Key facts

Reported value

USD 12.70 billion

As of

June 30, 2026

Portfolio

Endowment

Investment office

Vanderbilt University Office of Investments

Data through FY2026

Balance reference

Endowment size and reporting scope

The latest balance is labelled university endowment 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

Source: NACUBO · Data through FY2026

Across the reported FY2016 to FY2025 observations, the survey balance changed by USD 7,034.8 million (184.1%). This is balance growth; it includes the effect of new capital and distributions. NACUBO historical values FY2025 respondent table

Investment returns

Performance report

Fee basis: Net of internal management costs and endowment excise tax; the report separately gives 21.4% before those costs.

The 1-year result is 21.1%, while the 10-year result is 11.1% 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: cdn.vanderbilt.edu · Data through FY2026

Actual endowment portfolio allocation at June 30, 2025. Allocation report

Spending policy and payout

Vanderbilt distributed $514 million in FY2026, compared with $516 million in FY2025. Those distributions support education, research and public service. The roll-forward separately records new gifts, investment gains and spending, allowing readers to see why the portfolio return differs from the growth in the closing balance. Spending disclosure

Source: cdn.vanderbilt.edu · Data through FY2026

Distribution report Distribution report

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 report identifies the endowment as support for education, research and public service. It describes institutional endowments, also known as quasi-endowments, separately from new donor gifts. The financial notes provide the accounting treatment and fund restrictions. 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 10,857.0 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

Source: NACUBO · Data through FY2025

Source: NACUBO · Data through FY2025

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

Related reading

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