The endowment of Dartmouth College returned 10.8% in the fiscal year ending June 30, the college announced Thursday. The Hanover, New Hampshire-based institution’s endowment grew to $9 billion from $8.3 billion at the end of the prior fiscal year.
Over the past five, 10 and 20 years, the endowment returned an annualized 11.6%, 9.7% and 9.3%, respectively, the college reported.
“The strength and consistency of these long-term performance results are exceptional,” said Sian Beilock, Dartmouth’s president, in a statement. “They are a result of disciplined stewardship and a long-term investment approach and are providing a stable and enduring financial foundation for Dartmouth today and for generations to come.”
In fiscal 2024, the endowment returned 8.4%, fifth among the eight institutions in the Ivy League. It returned 1.6% in fiscal 2023 (sixth) and negative 3.1% in fiscal 2022 (sixth). The 10.8% return for fiscal 2025 trails the University of Pennsylvania (12.2%), Brown University (11.9%) and Harvard University (11.9%), the other Ivy League schools that have released their endowment returns so far.
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The endowment also distributed a record $453 million in fiscal 2025 to support the college’s operating budget.
Per the college’s 2024 endowment report, the endowment allocated 40% of its assets invested to private equity and venture capital, 22% to global equity, 21% to hedge funds, 10% to real assets and 7% to fixed income and cash.
In a news release, Dartmouth Chief Financial Officer Scott Frew noted that the college will begin paying a 4% tax on its investment returns in fiscal 2026, up from 1.4%, as a result of a tax rate increase on certain higher education endowments included in the One Big Beautiful Bill Act, which was passed in July. Frew noted the college will also continue to monitor future federal funding sources.
“Ultimately, Dartmouth is in a strong position because of an enduring commitment to responsible fiscal management, strategic investment, and advocacy for higher education and research,” Frew said in a statement.
Analysis from Markov Processes International noted that Dartmouth’s endowment is highly insulated from government-funding risk, compared with peer institutions, as it has both the second-lowest liquidity risk—unfunded private equity commitments as a percentage of liquid assets—and the lowest funding risk—representing its share of government funding as a percentage of liquid assets—among its peer group, which includes the Ivy League schools, MIT and Stanford.
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Tags: Dartmouth College, Endowments
