Brown University’s endowment returned 19.6% for the period ended in June, the final year under its high-performing chief investment officer.
The gain, its best in five years, pushed the fund to a record $9.5 billion from $8 billion a year earlier, the Providence, Rhode Island-based school said Friday.
Endowment returns have varied widely this year with schools like the University of North Carolina and Washington University in St. Louis posting gains of above 35%, fueled by early investments in SpaceX. The median for large endowments was 18.9% before fees, according to the Wilshire Trust Universe Comparison Service.
Brown, which has the smallest endowment in the Ivy League, has been among the group’s strongest performers. Its annualized return over the past decade was 13.6%.
Brown is under financial strain and last year borrowed $800 million through two loans. In July of this year, Moody’s Ratings cut the outlook on Brown’s credit rating to negative. It will pay 4% of net investment gains in fiscal 2027 under the federal excise tax on university investment gains expanded by Congress in July 2025.
Chief Investment Officer Jane Dietze announced plans to leave at the end of the year and will be succeeded by her deputy.