Key facts

Reported value

USD 54.50 billion

As of

June 30, 2026

Portfolio

Endowment

Investment office

Yale Investments Office

Office head

Matt Mendelsohn, chief investment officer; as of Nov. 2, 2026

Federal excise tax

8% from FY2027

Management model

Internal or institution-owned office; uses external managers

Data through FY2026

Balance reference Current officer source

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

The survey series begins at USD 25,408.6 million in FY2016 and ends at USD 44,149.8 million in FY2025. Its USD 18,741.2 million change is measured after gifts, spending and other balance movements. NACUBO historical values FY2025 respondent table

Investment returns

Performance report

Fee basis: Net of fees.

The 1-year result is 26.3%, while the 10-year result is 11.7% 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

Selected investments valued at NAV

Source: your.yale.edu · Data through FY2026

These amounts cover selected investments valued using net asset value. They exclude other valuation categories and are not a full allocation of Yale's endowment. FY2025 financial-statement note

Spending policy and payout

Yale distributed $2.2 billion in FY2026. Its smoothing rule incorporates the latest return into operating support over five years, beginning with the FY2028 budget on July 1, 2027. A strong investment year therefore reaches the operating budget gradually. The $16.3 billion decade total covers a different interval from the $2.2 billion annual distribution. Spending disclosure

Source: provost.yale.edu, news.yale.edu · Data through FY2026

Distribution report Distribution report

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 Yale Investments Office manages the endowment under university oversight. Yale's October 27, 2026 release identifies Matt Mendelsohn as chief investment officer. The office invests through external investment relationships across multiple strategies. Investment governance

The current official source names Matt Mendelsohn, chief investment officer. Officer information is stated as of November 2, 2026. Office leadership

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

Yale discloses an 8% rate beginning July 1, 2026. The October 2026 release associates roughly $900 million of tax liability with the FY2026 gain. This is the university's disclosed liability estimate, and should not be read as a cash tax payment made during FY2026.

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 44,149.8 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

Source: NACUBO · Data through FY2025

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

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