University of Notre Dame
EndowmentIndiana · as of FY2024
AUM
$20B
Held in U.S. securities
$4B
19% of AUM
Return target
~7%
Asset allocation policy
Target weights set by the investment committee in the plan's Investment Policy Statement.
| Asset class | Target | $ value |
|---|---|---|
| Private equity / VC | 35% | $7B |
| Hedge funds | 25% | $5B |
| Public equity | 18% | $4B |
| Real assets | 12% | $2B |
| Fixed income | 7% | $1B |
| Cash | 3% | $1B |
Holdings overview
Long-only equity exposure mostly externally managed. Private markets exposure tilted toward technology and growth equity.
Board mandates
- Notre Dame Investment Office known for one of the longest-tenured CIO offices and lowest staff turnover among large endowments.
- Catholic-mission-aligned exclusions: tobacco, weapons of mass destruction, abortion-related products.
- Endowment funds ~30% of operating budget.
Spending rule
5% of trailing 12-quarter average
Source: investmentoffice.nd.edu