Harvard Endowment Returns 27.1% as Hedge Funds Lead Gains

Harvard University’s endowment returned 27.1% in the year ended June 30, 2026, lifting its assets to $68 billion. The endowment’s assets rose by almost 20% during the 12-month period.

NP Narvekar, chief executive of Harvard Management Company, attributed the performance to hedge funds, public equities and venture capital. The return was among the strongest in the endowment’s history.

The result followed several years in which Harvard’s large allocation to private-market investments produced weaker returns than publicly traded stocks. Private equity accounted for 46% of the portfolio as of June 30, up from 34% five years earlier.

Venture capital and growth equity represented 31% of the portfolio, compared with 24% a year earlier. The increase reflected greater exposure to privately held technology companies, including businesses linked to the artificial intelligence industry.

Investments connected to artificial intelligence and SpaceX contributed to the gains. Harvard Management Company held about $2.2 billion in SpaceX shares as of June 30, according to regulatory filings and people familiar with the matter.

Harvard did not disclose returns for individual hedge fund investments.