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The Texas A&M University System & Related Foundations: endowment and investment office
The Texas A&M University System & Related Foundations reports USD 22.23 billion in nacubo respondent endowment value for FY2025 survey reporting date. Balance source
The NACUBO balance combines the Texas A&M University System and related foundations. The Texas A&M Foundation's $3 billion collective endowment is one component, and its FY2025 returns and allocation are labelled separately. The Permanent University Fund benefits both public university systems through the Available University Fund, with one-third of that distribution allocated to Texas A&M and two-thirds to the UT System. The survey balance must not be added to UTIMCO's managed totals. Official report
Key facts
- Reported value
- USD 22.23 billion
- As of
- FY2025 survey reporting date
- Portfolio
- Texas A&M Foundation collective endowment only
- Investment office
- Texas A&M Foundation investment team and UTIMCO, for separate funds
Endowment size and reporting scope
The survey identifies the respondent as The Texas A&M University System & Related Foundations. Its investment report uses the portfolio name Texas A&M Foundation collective endowment only. 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 | 10,539.5 |
| FY2017 | 11,556.3 |
| FY2018 | 13,524.9 |
| FY2019 | 13,514.5 |
| FY2020 | 13,594.5 |
| FY2021 | 18,028.3 |
| FY2022 | 18,243.2 |
| FY2023 | 19,285.5 |
| FY2024 | 20,381.0 |
| FY2025 | 22,229.0 |
The survey series begins at USD 10,539.5 million in FY2016 and ends at USD 22,229.0 million in FY2025. Its USD 11,689.5 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 |
|---|---|---|---|
| Texas A&M Foundation collective endowment only | June 30, 2025 | 1 year | 8.01% |
| Texas A&M Foundation collective endowment only | June 30, 2025 | 5 years, annualized | 11.26% |
| Texas A&M Foundation collective endowment only | June 30, 2025 | 10 years, annualized | 8.4% |
The 1-year result is 8.01%, while the 10-year result is 8.4% 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
| Published category | Weight |
|---|---|
| Private equity | 35% |
| Public equity | 27% |
| Real assets | 16% |
| Private credit | 10% |
| US Treasuries | 7% |
| Cash | 3% |
| Opportunistic | 2% |
Texas A&M Foundation collective endowment at June 30, 2025; one component of the system total. Allocation report
Spending policy and payout
The foundation's financials page reports $184.9 million made available to Texas A&M. It says these funds include non-endowed gifts as well as endowment distributions. The total must not be described as an endowment-only payout. 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 Texas A&M Foundation investment team operates under its Board of Trustees. UTIMCO manages separate public-university funds. A foundation investment result does not measure the combined system-and-foundations survey portfolio. The foundation's legal entity and endowment are separate from the public system. 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 22,229.0 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 Texas A&M Foundation is a separate filer, EIN 74-2245072. Its Form 990 describes that foundation, while the survey balance combines the system and related foundations. The filing is not used as a substitute for combined-system financial statements. Foundation 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://s3.us-west-2.amazonaws.com/cdn2.txamfoundation.com/Publications/annual-report/2025_tamf_annual-report.pdf
- https://edge.sitecorecloud.io/nacubo1-nacubo-prd-dc8b/media/Nacubo/Documents/research/Final-Endowment-Market-Values--2023-to-1974-Revised.xlsx
- https://www.txamfoundation.com/about-us/financials.aspx
- 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/742245072
- https://endowments.com/
- https://familyoffices.com/
Related profiles
- University of Michigan (USD 21.20 billion)
- The Regents of the University of California (USD 20.15 billion)
- The University of Texas System (USD 27.17 billion)
- University of Virginia (USD 18.80 billion)
- University of Notre Dame (USD 20.09 billion)
- The University of Pennsylvania (USD 31.10 billion)
Lists that include The Texas A&M University System & Related Foundations
- Texas endowments
- Endowments of $10 billion or more
- Endowments over $5 billion
- Largest affiliated foundation endowments
- Largest public institution endowments
- System and combined foundation endowments
- Top 100 endowments by FY2025 survey size
- Top 25 endowments by FY2025 survey size
- Top 50 endowments by FY2025 survey size
