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Brown University: endowment and investment office
Brown University reports USD 9.50 billion in endowment and other managed assets for June 30, 2026. Balance source
Brown reports a 19.6% FY2026 return, with endowment and other managed assets reaching $9.5 billion. Its five- and ten-year annualized returns were 7.8% and 13.6%. The balance change included $1.6 billion of investment gains, $135 million in endowed gifts, $200 million received from the independent Brown University Health system, and a $357 million operating contribution. The additional health-system assets matter when comparing balances across years. Official report
Key facts
- Reported value
- USD 9.50 billion
- As of
- June 30, 2026
- Portfolio
- Endowment
- Investment office
- Brown University Investment Office
- Office head
- Jane Dietze, vice president and chief investment officer; as of Nov. 2, 2026
- Spending policy
- 4.5% to 5.5%
- Federal excise tax
- 4% from FY2027
Endowment size and reporting scope
The latest balance is labelled endowment and other managed assets and is dated June 30, 2026. The return series identifies the portfolio as Endowment. The historical survey below retains the respondent scope reported to NACUBO. A pooled investment vehicle can include working capital, reserves or assets for associated organizations alongside endowed gifts. Each participating fund owns its own economic interest in that vehicle. The pool's market value, the institution's endowment balance and the investment manager's corporate assets describe different quantities. Official report
| Fiscal year | Survey endowment, USD millions |
|---|---|
| FY2016 | 2,963.4 |
| FY2017 | 3,245.5 |
| FY2018 | 3,603.8 |
| FY2019 | 3,976.7 |
| FY2020 | 4,377.5 |
| FY2021 | 6,520.2 |
| FY2022 | 6,141.2 |
| FY2023 | 6,201.4 |
| FY2024 | 6,718.8 |
| FY2025 | 7,278.3 |
Across the reported FY2016 to FY2025 observations, the survey balance changed by USD 4,314.9 million (145.6%). This is balance growth; it includes the effect of new capital and distributions. NACUBO historical values FY2025 respondent table
Investment returns
| Portfolio | Period end | Horizon | Reported return |
|---|---|---|---|
| Endowment | June 30, 2026 | 1 year | 19.6% |
| Endowment | June 30, 2026 | 5 years, annualized | 7.8% |
| Endowment | June 30, 2026 | 10 years, annualized | 13.6% |
The 1-year result is 19.6%, while the 10-year result is 13.6% annually. The trailing periods share the same end date and overlap; their percentages are not added together. A long-term annualized return describes compound growth over the full period. The year-end asset balance also reflects money entering or leaving the portfolio. Return series
Spending policy and payout
Brown contributed $357 million to its FY2026 operating budget, equal to 24% of total revenue. Its policy payout range is 4.5% to 5.5% of average market value. Scholarships, fellowships and academic prizes receive 35% of the annual budget contribution. The operating distribution was $352 million in FY2025. Spending disclosure
| Fiscal year | Reported endowment distributions, USD millions |
|---|---|
| FY2025 | 352 |
| FY2026 | 357 |
Distribution report Distribution report
A distribution is money made available for the fund's designated use. A policy rate uses the averaging base defined by the institution. Dividing the distribution by the latest closing balance would create another measure, so the published formula and the reported dollar amount retain their own labels. Distribution basis
Governance and investment office
Brown's October 2026 release identifies Jane Dietze as vice president and chief investment officer. It announces that she will leave at the end of 2026 and that deputy CIO Joshua Kennedy will succeed her. Dietze remains CIO as of November 2, 2026. Investment governance
The current official source names Jane Dietze, vice president and chief investment officer. Officer information is stated as of November 2, 2026. Office leadership
Federal excise tax on investment income
Public Law 119-21 changed IRC 4968 for tax years beginning after December 31, 2025. An applicable institution must have at least 3,000 tuition-paying students in the preceding tax year, with more than half located in the United States. Its student-adjusted endowment must be at least $500,000. The rate is 1.4% from $500,000 through $750,000 per student, 4% above $750,000 through $2 million, and 8% above $2 million. Enacted law, Section 70415
Brown's October 2026 release states that it enters the 4% federal investment-income tax bracket in FY2027. This is an institutional disclosure, rather than a rate inferred from its headline endowment divided by enrollment.
The tax applies to net investment income. Student-adjusted endowment uses the prior year's fair value of assets other than those used directly for exempt purposes, with statutory student-count and related-organization rules. Dividing the headline endowment by a fall enrollment number can give a different result. A rate on investment income also differs from a spending-policy percentage applied to average assets.
FY2025 size-band comparison
The FY2025 NACUBO respondent value of USD 7,278.3 million places this reporting entity in the Over $5B band. The published group contains 30 respondents. Its average annualized five-year return was 11.4%, its ten-year average was 8.9%, and its average effective spending rate was 5.0%. These are survey averages for FY2025. Respondent counts Average net returns Spending-rate table
| NCSE measure | FY2025 average |
|---|---|
| One-year net return | 11.8% |
| Five-year annualized net return | 11.4% |
| Ten-year annualized net return | 8.9% |
| Effective spending rate | 5.0% |
NCSE returns are net of external management fees and expenses for periods ended June 30, 2025. A portfolio reported on another cost convention or fiscal-year end describes a different result. Survey allocation definitions
Public records and reporting dates
The official investment report supplies the portfolio figures and measurement dates on this page. The institution or related reporting entity also has a public nonprofit filing record. Tax-return assets and expenses cover that legal filer and can be broader than its endowment. Nonprofit filing record
Sources
- https://www.brown.edu/news/2026-10-09/brown-endowment-return-2026
- https://edge.sitecorecloud.io/nacubo1-nacubo-prd-dc8b/media/Nacubo/Documents/research/Final-Endowment-Market-Values--2023-to-1974-Revised.xlsx
- https://edge.sitecorecloud.io/nacubo1-nacubo-prd-dc8b/media/Nacubo/Documents/EndowmentFiles/2025-NCSE-Endowment-Market-Values-for-US-and-Canadian-Institutions-FINAL.xlsx
- https://www.brown.edu/news/2025-10-17/brown-endowment-return-2025
- https://www.congress.gov/119/plaws/publ21/PLAW-119publ21.pdf
- https://edge.sitecorecloud.io/nacubo1-nacubo-prd-dc8b/media/Nacubo/Documents/EndowmentFiles/2025-NCSE-Public-Tables--Number-of-NCSE-Participants-FINAL.pdf
- https://edge.sitecorecloud.io/nacubo1-nacubo-prd-dc8b/media/Nacubo/Documents/EndowmentFiles/2025-NCSE-Public-Tables--10-Year-Returns-by-Size-and-Type-FINAL.pdf
- https://edge.sitecorecloud.io/nacubo1-nacubo-prd-dc8b/media/Nacubo/Documents/EndowmentFiles/2025-NCSE-Public-Tables--Spending-Rates-FINAL.pdf
- https://edge.sitecorecloud.io/nacubo1-nacubo-prd-dc8b/media/Nacubo/Documents/EndowmentFiles/2025-NCSE-Public-Tables--Summary-Asset-Allocations-FINAL.pdf
- https://projects.propublica.org/nonprofits/organizations/50258809
- https://endowments.com/
- https://familyoffices.com/
Related profiles
- New York University (USD 7.44 billion)
- Rice University (USD 8.50 billion)
- Dartmouth College (USD 10.00 billion)
- University of Southern California (USD 9.03 billion)
- Mayo Clinic (USD 7.92 billion)
- The University of Texas at Austin (USD 6.49 billion)
