University of Michigan
EndowmentMichigan · as of FY2024
AUM
$19B
Held in U.S. securities
$6B
31% of AUM
Return target
5%+ real (after inflation), per NACUBO peer norms
Asset allocation policy
Target weights set by the investment committee in the plan's Investment Policy Statement.
| Asset class | Target | $ value |
|---|---|---|
| Public equity | 28% | $5B |
| Private equity / VC | 25% | $5B |
| Hedge funds / absolute return | 17% | $3B |
| Real estate / real assets | 13% | $2B |
| Fixed income | 10% | $2B |
| Cash & other | 7% | $1B |
Holdings overview
Most assets are accessed through ~80–150 external manager relationships across asset classes. Direct holdings are limited; the endowment is principally a fund-of-funds in operation.
Board mandates
- Maintain real (inflation-adjusted) purchasing power of the endowment in perpetuity.
- Annual distribution to operating budget set by spending policy and trustee approval.
- Allocation set by investment committee; manager selection delegated to investment office.
- Donor-restricted gifts honored as separate sub-funds within the pool.
Spending rule
4–5% of trailing 3-year average market value
Source: www.nacubo.org/Research/2024/2023-NACUBO-Commonfund-Study-of-Endowments
Note: this fund's detail uses a representative NACUBO peer allocation as a stand-in. Actual targets and mandates may differ; we'll fill in plan-specific data as it's pulled from the most recent CAFR or annual report.