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Brown University Endowment Fund

Name: The Brown Endowment

Assets Under Management:  $3 Billion (Source: Brown University Investment Office, 2014)

Annual Report:  The Brown University Investment Office’s Overview

Portfolio Insights: “The Brown University Investment Office, under the direction of the Brown University Investment Committee, manages the $3 billion Long-Term Pool (“LTP”), which includes endowed funds as well as current University funds.  The primary goal of the LTP is to support the University in perpetuity so that future generations of students and faculty receive at least the same level of inflation-adjusted support as the current generation.

The Investment Office recommends policies and strategies, and hires and monitors external investment managers.  The LTP’s asset allocation policy is widely diversified in order to produce attractive long-term stable returns.

The Investment Office accepts marketing inquiries from external investment managers and other third parties. Please use the Contact Us feature; your materials will be forwarded to one of our investment associates, and we will be in touch if we are interested in proceeding further.” (Source)

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Top Brown University Endowment Fund Headlines:

1) May 6, 2013 – Joseph L. Dowling III was named chief investment officer of Brown University’s $2.8 billion endowment, Providence R.I., confirmed spokesman Mark Nickel.

Mr. Dowling will start in June and is replacing Cynthia Frost, the university’s first CIO, who retired at the end of 2012. Kenneth Shimberg will continue as interim CIO until next month. He will then resume his duties as managing director.

Mr. Dowling will lead the university’s investment office as well as serve as a member of the president’s executive committee.

Mr. Dowling was founder and CEO of hedge fund firm Narragansett Asset Management until it was liquidated in 2006. Since 2008, he has managed his own money and that of a “select group of strategic investors in a private partnership called Narragansett Strategic Partners,” according to a news release from Brown. (Source)

2) Oct 2, 2013 – Brown University reported a 12.6 percent return on its investments for fiscal year 2013, up from a 1 percent return a year earlier, the university announced Tuesday. The long-term pool, which includes the endowment and other university funds, rose to a market value of $2.86 billion as of June 30. In fiscal year 2012, the endowment closed with a market value of $2.52 billion.

“The endowment is a critical part of Brown’s operating budget, providing essential funding for need-blind admission, endowed professorships and all of our academic programs, institutes and centers,” said Brown President Christina Paxson, in a release. “Income from the endowment contributed nearly 16 percent of the University’s operating budget for the 2013 fiscal year – approximately $16,000 per student.”

Forty-four percent of current Brown undergraduates receive financial aid directly from the university, for which Brown budgeted $90.1 million in the 2013 fiscal year, the release stated. The endowment also supports graduate student fellowships, library acquisitions, the Division of Biology and Medicine, all varsity sports and building maintenance. (Source)

3)  Brown University is committed to sustainability through a formal policy and plan. A committee, an office, and several staff members lead and oversee campus environmental initiatives. The school’s green purchasing policy encourages the procurement of green products, including Energy Star appliances and environmentally preferable paper products. (Source)

4) Brown University’s endowment earned a 12.6-percent return for the fiscal year ending June 30, 2013. The long-term pool, which includes the endowment and other University funds, closed with a market value of $2.86 billion, according to an announcement this afternoon at the October Faculty Meeting. This compares to an average return of 11.6 percent for college and university endowments as currently reported by Cambridge Associates, a firm that tracks endowment performance nationwide.

“The endowment is a critical part of Brown’s operating budget, providing essential funding for need-blind admission, endowed professorships, and all of our academic programs, institutes, and centers,” Brown President Christina Paxson said. “Income from the endowment contributed nearly 16 percent of the University’s operating budget for the 2013 fiscal year — approximately $16,000 per student.” (Source)

5) PROVIDENCE, R.I. [Brown University] — Cynthia Frost, chief investment officer for Brown University, announced today that Brown University’s endowment earned an 18.5-percent return for the fiscal year ending June 30, 2011, and grew to $2.5 billion.

The $2.5-billion market value for fiscal 2011 reflects the investment return, the more than $69 million in new gifts to the endowment, and a distribution of $111 million toward the operating budget. For the last 10 years, Brown’s endowment had an average annual compound return of 7.7 percent, compared to the MSCI World Index 10-year return of 4.0 percent.

Brown’s endowment contributed 14 percent of the University’s fiscal 2011 operating budget. The endowment is essential in supporting Brown’s commitment to a need-blind admission policy. Forty-three percent of Brown undergraduates receive financial aid directly from the University, totaling $81.4 million in the 2010-11 academic year. The endowment also supports professorships, graduate student fellowships, library acquisitions, the Division of Biology and Medicine, more than 60 academic programs, all varsity sports, and building maintenance. The endowment is designed to sustain these vital areas in perpetuity. (Source)

 

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