Key facts

Reported value

USD 3.07 billion

As of

FY2025 survey reporting date

Portfolio

Long-Term Investment Fund

Investment office

Texas Tech University System Office of Investments

Spending policy

4.5% on stated policy basis

Management model

In-house Office of Investments; external fund managers

Data through FY2025

Balance reference

Endowment size and reporting scope

A managed pool is an investment vehicle with participating accounts. Its market value can include assets whose owner intends to spend them on a different timetable from a perpetual gift. The endowment balance identifies the funds held for endowed purposes; the wider institutional balance sheet also includes buildings, receivables and obligations. Donor restrictions attach to the account and its use of income even when investments are selected together. Accounting scope therefore remains part of the meaning of each reported figure. Financial reporting basis

The survey identifies the respondent as Texas Tech University. Its investment report uses the portfolio name Long-Term Investment Fund. 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

Source: NACUBO · Data through FY2025

The survey series begins at USD 1,126.4 million in FY2016 and ends at USD 3,069.5 million in FY2025. Its USD 1,943.1 million change is measured after gifts, spending and other balance movements. NACUBO historical values FY2025 respondent table

Spending policy and payout

The system distributes 4.5% of the trailing twelve-quarter average endowment value for the donor-designated purpose. The published policy also authorizes a separate management assessment to support investment management and fundraising. The distribution rule uses a rolling average, which changes how market movements reach university budgets. Spending disclosure

Source: give2tech.com · Data through FY2025

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

The operating budget records the use of endowment support alongside other revenue. The share of a budget supplied by the endowment measures institutional reliance. The spending-policy rate instead measures an appropriation against the institution's stated asset base. The two percentages can move differently when expenses or other revenues change. A reported dollar distribution is useful alongside both, provided that the reporting period and beneficiary scope stay attached to it. Spending and reporting scope

Governance and investment office

The Board of Regents oversees the Long-Term Investment Fund. It delegates day-to-day investment management to the chief investment officer through the system investment policies. Donor restrictions and Texas law govern how individual funds may be used. Investment governance

Federal excise tax on investment income

Public Law 119-21 changed Section 4968 for tax years beginning after December 31, 2025. The private-college schedule requires at least 3,000 tuition-paying students in the preceding tax year, more than half located in the United States, and student-adjusted endowment of at least $500,000. The rates are 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

This public university or system is outside the private-college rate schedule under the statute's state-college exclusion. Endowment pools and separately incorporated affiliates keep their respective reporting and filing obligations. The 1.4%, 4% and 8% rates apply to net investment income of applicable private institutions, rather than to every public university portfolio or investment-management company.

The statutory asset base excludes assets used directly for exempt purposes and uses prior-year values and the statutory student-count rules. A survey endowment divided by a fall enrollment count does not reproduce that calculation. An endowment appropriation rate uses a different denominator from a tax rate on investment income.

FY2025 size-band comparison

The FY2025 NACUBO respondent value of USD 3,069.5 million places this reporting entity in the $1B to $5B band. The published group contains 125 respondents. Its average annualized five-year return was 10.8%, its ten-year average was 8.0%, and its average effective spending rate was 4.5%. These are survey averages for FY2025. Respondent counts Average net returns Spending-rate table

Source: NACUBO · Data through FY2025

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

The NCSE allocation groups combine several underlying investment strategies. Alternatives can include private capital, hedge funds and real assets, so matching that broad percentage does not imply matching individual holdings or liquidity. The size-band return is an average of respondent results. It describes a survey group for a common period and does not replace the institution's own investment-policy benchmark. Trailing five- and ten-year returns are annualized compound results, while the one-year return measures the final fiscal year alone. NCSE definitions

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

Related reading

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