Stanford University
EndowmentCalifornia · as of FY2024
AUM
$37B
Held in U.S. securities
$7B
20% of AUM
Return target
~7.5% nominal long-run
Asset allocation policy
Target weights set by the investment committee in the plan's Investment Policy Statement.
| Asset class | Target | $ value |
|---|---|---|
| Private equity (incl. VC) | 35% | $13B |
| Public equity | 25% | $9B |
| Absolute return | 22% | $8B |
| Real assets | 11% | $4B |
| Fixed income | 7% | $3B |
Holdings overview
Highest VC and private-equity allocation among the largest U.S. endowments, reflecting Stanford's Silicon Valley network and decades of GP relationships. Public equity exposure higher than at Yale or Harvard.
Board mandates
- Endowment and other long-term assets managed by SMC, the Stanford Management Company.
- Trustees set policy portfolio; SMC selects managers and implements.
- Climate Action Plan (2022) with portfolio-level emissions targets but no blanket fossil-fuel ban.
- Distributes ~$1.5B annually to Stanford's operating budget.
Spending rule
~5% of trailing 3-year average market value (smoothed payout policy)
Source: www.smc.stanford.edu