Cornell Endowment Surges 42%, Largest Gain in More Than 35 Years

(Bloomberg) -- Cornell University’s endowment returned 42% in fiscal 2021, the largest gain in more than three decades.

The advance pushed the school’s fund to a record $10 billion for the year ended June 30, Cornell said in an emailed statement Thursday. In fiscal 2020, the endowment’s investments gained 1.9%.

The latest return is the result of a five-year effort to restructure asset classes and reduce fees, the university in Ithaca, New York, said. Earlier Thursday, several other schools posted increases that also boosted their fund s to records:

• The Massachusetts Institute of Technology said its endowment returned 56%, bringing the total to $27 billion.
• Brown University saw an increase of 52%, according to a statement. That put the fund at $7 billion.

©2021 Bloomberg L.P.