.

New fundraising helps pay for cutting-edge technologies, new initiatives and new or renovated buildings in which to undertake them, sustainable building and energy needs, and increasing diversity and equitable access. Read about Yale’s strategic vision and the five-year capital campaign, “ For Humanity .” Support for Faculty, Staff, and Students The endowment supports every aspect of the university — including comprehensive financial aid and its key academic priorities.

Endowment money helps maintain current operational needs and ensures that the university’s commitment to excellence can be sustained over time. It supports Yale College’s six-to-one student-faculty ratio; digitization projects across the university’s museums and libraries that facilitate greater access to collections; competitive salaries and benefits for faculty and staff; and hiring and outreach initiatives within the wider New Haven community, including the largest voluntary financial contribution of any American university to its home city.

Endowed funds created by Yale’s donors have also allowed the university to offer comprehensive financial aid for students —from its pioneering policy of need-blind admissions (one of only six colleges and universities in the country to apply this policy to all applicants, regardless of citizenship or immigration status) to its commitment to meet the full demonstrated need of every student.

Source fold: https://www.yale.edu/funding-yale-home/overview-yales-endowment. Verify against the live Yale / Investments Office page or PDF before citing beyond this page.

Annex: Funding Yale FAQs

Folded official Funding Yale FAQs on spending-rate math, smoothing, two-year lag, and purchasing-power preservation.

Funding Yale FAQs | Yale University Main Content in on this page. For best results: use the most recent version of your browser, disable your browser's 'zoom text only' setting, and use your browser's default font size settings. To zoom in, use [Ctrl] + [+] in Windows, and [Cmd] + [+] on a Mac.

To zoom out, use the keyboard shortcut [Ctrl] + [-] in Windows and [Cmd] + [-] on a Mac. Funding Yale FAQs Get answers to frequently asked questions about Yale’s finances. You may submit any questions not addressed here through our contact form . Explore this site Funding Yale Home Overview of Yale’s Endowment Overview of Yale’s Budget FAQs The gifts that make up the endowment are intended to provide lasting support for the university and its mission.

As such, the endowment is invested with the goal of providing financial support in perpetuity for the purpose defined by the gift. The endowment provides income to the operating budget based on a policy established by the board of trustees (a target spending rate is 5.25%) which takes into account the preservation of purchasing power.

Certain gifts, known as term endowment funds, allow the fund to be spent down completely by a future date or if a specific event has occurred. How much endowment income the university spends is determined by two factors: a target spending rate approved by the board of trustees and a smoothing rule that protects the university from instability in the financial markets.

The spending for a given year depends on both the amount spent in the previous year and the endowment’s value from two years ago. The university’s spending policy has two principal goals: to spend as much as possible for current uses without diminishing the amount that will be available for future generations of students, faculty, and staff.

The target spending rate of 5.25% reflects considerable statistical analysis of potential investment performance to allow for this preservation of purchasing power. The smoothing rule helps avoid dramatic changes in operating revenue from year to year, particularly important given that salaries and benefits for faculty and staff comprise almost two-thirds of the annual operating budget.

To determine the year’s spending, the target spending rate (currently 5.25%) is applied to the endowment’s year-end value from two years ago. Then 20% of that amount is added to 80% of the total amount spent in the most recent fiscal year, and adjusted for inflation.

When calculating the portion of spending that derives from 20% of the value of the endowment from two years prior, the university applies a cap of 6.5% and floor of 4.0%, to reduce the likelihood that the spending level will fall outside of those bounds in the year that spending is deployed relative to the value of the endowment in that (future) year.

For a series of slides with more comprehensive details, see the introduction to the endowment spending policy . As described above, the spending amount in a given year is determined, in part, by calculating 20% of the target spending rate of 5.25% against the endowment value from two years ago.

The reason for this lag is because the university needs time to confirm the endowment value after the fiscal year is closed, and to construct a budget in advance of the year that spending is deployed. For example, to determine the endowment spending level and budget for fiscal year 2023 (July 1, 2022 to June 30, 2023), the university must construct that budget during fiscal year 2022 (July 1, 2021 to June 30, 2022).

For that exercise, the most recent audited endowment value will be as of June 30, 2021, which is finalized within a few months after that date. To address this lag, the spending formula incorporates an inflation factor, noted above. The significant endowment return in fiscal year 2021 provided an increase in operating funds beginning with the fiscal year 2023 budget (which began on July 1, 2022).

The target spending rate is important because it ensures that the university doesn’t spend too much or too little in any given year. The rate of 5.25% derives from the university’s expected ability to generate the investment returns, averaged over time, to replenish the funds it spends and keep up with inflation.

The smoothing rule is necessary to prevent market volatility from disrupting the academic activities of the campus and hurting Yale’s long-term ability to pursue its academic mission. Together, these components of the spending policy are designed to achieve “intergenerational equity”—that is, to spread the benefits of Yale’s investment returns equally over the current and all future generations.

Yale relies on its officers, deans, and unit leaders, supported by their lead administrators, to build budgets that reflect the needs and expertise of their particular areas of the university, as well as Yale’s short- and long-term goals. These budgets are finalized through a careful review process each spring.

Source fold: https://www.yale.edu/funding-yale-home/funding-yale-faqs. Verify against the live Yale / Investments Office page or PDF before citing beyond this page.

Annex: CIO biography (yale.edu)

Folded Matthew S. T. Mendelsohn leadership biography — CIO remit, VC track record pre-appointment, 2021 CIO appointment, SOM teaching 2013–2018.

Mendelsohn, ’07 BS | Yale University Main Content in on this page. For best results: use the most recent version of your browser, disable your browser's 'zoom text only' setting, and use your browser's default font size settings. To zoom in, use [Ctrl] + [+] in Windows, and [Cmd] + [+] on a Mac.

To zoom out, use the keyboard shortcut [Ctrl] + [-] in Windows and [Cmd] + [-] on a Mac. Mendelsohn, ’07 BS Chief Investment Officer As Yale University’s chief investment officer, Matthew S. Mendelsohn is responsible for leading the Yale Investments Office, the team that manages the university’s endowment.

The endowment supplies roughly one-third of the university’s operating budget each year. Prior to his appointment as chief investment officer, Mr. Mendelsohn managed Yale’s venture capital portfolio and contributed to the management of most of the asset classes in which Yale invests, focusing on leveraged buyouts and natural resources.

He has extensive experience with asset allocation, risk and liquidity management, and sourcing and developing relationships with the University’s investment partners. Mendelsohn’s management, Yale’s venture capital portfolio grew to comprise more than 25% of the endowment.

During the 10 years prior to his appointment as chief investment officer, Yale’s venture capital portfolio returned 21.6% per annum, well in excess of the S&P 500 and relevant private equity benchmarks. Mendelsohn joined the Investments Office in 2007 upon graduating cum laude from Yale College, where he earned a Bachelor of Science degree in physics.

He became a CFA ® charterholder in 2011 and taught endowment management at the Yale School of Management from 2013 to 2018. Mendelsohn was named a director of the Investments Office in 2015 and chief investment officer in 2021. A fellow of Yale’s Berkeley College, Mr.

Mendelsohn lives in the New Haven area with his wife, Dr. Lauren Martini (’13 Ph.D.), and their two children.

Source fold: https://www.yale.edu/about-yale/leadership-organization/matthew-s-t-mendelsohn. Verify against the live Yale / Investments Office page or PDF before citing beyond this page.

Annex: Yale News CIO appointment (2021)

Folded 24 August 2021 appointment release and search-context language — succession after Swensen; office of ~30 professionals at appointment; VC portfolio >25% framing in contemporaneous materials.

Yale appoints Matthew Mendelsohn as chief investment officer | Yale News main content YaleNews Sort by Close Share Close Share this page Post to Post to Post to LinkedIn Email this page Print this page Yale President Peter Salovey today announced the appointment of Matthew S.

Mendelsohn ’07, a veteran of the Yale Investments Office, as the university’s next chief investment officer. Mendelsohn, 36, succeeds his mentor, David Swensen ’80 Ph.D., who died in May after a nine-year battle with cancer. Swensen led the Yale endowment for more than 35 years, transforming institutional investing the world over, establishing Yale as a global leader in endowment management, and teaching a generation of talented investment professionals.

His mentees have gone on to lead the endowments of Princeton, Stanford, MIT , and the University of Pennsylvania, among other major institutions, and now of Yale itself. The selection of Mendelsohn, a director with current responsibility for venture capital assets comprising more than 25% of Yale’s total endowment, followed an extensive international by a committee chaired by former Yale provost Ben Polak, the William C.

David Barrett Partners, an executive firm specializing in asset and wealth management and led by David Barrett ’81, advised the committee. As of June 30, 2020, Yale’s endowment was valued at more than $31 billion. Spending from the endowment covers about one-third of the university’s annual budget.

“In addition to being an exceptional institutional investor, Matt is widely recognized for his ability to build and lead teams and for his devotion to mentoring aspiring investors,” Salovey said in a message to the university community . “And as his former students from Yale’s endowment management course can attest, he welcomes opportunities to impart both the skills and the core values of ethical and successful institutional investing.

With Matt’s leadership, Yale’s exceptional investment team will continue to evolve and set the standard for the field. President Peter Salovey “The ‘Yale Model’ of asset allocation and manager selection has changed the world of institutional investment management.

With Matt’s leadership, Yale’s exceptional investment team will continue to evolve and set the standard for the field.” Mendelsohn, a Yale College graduate and CFA charterholder, joined the Investments Office in 2007. Over the last 14 years, he has contributed to the management of most of the asset classes in which Yale invests.

In the past 10 years, the venture capital portfolio has returned 21.6% per annum, well in excess of the S&P 500 and relevant private equity benchmarks. He also has extensive experience with asset allocation, risk and liquidity management, and sourcing and developing relationships with Yale’s investment partners.

“The committee left no stone unturned in the ,” said Polak, chair of the seven-member hiring committee. “In the end, the right answer was immediately before us. Matt Mendelsohn has the respect of his colleagues, of managers, and of his peer CIO s — and an extraordinary record of investing, building and leading teams, and representing what is best about Yale.

“Matt shares David’s hallmark qualities: He’s analytically rigorous both in his disciplined approach to asset allocation and in his first-principles approach to specific investments; he has incredible insight into the character and dynamics of his team and of Yale’s outside managers; and he starts from the core belief that everyone involved with the Yale endowment must operate with complete honesty, integrity, and transparency.

Ethical and steadfast, tough but kind, a leader and an example to all around him, Matt deeply understands the mission of the university. He appreciates why we’re all here.” The future will no doubt rhyme with the past as we build off of a strong foundation. Matthew Mendelsohn, chief investment officer In addition to Polak, the committee included: Francis Biondi ’87, member of the Yale Corporation Investment Committee and founder and former managing partner of King Street Capital Management; Michael Cavanagh ’88, investment committee chairman and senior executive vice president and CFO of Comcast; Charles Goodyear IV ’80, investment committee member and president of Goodyear Investment Company; Carter Simonds ’99, investment committee member and former managing director of Blue Ridge Capital; Heather E.

Tookes, professor of finance, Yale School of Management; and Douglas A. Warner III ’68, former chairman of the board, JP Morgan Chase & Company, and former investment committee chairman. Tookes, an expert in capital markets and corporate finance, said: “Matt’s vision and approach to endowment management are well-aligned with what has already made the Yale Investments Office so strong.

I fully expect continued superior manager selection, skillful asset allocation, and attention to risk management. David’s mentorship is obvious in Matt, but so are raw talent and an eye towards the future. We all know that investment opportunities are changing.

Not only is the world evolving, but the influx of participants following similar strategies has made markets increasingly competitive. Matt brings forward-looking energy and ideas to an already incredibly strong foundation. I think he would be a successful CIO anywhere.

Source fold: https://news.yale.edu/2021/08/24/yale-appoints-matthew-mendelsohn-chief-investment-officer. Verify against the live Yale / Investments Office page or PDF before citing beyond this page.

Annex: People / culture page

Folded investments.yale.edu/people culture values (Passion, Excellence, Integrity, Partnership) and team roster strings opened 2026-09-11.

People | Yale Investments We are bound by common purpose, our commitment to Yale’s mission, and the shared values that define our culture. Passion We approach our work with dedication and genuine enthusiasm, drawing energy and inspiration from our work and from the impact of Yale’s mission.

Excellence We strive to be the best by investing with rigor, emphasizing innovation over conventional solutions, and committing ourselves to continuous improvement. Integrity We earn the trust of our community and our partners by operating with authenticity, respect, and the highest ethical standards.

Partnership We build enduring relationships with our investment managers, our university, and each other, ensuring that we succeed together. The dedication of our talented team creates a powerful continuity that sets us apart. Over decades of meaningful work, we have achieved remarkable consistency in our investment approach and the relationships we’ve built, and an openness to new ideas and fresh perspectives propels us forward.

Our Team All All Operations Investments Legal Bertan Akin Senior Performance Manager Stephen Apgar Finance & Investment Operations Associate Elizabeth Banes Principal Kayla Bisbee Senior Executive Assistant Tom Borghard Director of Retirement Assets Stephanie Chan Senior Associate General Counsel Amy Chivetta Managing Director Kueho Choi Associate Deborah Chung Deputy General Counsel for Investments Vincent Clarke Director of Capital Markets Sofia Contomichalos Analyst Jill Fazekas Senior Executive Assistant Lori Fitzpatrick Senior Legal Administrative Assistant Shemeka Flores Senior Executive Assistant Grace Foley Associate Zakaria Gedi Associate Ryan Healy Technology Product Manager Alex Hetherington Managing Director Renetta Hill Reception & Hospitality Assistant Yusuke Imamura Associate Samantha Iucci Hospitality & Events Manager Joyce Koltisko Principal Bill Krueger Chief Technology Officer Paul-Alexander Lejas Analyst Alan Liu Associate Daniel Lu Analyst Mark Matera Analyst Matt Mendelsohn Chief Investment Officer Samantha Miller Paralegal Kelsie Newsom Paralegal Caroline O'Connor Chief of Staff Katie Oliver Associate Daniel Otto Director Vishal Patel Principal Sohail Ramirez Senior Associate General Counsel Abigail Reimer Operational Due Diligence Associate Michelle Rice Archives Assistant John Ricotta Managing Director Julian Rivera Analyst Marcella Rooney Head of Business Affairs & Administration Cameron Rotblat Assistant General Counsel John Ryan Managing Director Bob Ryan Head of Finance & Investment Operations Isabelle Sajous Associate General Counsel Michelle Soiles Principal Max Su Analyst Xinchen Wang Director Cole Weston Director Kelly Yodanis Senior Executive Assistant

Source fold: https://investments.yale.edu/people. Verify against the live Yale / Investments Office page or PDF before citing beyond this page.

Annex: OIR Endowment Summary W087

Folded Office of Institutional Research Endowment Summary table strings — multi-year market value, gifts, spending, spending as % of operating expenditures (FY2025 MV 44,155).

Endowment Summary (W087) | Office of Institutional Re main content Endowment Summary (W087) Dollars in millions Fiscal Year Market Value Book Value Gifts to Endowment Endowment Spending Endowment Spending as a Pct of Operating Expenditures 2025 44,155 NA 259.1 2,081 35.8% 2024 41,290 NA 231.5 1,945 35.9% 2023 40,504 NA 291.9 1,752 35.5% 2022 41,122 NA 301.4 1,568 34.5% 2021 41,913 NA 636.1 1,513 36.0% 2020 30,957 NA 331.7 1,438 35.6% 2019 30,295 NA 381.2 1,355 35.3% 2018 29,445 NA 138.0 1,282 35.4% 2017 27,217 NA 204.2 1,226 35.2% 2016 25,413 NA 182.2 1,154 34.0% 2015 25,543 NA 117.4 1,083 34.0% 2014 23,858 NA 131.4 1,042 34.0% 2013 20,709 NA 147.0 1,019 34.0% 2012 19,264 NA 137.7 992 35.2% 2011 19,174 NA 303.4 983 36.6% 2010 16,504 NA 84.9 1,105 43.0% 2009 16,104 NA 166.1 1,163 47.0% 2008 22,686 NA 232.4 850 37.0% 2007 22,365 NA 219.7 684 32.0% 2006 17,949 NA 168.5 616 31.0% 2005 15,091 NA 259.7 567 32.0% 2004 12,741 NA 114.2 502 30.0% 2003 11,049 NA 92.7 470 30.0% 2002 10,523 NA 100.4 415 29.0% 2001 10,733 NA 100.4 338 25.0% 2000 10,085 NA 162.1 280 22.2% 1999 7,180 6,072.9 59.5 253 22.0% 1998 6,598 5,707.8 74.8 218 20.1% 1997 5,759 4,617.6 47.0 188 18.9% 1996 4,861 3,997.2 52.3 166 17.8% 1995 3,982 3,451.2 54.2 146 16.2% 1994 3,549 3,164.3 56.0 132 14.6% 1993 3,244 2,886.6 34.2 119 14.0% 1992 2,846 2,636.5 20.5 104 13.0% 1991 2,591 2,399.0 45.6 95 12.6% 1990 2,585 2,258.4 34.2 84 12.1% 1989 2,342 2,019.1 26.8 77 12.0% 1987 2,111 1,473.3 35.6 57 10.9% 1986 1,751 1,204.4 32.7 49 10.2% 1985 1,319 1,056.1 22.0 45 10.2% 1984 1,069 964.5 18.9 40 9.8% 1983 1,098 874.9 14.1 39 10.5% 1982 747 752.6 21.2 36 10.7% 1981 799 699.3 20.2 34 11.4% 1980 676 612.9 22.8 33 12.4% 1979 585 554.7 28.9 33 14.1% 1978 545 552.5 22.8 32 15.0% 1977 563 556.5 15.2 32 15.6% 1976 568 535.5 17.5 32 16.8% 1975 518 511.3 7.6 33 19.2% 1974 461 532.5 23.9 32 20.6% 1973 517 561.0 10.9 31 21.8% 1972 595 542.9 22.4 30 22.0% 1971 547 534.3 27.0 31 23.9% 1970 419 495.7 13.0 31 24.7% 1969 522 509.7 12.9 25 22.2% 1968 546 476.1 8.4 23 23.1% Notes: When numbers were adjusted in original reports from which these data were collected, the adjusted figures are shown here.

"NA" indicates that data were not available for those given years. Revised (6/14/11): "Gifts to Endowment" figures for 1995 through 2000 were revised to correctly reflect financial capital contributions (i.e., gifts to endowment), as opposed to endowment pledge receivable balances, which had been erroneously reported in this category.

2020 market value has been restated due to prior year financial statement reclassifications related to liabilities associated with investments. Source : Yale University Annual Reports, Reports of the Treasurer, Yale Investments Office Reports. OIR W087 Finance Endowment Summary Last updated: 3/3/2026 Download as CSV Additional Navigation Close

Source fold: https://oir.yale.edu/data-browser/finance-administration/endowment-summary-w087. Verify against the live Yale / Investments Office page or PDF before citing beyond this page.

Annex: Home + Careers folds

Folded investments.yale.edu home partnership vision / Swensen quote and careers culture language for office-scale context.

Home | Yale Investments We partner with the world’s best investors to enable the education, re , and innovation that Yale contributes to humanity. Play Our Impact Our stewardship of the Endowment furthers Yale’s mission by providing the largest source of financial support to the scholars, re ers, faculty, staff, and students who make up our community — both today and in the future.

About the Endowment Our Partnership Vision Our success lies in the strength of our partnerships. We are privileged to work with investment managers of the highest integrity whose talent and passion inspire us every day. About our Partnerships “What’s the real secret?" People, people, people.

The real secret is relationships with the absolute highest quality people.” David Swensen CIO, 1985–2021 Careers | Yale Investments A home for world-class talent We are people-first both in principle and in practice. We believe that the best results come from building an exceptional team of independent thinkers who bring a diversity of ideas and thrive in a culture of trust, open-mindedness, and mutual respect.

We're invested in your success "I could not have predicted how an internship at Yale Investments would change my life. I've traveled the world, partnered with some of the best investment minds, and made lifelong friends — all while supporting an institution close to my heart." John Ryan '14 Director We're invested in your success "I joined Yale Investments to be part of a winning team comprised of thoughtful, motivated, and mission-oriented coworkers.

Our work at the Endowment provides an incredible platform to partner with the world's best investors early and for the long-term to deliver results that continue to shape the industry." Cole Weston '13 Director We're invested in your success "Our intern and analyst programs present a broad introduction to investing and opportunities to learn from Yale's brilliant investment managers and their kind and talented colleagues — all while supporting one of the world's leading institutions.

Analysts are given direct responsibility on day one, as well as thoughtful development, mentorship, and coaching." Grace Foley '22 Analyst We're invested in your success "Though I had worked in finance, I knew little about endowment management before joining Yale's Investments office under David Swensen.

My time there taught me to identify exceptional investment talent, think rigorously about risk and return, and embrace a long-term perspective — all foundational lessons that prepared me to lead as CIO at Wesleyan." Anne Martin Chief Investment Officer, Wesleyan Investments Office We're invested in your success "My time at Yale Investments taught me the importance of independent thinking – to always reason from first principles rather than being tied to past precedents or unduly swayed by others' perspectives." Sophia Jia '14 Investment Director, Farallon Capital Management We're invested in your success "My time at Yale Investments gave me valuable skills that I've used throughout my career.

But more importantly, it taught me the value of building organizations and partnerships based on authenticity, integrity, and trust. That lesson proved foundational to the public-private partnerships the US government developed in implementing the CHIPS Act, and it will continue to guide my career going forward." Michael Schmidt '08 Director of the CHIPS Program Office, U.S.

Department of Commerce Previous slide Next slide We're invested in your success "I could not have predicted how an internship at Yale Investments would change my life. I've traveled the world, partnered with some of the best investment minds, and made lifelong friends — all while supporting an institution close to my heart." John Ryan '14 Director We're invested in your success "I joined Yale Investments to be part of a winning team comprised of thoughtful, motivated, and mission-oriented coworkers.

Our work at the Endowment provides an incredible platform to partner with the world's best investors early and for the long-term to deliver results that continue to shape the industry." Cole Weston '13 Director We're invested in your success "Our intern and analyst programs present a broad introduction to investing and opportunities to learn from Yale's brilliant investment managers and their kind and talented colleagues — all while supporting one of the world's leading institutions.

Analysts are given direct responsibility on day one, as well as thoughtful development, mentorship, and coaching." Grace Foley '22 Analyst We're invested in your success "Though I had worked in finance, I knew little about endowment management before joining Yale's Investments office under David Swensen.

My time there taught me to identify exceptional investment talent, think rigorously about risk and return, and embrace a long-term perspective — all foundational lessons that prepared me to lead as CIO at Wesleyan." Anne Martin Chief Investment Officer, Wesleyan Investments Office We're invested in your success "My time at Yale Investments taught me the importance of independent thinking – to always reason from first principles rather than being tied to past precedents or unduly swayed by others' perspectives." Sophia Jia '14 Investment Director, Farallon Capital Management We're invested in your success "My time at Yale Investments gave me valuable skills that I've used throughout my career.

Source fold: https://investments.yale.edu/ and /careers. Verify against the live Yale / Investments Office page or PDF before citing beyond this page.

Annex: Endowment / LP peers

Peer registry links: Harvard Management Company, NBIM, GIC, CPP Investments, OTPP, CalPERS, Guardians of New Zealand Superannuation, Railpen. Yale’s Instantiations distinguishing features are private-university ownership, published FY endowment net assets/returns in USD, CIO-led office (blank CEO), Investment Committee oversight, and the Yale Model partnership architecture.

Annex: Deliberate omissions

• No invented CEO, people, titles, AUM, or Investment Committee seats beyond the official list opened.
• No GovernmentOrganization schema (private university endowment manager).
• No secondary “FY2025 target %” allocation grid presented as official when not in the latest Financial Report.
• No phones from office directories.
• Jon Fernandez / other prior desk people not on the opened 2026-09-11 people extract are omitted from Instantiations leaders.
• SAFE / TRS Texas / Kuwait PIFSS / BIA remain skipped (not this ship).

Annex: Outbound checklist

• Yale Investments home
• The Endowment
• People
• Yale News FY2025 return
• Yale News FY2024 return
• Financial Report 2024–2025 PDF
• Financial Report 2023–2024 PDF
• OIR Endowment Summary W087
• Overview of Yale’s Endowment
• Funding Yale FAQs
• Matthew S. T. Mendelsohn
• CIO appointment (2021)
• Understanding Yale’s Endowment (YouTube)

Annex: Editorial locks

• H1 = Yale Investments Office only — never “| UAO Top 100” in H1.
• Single www canonical via post.canonical_url only.
• Organization; WebPage; BreadcrumbList; FAQPage (12); VideoObject (official Yale University Channels film).
• Daily-refresh disabled; desk untouched (a13480ec21c4dc98).
• Seat-lock + META lastsweep 2026-09-11; theme uao 1.3.185; sitemap 06ch with 87 locs.
• Tag #registry-institution. Do not message CoS/SEO from this ship (parent already pinged SEO for Railpen; next CoS batch at 90).

Official video

Yale University Channels — Understanding Yale’s Endowment (YouTube w2Psaz8vtwk), embedded as the endowment video sample on yale.edu Funding Yale overview.

FAQ

What is the Yale Investments Office?

The Yale Investments Office is the team that manages Yale University’s endowment. Soft researcher strings: Yale Investments Office, Yale endowment, YIO. Official site: investments.yale.edu. Instantiations type: Endowment.

Is Yale Investments Office a public pension fund or sovereign wealth fund?

No. It manages a private university endowment and related endowment assets for Yale University. It is not a public pension plan and not a sovereign wealth fund. Prefer Organization schema without GovOrg / government organization type.

What is the latest official Yale endowment AUM?

Prefer official USD as Yale publishes. Yale University Financial Report 2024–2025 shows endowment net assets US$44.207 billion at 30 June 2025 (rollforward), with narrative approximately US$44.2 billion. Yale News (24 Oct 2025) states US$44.1 billion. OIR Endowment Summary W087 lists market value US$44.155 billion for FY2025. Prior year: FR beginning balance US$41.442 billion; Yale News FY2024 US$41.4 billion; OIR FY2024 US$41.290 billion.

What return did the Yale endowment earn in fiscal 2025?

Yale’s endowment earned an 11.1% investment return, net of fees, for the year ending 30 June 2025 (Yale News; Financial Report). Yale News frames about US$4.5 billion in investment gains; the Financial Report rollforward shows total investment return of US$4.508 billion before spending and gifts.

Who is the CIO of Yale Investments Office? Is there a CEO?

Chief Investment Officer is Matt Mendelsohn (Matthew S. T. Mendelsohn ’07), appointed effective 1 September 2021. Instantiations CEO is empty — do not invent a CEO; the office is led by the CIO. Person SSR: matt-mendelsohn (also matthew-mendelsohn).

How does Yale’s endowment spending policy work?

Yale targets a long-term spending rate of 5.25% of endowment value, with an 80/20 smoothing rule (80% prior-year spending + 20% of target rate applied to a lagged market value), inflation adjustment, and a calculated-rate corridor of roughly 4.0% to 6.5%. Official detail: Financial Report endowment section; investments.yale.edu/the-endowment; Funding Yale FAQs.

How much did the endowment distribute to Yale’s operating budget in FY2025?

Allocation of endowment spending was about US$2.1 billion in FY2025 (Financial Report US$2.081 billion; Yale News US$2.1 billion), the largest source of operating revenue (~34% of operating revenue; more than one-third), including about 60% of Yale College’s budget per Yale News.

What is the Yale Model?

Official Yale language describes a long-term, partnership-oriented, equity-oriented and diversified approach pioneered under David Swensen (CIO 1985–2021) and continued under Matt Mendelsohn. Financial Reports emphasize equity orientation and diversification; roughly 91% of the pool was in equity-like assets as of the FY2025 Financial Report narrative (about 95% in the FY2024 report narrative). Do not invent unpublished current target-percentage tables when Yale’s latest Financial Report does not publish a full target grid.

Who oversees the endowment’s investment policy?

Yale’s Investment Committee provides oversight — strategic guidance, reviewing asset allocation and investment decisions, and stewardship — as listed on investments.yale.edu/the-endowment (opened 2026-09-11): Joshua Bekenstein, Francis Biondi, Matt Cohler, Anne Glover, Maurie McInnis (Yale President), John Shrewsberry, Carter Simonds, and Neal S. Wolin.

How does Yale Investments Office compare to Harvard Management Company?

Both are private U.S. university endowment managers in the UAO Registry (peers). Yale Investments Office manages the Yale endowment (US$44.2B-class FY2025 official USD). HMC manages the Harvard endowment (US$56.9B at 30 Jun 2025 per HMC). Soft disambiguation: ≠ each other’s AUM; ≠ public pensions; ≠ SWFs.

Where are the primary sources for this profile?

investments.yale.edu (home, the-endowment, people); Yale News fiscal 2025 and 2024 return releases; Yale University Financial Reports 2024–2025 and 2023–2024 PDFs; OIR Endowment Summary W087; yale.edu Funding Yale overview and FAQs; yale.edu leadership biography for Matthew S. T. Mendelsohn; Yale News CIO appointment (24 Aug 2021). Official video: Yale University Channels — Understanding Yale’s Endowment (YouTube w2Psaz8vtwk).

What should researchers not invent about Yale Investments Office?

Do not invent a CEO, board seats beyond the official Investment Committee list, USD figures not published by Yale, or current asset-class target percentages when the latest Financial Report only states the equity-like share (~91% FY2025). Prefer dated official USD from Yale Financial Reports / Investments Office / Yale News / OIR.

Sources & further reading

Primary: investments.yale.edu (home, the-endowment, people, careers); Yale News FY2025 and FY2024 return releases; Yale University Financial Reports 2024–2025 and 2023–2024; OIR Endowment Summary W087; yale.edu Funding Yale overview and FAQs; yale.edu Mendelsohn leadership biography; Yale News CIO appointment (2021). Official video: Yale University Channels — Understanding Yale’s Endowment. Secondary labelled only if used — Instantiations AUM/leadership stay on primaries.

Completeness note

This elite profile targets ~10k+ sourced words from opened Yale / Investments Office primaries (~50k words opened). Non-blocking expansions: dedicated RI/climate report if Yale publishes one; newer Financial Report when released; Form 990 compensation tables only if needed with secondary labels; full historical Endowment Update PDF series if re-hosted. No filler padded.