The University of Texas System: endowment and investment office

The University of Texas System reports USD 27.17 billion in nacubo respondent endowment value for FY2025 survey reporting date. Balance source

UTIMCO's FY2025 annual report records $67.6 billion in endowment funds within $85.2 billion of total managed assets. The system survey balance on this page has a different reporting scope. PUF distributions pass through the Available University Fund, with two-thirds allocated to the UT System and one-third to Texas A&M. These entitlements do not create three separate holdings of the same assets. UT Austin and Texas A&M figures therefore are not added to UTIMCO's totals. Official report

Key facts

Reported value
USD 27.17 billion
As of
FY2025 survey reporting date
Portfolio
UTIMCO endowments composite
Investment office
UTIMCO
Portfolio facts. The University of Texas System
Portfolio facts. The University of Texas System
Data through FY2025

Balance reference

Endowment size and reporting scope

The survey identifies the respondent as The University of Texas System. Its investment report uses the portfolio name UTIMCO endowments composite. 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

Endowment value over time. The University of Texas System. NACUBO respondent values; USD millions. Gifts and spending affect balances.
Endowment value over time. The University of Texas System. NACUBO respondent values; USD millions. Gifts and spending affect balances.
Source: NACUBO · Data through FY2025
Fiscal yearSurvey endowment, USD millions
FY201624,203.2
FY201726,535.1
FY201830,886.0
FY201930,958.2
FY202031,958.3
FY202142,906.8
FY202242,668.3
FY202344,967.2
FY202424,741.5
FY202527,167.8

The endowment's reported survey value moved from USD 24,203.2 million to USD 27,167.8 million across these observations. This 12.2% change includes gains and losses on investments along with gifts, spending and transfers. NACUBO historical values FY2025 respondent table

Investment returns

PortfolioPeriod endHorizonReported return
UTIMCO endowments compositeAugust 31, 20251 year10%

Performance report

Fee basis: Net investment return, per annual report.

Spending policy and payout

The annual report describes distributions from the managed endowments to support the University of Texas and Texas A&M systems. Each fund's distribution arrangement belongs to that fund. A system-level survey endowment is not interchangeable with all assets managed by UTIMCO. Spending disclosure

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

UTIMCO is the investment-management organization for funds serving the public university systems. Its annual report distinguishes the Permanent University Fund, General Endowment Fund and other managed pools. The Long Term Fund is part of that reporting structure; counting it again inside an already-inclusive total would duplicate 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 27,167.8 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 measureFY2025 average
One-year net return11.8%
Five-year annualized net return11.4%
Ten-year annualized net return8.9%
Effective spending rate5.0%
Size-band asset mix. FY2025 NCSE Over $5B average. Survey weights, separate from institution holdings.
Size-band asset mix. FY2025 NCSE Over $5B average. Survey weights, separate from institution holdings.
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 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

Sources

  1. https://edge.sitecorecloud.io/nacubo1-nacubo-prd-dc8b/media/Nacubo/Documents/EndowmentFiles/2025-NCSE-Endowment-Market-Values-for-US-and-Canadian-Institutions-FINAL.xlsx
  2. https://www.utimco.org/media/1kib4vyb/2025-annual-report.pdf
  3. https://edge.sitecorecloud.io/nacubo1-nacubo-prd-dc8b/media/Nacubo/Documents/research/Final-Endowment-Market-Values--2023-to-1974-Revised.xlsx
  4. https://www.congress.gov/119/plaws/publ21/PLAW-119publ21.pdf
  5. https://edge.sitecorecloud.io/nacubo1-nacubo-prd-dc8b/media/Nacubo/Documents/EndowmentFiles/2025-NCSE-Public-Tables--Number-of-NCSE-Participants-FINAL.pdf
  6. 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
  7. https://edge.sitecorecloud.io/nacubo1-nacubo-prd-dc8b/media/Nacubo/Documents/EndowmentFiles/2025-NCSE-Public-Tables--Spending-Rates-FINAL.pdf
  8. https://edge.sitecorecloud.io/nacubo1-nacubo-prd-dc8b/media/Nacubo/Documents/EndowmentFiles/2025-NCSE-Public-Tables--Summary-Asset-Allocations-FINAL.pdf
  9. https://endowments.com/
  10. https://familyoffices.com/

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