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University of Pittsburgh: endowment and investment office
University of Pittsburgh reports USD 6.80 billion in consolidated endowment fund for June 30, 2026. Balance source
The University of Pittsburgh Investment Office reports a Consolidated Endowment Fund value of $6.8 billion at June 30, 2026. The CEF supports financial aid, scholarships, faculty positions and research. The office manages the fund to preserve inflation-adjusted value while supporting a prudent spending policy. Official report
Key facts
- Reported value
- USD 6.80 billion
- As of
- June 30, 2026
- Portfolio
- Endowment
- Investment office
- University of Pittsburgh Investment Office
Endowment size and reporting scope
The latest balance is labelled consolidated endowment fund 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
| Fiscal year | Survey endowment, USD millions |
|---|---|
| FY2016 | 3,524.9 |
| FY2017 | 3,945.7 |
| FY2018 | 4,200.2 |
| FY2019 | 4,311.4 |
| FY2020 | 4,172.4 |
| FY2021 | 5,647.0 |
| FY2022 | 5,528.9 |
| FY2023 | 5,489.3 |
| FY2024 | 5,804.3 |
| FY2025 | 6,153.5 |
Across the reported FY2016 to FY2025 observations, the survey balance changed by USD 2,628.6 million (74.6%). This is balance growth; it includes the effect of new capital and distributions. NACUBO historical values FY2025 respondent table
Spending policy and payout
The investment office describes the objective of supporting a prudent spending policy while preserving inflation-adjusted asset value. It identifies financial aid, scholarships, faculty positions and research as supported uses. Spending disclosure
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
The Investment Office oversees and manages the university's Consolidated Endowment Fund. Its responsibilities include investment strategy and management of assets dedicated to the university's long-term educational and research purposes. 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 6,153.5 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% |
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
Sources
- https://www.financeoperations.pitt.edu/units/investment-office
- https://edge.sitecorecloud.io/nacubo1-nacubo-prd-dc8b/media/Nacubo/Documents/research/Final-Endowment-Market-Values--2023-to-1974-Revised.xlsx
- 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://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/250965591
- https://endowments.com/
- https://familyoffices.com/
Related profiles
- 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 Pennsylvania State University (USD 5.06 billion)
- The Ohio State University (USD 9.70 billion)
- The Cleveland Clinic Foundation (USD 6.24 billion)
