CAMBRIDGE, Mass. (AP) – Harvard, already the richest university in the country, increased its endowment to more than $ 53 billion in the last fiscal year, the Ivy League School reported in its annual financial report released Thursday. .
The growth of $ 11.3 billion over the previous year is explained by a return of 33.6% on its investments.
NP “Narv” Narvekar, CEO of Harvard Management Co, which manages the endowment, said the public and private capital markets have generated what he called “huge returns”.
“Both the public and private markets continued to perform strongly, which has enabled the endowment not only to increase its distribution at the university, but also to continue to grow during this critical period when financial pressures associated with pandemic challenges all higher education, ”Narvekar wrote in his report.
The university used $ 2 billion in endowments during the year to fund its operating budget.
Harvard ended the fiscal year on June 30 with an operating surplus of $ 283 million.