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The Pennsylvania State University: endowment and investment office
The Pennsylvania State University reports USD 5.06 billion in nacubo respondent endowment value for FY2025 survey reporting date. Balance source
The Office of Investment Management reports $5.22 billion in total endowment assets at the end of FY2025, including $5.21 billion in the Long-Term Investment Pool. The same office reports an 8.4% one-year LTIP return, with five- and ten-year returns of 10.5% and 8.8%. These pool figures have a different scope from the institution's survey balance. Official report
Key facts
- Reported value
- USD 5.06 billion
- As of
- FY2025 survey reporting date
- Portfolio
- Long-Term Investment Pool
- Investment office
- Penn State Office of Investment Management
- Spending policy
- 5% on stated policy basis
Endowment size and reporting scope
The survey identifies the respondent as The Pennsylvania State University. Its investment report uses the portfolio name Long-Term Investment Pool. The balance history follows the survey respondent, while performance follows the named portfolio. Endowed gifts may carry individual purposes even when they are invested together. The investment office can pool those funds for management and still account for each beneficiary separately. A change in the endowment balance includes gifts, appropriations and transfers alongside gains and losses on investments. Official report
| Fiscal year | Survey endowment, USD millions |
|---|---|
| FY2016 | 3,602.3 |
| FY2017 | 3,990.8 |
| FY2018 | 4,264.2 |
| FY2019 | 4,546.1 |
| FY2020 | 3,402.9 |
| FY2021 | 4,613.2 |
| FY2023 | 4,443.9 |
| FY2024 | 4,768.6 |
| FY2025 | 5,061.3 |
The survey series begins at USD 3,602.3 million in FY2016 and ends at USD 5,061.3 million in FY2025. Its USD 1,459.0 million change is measured after gifts, spending and other balance movements. NACUBO historical values FY2025 respondent table
Investment returns
| Portfolio | Period end | Horizon | Reported return |
|---|---|---|---|
| Long-Term Investment Pool | June 30, 2025 | 1 year | 8.4% |
| Long-Term Investment Pool | June 30, 2025 | 5 years, annualized | 10.5% |
| Long-Term Investment Pool | June 30, 2025 | 10 years, annualized | 8.8% |
Fee basis: Net of investment manager fees and investment expenses as described.
The 1-year result is 8.4%, while the 10-year result is 8.8% 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
Asset allocation
| Published category | Weight |
|---|---|
| Fixed income | 19.6% |
| Public equities | 37% |
| Private equity | 18% |
| Real assets | 14.2% |
| Opportunistic assets | 11.2% |
Published LTIP actual allocation at June 30, 2025; reported categories sum to 100%. Allocation report
Spending policy and payout
The philanthropy report records $180 million distributed from endowed LTIP assets during the year. It describes a 5% policy-level distribution applied to a twenty-quarter average per-unit market value. That measure differs from a percentage of the latest closing balance. Spending disclosure
The policy formula controls how the operating budget receives support across market cycles. Its averaging base can differ from the latest fiscal-year-end balance. The dollar distribution records support for a stated year, while a budget-support percentage measures the institution's reliance on that support. Distribution basis
Governance and investment office
The Investment Council provides direct oversight of the endowment and long-term investment program. It reviews asset allocation, investment strategies and manager performance. The Office of Investment Management publishes the LTIP performance series and distinguishes it from total endowment assets. Investment governance
Federal excise tax on investment income
The private-college investment-income excise tax does not apply to state colleges and universities described in IRC 511(a)(2)(B). Section 4968 expressly retains that exclusion after the 2025 changes. This public university or system is therefore outside the private-college tier schedule. Public Law 119-21, Section 70415
The new 1.4%, 4% and 8% rates apply to qualifying private institutions for tax years beginning after December 31, 2025. They measure tax on net investment income, not a charge on endowment market value. Separately incorporated foundations and investment managers retain their own filing obligations. A system-wide portfolio value does not determine every related entity's tax treatment, and a manager's corporate assets do not measure the endowment pools it serves. Institutional reporting scope
FY2025 size-band comparison
The FY2025 NACUBO respondent value of USD 5,061.3 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% |
The size band follows the survey's FY2025 respondent balance. It does not change when a newer pool figure covers additional assets. Survey respondent values and managed-pool values retain their separate scopes. 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://edge.sitecorecloud.io/nacubo1-nacubo-prd-dc8b/media/Nacubo/Documents/EndowmentFiles/2025-NCSE-Endowment-Market-Values-for-US-and-Canadian-Institutions-FINAL.xlsx
- https://oim.psu.edu/investments
- https://edge.sitecorecloud.io/nacubo1-nacubo-prd-dc8b/media/Nacubo/Documents/research/Final-Endowment-Market-Values--2023-to-1974-Revised.xlsx
- https://raise.psu.edu/presidents-report-on-philanthropy-and-endowments/2024-2025-presidents-report-on-philanthropy-endowments/endowment-and-philanthropy-summary/
- 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/246000376
- https://endowments.com/
- https://familyoffices.com/
Related profiles
- University of Pittsburgh (USD 6.80 billion)
- University of North Carolina at Chapel Hill (USD 6.22 billion)
- University of Minnesota & Foundations (USD 4.80 billion)
- The University of Texas at Austin (USD 6.49 billion)
- The Ohio State University (USD 9.70 billion)
- Mass General Brigham (USD 5.29 billion)
