University of California (Regents)
EndowmentCalifornia · as of FY2024 · System-wide; campus foundations report separately
AUM
$30B
Held in U.S. securities
$8B
26% 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 |
|---|---|---|
| Public equity | 36% | $11B |
| Private equity | 24% | $7B |
| Absolute return | 18% | $5B |
| Real assets | 8% | $2B |
| Real estate | 7% | $2B |
| Fixed income | 6% | $2B |
| Cash | 1% | $0B |
Holdings overview
Recent strategy emphasizes concentrated direct positions in private companies and a streamlined manager roster. Sizeable direct real estate book including UC system properties.
Board mandates
- UC Investments manages five major pools: General Endowment Pool, UC Retirement Plan, Total Return Investment Pool, Short-Term Investment Pool, and the Working Capital pool.
- Fully divested from fossil fuels (2020) — first major U.S. system to do so for both endowment and pension assets.
- Strong "less is more" philosophy under CIO Bachher: smaller manager roster, more direct positions, single-strategy implementations.
Spending rule
4.75% target spend rate (General Endowment Pool)
Source: www.ucop.edu/investment-office