Brown’s endowment grows to about $6.9B
PROVIDENCE, R.I. (AP) — Brown University’s endowment generated a more than 50% return during the most recently completed fiscal year to increase to $6.9 billion, the Ivy league school announced Thursday.
Strong financial markets that boosted results for many universities drove Brown’s returns, Vice President and Chief Investment Officer Jane Dietze said in a statement.
The appreciation of 51.5% generated investment returns of $2.4 billion during the fiscal year that ended June 30.
The endowment provided $194 million for student scholarships, scientific research and other strategic priorities during the fiscal year, or about 15% of the total operating budget.
Brown’s endowment is a collection of charitable gifts designated by donors to be spent for specific purposes and invested by the university.
Harvard has the nation’s largest university endowment at more than $53 billion, according numbers released Thursday.