Key facts

Reported value

USD 8.50 billion

As of

FY2025 survey reporting date

Portfolio

RMC assets under management, excluding directly held real estate

Investment office

Rice Management Company

Data through FY2025

Balance reference

Endowment size and reporting scope

Rice Management Company's June 30, 2025 investment result excludes directly held real estate managed outside RMC. The managed endowment was USD 7.9 billion; the total university endowment including directly held real estate was USD 8.5 billion. The allocation targets in the report describe RMC's investment program. They are policy targets, so they should not be read as actual weights on the valuation date. The university's separate real estate holdings also affect comparisons with pooled-investment peers. Official report

Source: NACUBO · Data through FY2025

The endowment's reported survey value moved from USD 5,324.3 million to USD 8,496.6 million across these observations. This 59.6% change includes gains and losses on investments along with gifts, spending and transfers. NACUBO historical values FY2025 respondent table

Investment returns

Performance report

The 1-year result is 11.4%, while the 10-year result is 9.4% 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

Source: investments.rice.edu · Data through FY2025

Board-approved RMC allocation targets, shown in the fiscal-year report; not actual holdings. Allocation report

These weights are policy targets. Actual exposures can move with markets, commitments and rebalancing. The chart retains the portfolio and target labels used in the report.

Spending policy and payout

The report's endowment roll-forward shows $437 million in endowment spending. A separate table shows $446 million in endowment distribution against $1,088 million in operating expenses, or 41%. These are distinct report measures. Its narrative rounds the operating budget to $1.1 billion and the contribution to approximately 40%. Spending disclosure

Source: investments.rice.edu · Data through FY2025

Distribution report

Spending reaches the beneficiary through the institution's appropriation process. Donor purposes continue to govern the use of the money after it leaves the investment pool. The reported payout and policy percentage answer different questions because their periods and denominators differ. Distribution basis

Governance and investment office

RMC selects external investment managers. The report says actual venture capital and public-equity exposures were approximately 23% each. Those actual observations are kept separate from the target weights in the chart. Investment governance

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

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 8,496.6 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's figures are size-band averages, rather than medians or the institution's policy targets. The allocation graphic uses the published survey categories and identifies the rounding difference. A single year's result and a trailing annualized return measure different periods. 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