Study: Educational Endowments' Investment Returns Averaged 15.5 Percent in FY2014

Breaking down the returns reported for various alternative strategies, venture capital provided the highest return, at 23.3 percent, a nearly fourfold rise compared with last year’s 6.1 percent return. Private equity (LBOs, mezzanine, M&A funds and international private equity) followed at 16.5 percent. After that, in descending order, returns were: energy and natural resources at 15.3 percent; distressed debt at 13.2 percent; private equity real estate (non-campus) at 12.6 percent; marketable alternative strategies (hedge funds, absolute return, market neutral, long/short, 130/30, event-driven and derivatives) at 9.9 percent; and commodities and managed futures at 7.9 percent.