The 2007 fiscal year was one of the best ever for Harvard University’s endowment, which grew in overall value to $34.9-billion from $29.2-billion the previous year, Harvard officials announced on Tuesday.
Harvard Management Company, which invests and manages the institution’s endowment — the largest educational fund in the world — posted a 23-percent return on its investments during the fiscal year that ended June 30. In the 2006 fiscal year, the endowment earned a 16.7-percent return.
Mohamed A. El-Erian, president and chief executive of Harvard Management Company, said the performance of investments in emerging-market stocks, private equity, and real estate had helped propel the overall strong returns for 2007. It was the first full year for which Mr. El-Erian had overseen the endowment since taking the leadership post in February 2006.
Read the rest here ($ only, sorry).
As incredible as this might seem, Princeton is FAR wealthier than Harvard. In per student terms, their endowment payout is substantially higher. Last time I looked, the earnings on Princeton’s endowment were higher than the tuition levels at almost every college in the country.