Key facts

Reported value

USD 68.00 billion

As of

June 30, 2026

Portfolio

Endowment

Investment office

Harvard Management Company

Office head

N.P. (Narv) Narvekar, chief executive officer; as of Nov. 2, 2026

Spending policy

5% on stated policy basis

Federal excise tax

8% from FY2027

Management model

Internal or institution-owned office; uses external managers

Data through FY2026

Balance reference Current officer source

Endowment size and reporting scope

The latest balance is labelled university endowment 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

Source: NACUBO · Data through FY2026

Across the reported FY2016 to FY2025 observations, the survey balance changed by USD 21,128.4 million (61.2%). This is balance growth; it includes the effect of new capital and distributions. NACUBO historical values FY2025 respondent table

Investment returns

Performance report

Fee basis: Net of investment expenses.

Asset allocation

Source: finance.harvard.edu · Data through FY2026

Actual endowment allocation at June 30, 2026. Allocation report

Spending policy and payout

Harvard describes an approximately 5% annual distribution requirement and about 3% inflation within its 8% long-term return objective. It distributed $2.6 billion in FY2026. The 5% figure is a planning assumption; the $2.6 billion is the reported dollar distribution. The university balances present operating support with preservation of purchasing power. Spending disclosure

Source: finance.harvard.edu, hmc.harvard.edu · Data through FY2026

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

Harvard Management Company manages the endowment under its board of directors. Its current leadership page names N.P. (Narv) Narvekar as chief executive officer. University leadership and the HMC board determine the portfolio risk the endowment can bear alongside its operating commitments. Investment governance

The current official source names N.P. (Narv) Narvekar, chief executive 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

Harvard says its rate rises from 1.4% to 8% in FY2027, beginning July 1, 2026. Its June 30, 2026 balance sheet recognizes a $1.9 billion tax liability, mostly deferred. The report estimates an annual cost of roughly $300 million, subject to realized investment income. That estimate and the recorded liability measure different things.

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 55,670.3 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

Source: NACUBO · Data through FY2025

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

Related reading

• Endowment size bands
• Endowments.com
• FamilyOffices.com