{{ p.title }}
{{ b.text }}
{{ g.text }} {{ g.text }} {{ g.text }}
| {{ c.v }} |
|---|
{{ b.note }}
{{ p.kfImg.note }}
University of Cambridge Investment Management: endowment and investment office
University of Cambridge Investment Management reports GBP 4.40 billion in pooled fund value for June 30, 2025. Balance source
Cambridge's report describes a pooled fund serving university, college and trust investors. The fund's value was approximately GBP 4.4 billion, compared with GBP 4.2 billion a year earlier. This is the fund's June reporting basis. It should not be combined with an institution balance measured at another fiscal-year end. Official report
Key facts
- Reported value
- GBP 4.40 billion
- As of
- June 30, 2025
- Portfolio
- Endowment
- Investment office
- University of Cambridge Investment Management
- Office head
- Tilly Franklin, chief executive officer and chief investment officer; as of Nov. 2, 2026
- Spending policy
- 4% on stated policy basis
- Management model
- Internal or institution-owned office; uses external managers
Endowment size and reporting scope
The Cambridge University Endowment Fund is a pooled vehicle serving the university, colleges and associated trusts. Its GBP 4.4 billion value is measured at June 30, 2025. That fund balance differs from the university's own accounts and from the combined endowments of Cambridge colleges. The investment objective is expressed relative to UK consumer price inflation and returns are reported in sterling. No dollar conversion is used to place this fund in a U.S. survey size band. Official report
Investment returns
| Portfolio | Period end | Horizon | Reported return |
|---|---|---|---|
| Endowment | June 30, 2025 | 1 year | 5.6% |
| Endowment | June 30, 2025 | 5 years, annualized | 8.2% |
| Endowment | June 30, 2025 | 10 years, annualized | 8.3% |
Fee basis: Net of all fees, charges and expenses.
The 1-year result is 5.6%, while the 10-year result is 8.3% 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
UCIM describes distributions of approximately 4% of the fund's net asset value each year. The long-term investment objective is 5% above consumer price inflation. A distribution guideline and a real return objective measure different things. Spending disclosure
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
UCIM invests through specialist third-party fund managers. The report identifies five broad investment classes: public equity, private equity, absolute return and credit, real assets, and fixed income or cash. Investment governance
The current official source names Tilly Franklin, chief executive officer and chief investment officer. Officer information is stated as of November 2, 2026. Office leadership
Federal excise tax on investment income
Section 4968 is the U.S. excise tax on investment income of qualifying private colleges and universities. It does not apply to this UK pooled charitable investment vehicle as a U.S. private college. The report describes the fund and its manager under their UK structure. U.S. student-adjusted endowment thresholds do not classify this sterling portfolio. Public Law 119-21, Section 70415
The private-foundation tax in IRC 4940 is a separate regime. A UK fund's participation by charities does not make its published fund value a U.S. private-foundation tax base. Tax treatment of a particular investor depends on that investor and its arrangements. The performance and distribution figures on this page retain the fund report's stated basis. Fund structure
Reporting comparisons
The fund reports in sterling and follows its stated UK reporting date. No U.S. college size band is assigned. Currency movements, valuation dates and the participating-investor structure would have to be aligned before a cross-border numerical comparison. The report's own long-term objective and reference portfolio provide the relevant performance context. Fund report
Public records and reporting dates
The fund or manager report supplies the financial reference for this profile. The reporting vehicle and its participating institutions have different accounts. Fund assets, investor interests and the manager's own balance sheet should be read within their respective financial statements. Official reporting vehicle
Sources
- https://www.ucim.co.uk/annual-report-2025/overview
- https://www.ucim.co.uk/annual-report-2025/strategy-and-performance
- https://www.ucim.co.uk/person/tilly-franklin
- https://www.congress.gov/119/plaws/publ21/PLAW-119publ21.pdf
- https://endowments.com/
- https://familyoffices.com/
Related profiles
- Oxford University Endowment Management (GBP 6.70 billion)
- University of Pittsburgh (USD 6.80 billion)
- University of North Carolina at Chapel Hill (USD 6.22 billion)
- The Cleveland Clinic Foundation (USD 6.24 billion)
- Cincinnati Children's (USD 6.28 billion)
- University of Minnesota & Foundations (USD 4.80 billion)
