Beyond Returns: Understanding the Factors Shaping Endowment Performance

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Understanding the Factors Shaping Endowment Performance

Understanding the Factors Shaping Endowment Performance

Reflections on key drivers, emerging trends and strategic takeaways for endowments

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The 2025 NACUBO-Commonfund Study of Endowments (NCSE)1, encompassing 657 U.S. colleges and universities, remains a leading resource for understanding how higher education institutions manage endowment portfolios, design spending policies, and structure investment governance. 

These insights remain highly relevant, offering a comprehensive view of how institutions navigated a recent period of evolving market dynamics, policy uncertainty, and operational pressures.

The whitepaper examines Aon’s perspectives on:
  1. Key performance drivers highlighted in the NCSE
  2. Asset allocation
  3. Federal grants and gifting trends
  4. Spending
  5. Governance with a focus on OCIO trends
  6. Responsible investing trends
  7. Key principles for anchoring endowment decision making
  8. Potential next steps 

 

If you are interested in learning more about the study or need support with the right approach for your institution, please contact your Aon representative or a member of our team for further insights.

 

1 NACUBO-Commonfund Study of Endowments 2025; www.nacubo.org

Beyond Returns: Understanding the Factors Shaping Endowment Performance

Report

Beyond Returns: Understanding the Factors Shaping Endowment Performance

Reflections on key drivers, emerging trends and strategic takeaways for endowments

Download Report

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