10 University Endowments That Invest in Venture and Fund Managers

If you are raising Fund I, II, or III, university endowments are among the most consequential, and most selective, limited partners you will ever pitch.

They invented much of the modern endowment model: long horizons, heavy alternatives, and a bias toward equity-like returns that compounds over decades. A subset of them were early institutional investors in venture capital. A smaller subset still deliberately seeds or partners with new managers.

This post is a practical map for emerging GPs. For each of the ten offices below you will find: who they are, why they matter for venture fundraising, verified facts from primary or high-quality secondary sources (with fiscal-year labels), how to approach them, and a short “what to bring” checklist.

Hard rule for the reader (and for us): endowment AUM, allocations, and commitment practices change every year. Treat every figure as a snapshot. Before you cite a number in a pitch deck, pull the latest endowment report or investment-office publication yourself.

1. Yale Investments Office

Official office: Yale Investments Office - steward of Yale University’s endowment and the origin of the “Yale Model” of equity-oriented, alternatives-heavy portfolio construction under the late David Swensen. Current CIO: Matt Mendelsohn.

Why GPs care: Yale is still the cultural reference point for endowment investing. It is known for long-term partnerships with external managers, a high tolerance for illiquidity, and, unusually among mega-endowments, an explicit program aimed at helping new investment firms launch.

Verified facts (check latest report):

• Endowment value $44.1 billion as of June 30, 2025 (FY2025); net return 11.1% for the year (Yale News; Yale OIR Endowment Summary).

• Prior year: $41.3 billion at June 30, 2024 (same OIR series).

• Prospect Fellowship — Yale’s eight-week program for investment-management entrepreneurs. Up to five fellows; the office states it “back[s] people, not track records.” Applications for the Spring 2027 cohort close October 5, 2026 (investments.yale.edu/prospect).

• Per trade reporting on the program’s launch terms: up to $2 million in working capital, a minimum $25 million seed commitment at launch, and up to another $25 million follow-on.

Yale does not publish a current, primary-source venture capital target percentage in its public FY2025 news release. If you need an allocation figure for diligence, ask for the latest Investments Office materials or endowment report rather than recycling third-party directories.

How to approach: For true day-one managers, Prospect Fellowship is the front door. For established Fund II/III managers, warm introductions through existing Yale GPs or mutual network still matter more than a cold deck. Expect extreme selectivity and multi-cycle relationship building.

What to bring:

• Concise investment thesis and why you are the edge (Yale explicitly weights people over track record for Prospect)

• PPM / LPA outline and proposed fund size

• Personal and professional references who will take a call

• Clarity on capacity rights and how Yale would fit in a first close

• Application materials per Prospect FAQ if you are going that route ([email protected])

2. Harvard Management Company (HMC)

Official office: Harvard Management Company, wholly owned subsidiary that manages Harvard University’s endowment. One of the oldest and largest institutional VC investors in the U.S.

Why GPs care: Scale, brand, and a published portfolio that still puts meaningful weight in venture and growth venture. HMC’s public materials emphasize manager selection and long-term partnerships across early-stage and established firms.

Verified facts (check latest report):

• Endowment value $56.9 billion as of June 30, 2025; FY2025 return 11.9% (HMC Partners & Performance; Harvard FY2025 financial report / HMC FY25 Annual Report PDF).

• Prior year: $53.2 billion at June 30, 2024; FY2024 return 9.6%.

• Asset allocation (FY2025, as published by HMC): Private equity 41%, of which venture capital 14% and growth venture 10% (plus buyout 13% and growth buyout 4%). Hedge funds 31%; public equities 14%.

• HMC states it was “among the earliest institutional investors in venture capital” and that partners include “both early-stage and established investors” (hmc.harvard.edu/partners-performance).

  
  

How to approach: HMC is a generalist shop with a partnership culture, but it is also one of the most oversubscribed LPs on the planet. Warm intros from existing HMC managers carry weight. Expect full institutional diligence (PPM, track record attribution, ILPA-style DDQ, references, operational DD).

What to bring:

• Full PPM and track-record tape with clear attribution

• ILPA DDQ (or equivalent) ready for Ops/DD

• Reference list (LPs, founders, former colleagues)

• Thoughtful capacity / pacing plan if you cannot take a mega-check

• One-pager on risk, concentration, and how you underwrite venture outcomes

3. Stanford Management Company

Official office: Stanford Management Company (SMC) invests Stanford’s Merged Pool (endowment plus other long-term university and hospital capital) under Stanford’s Ethical Investment Framework. CEO: Robert Wallace.

Why GPs care: Silicon Valley adjacency, a long history as an early institutional venture LP, and a portfolio that has historically leaned hard into private markets. Brand alone makes Stanford a marquee name on a Fund I–III close.

Verified facts (check latest report):

• University endowment $40.8 billion as of August 31, 2025 (Stanford’s fiscal year-end); Merged Pool $47.7 billion as of June 30, 2025 (Stanford FY25 Annual Financial Report; Stanford News FY2025 investment release).

• Prior year endowment: $37.6 billion at August 31, 2024.

• Merged Pool FY2025 net return: 14.3% (Stanford News / secondary confirmations of the university release).

• Endowment payout funded roughly 21% of university operating expenses in recent years (FY25 financial report).

SMC’s public FY2025 materials emphasize private markets’ long-term role but do not (in the sources reviewed for this piece) publish a current primary-source % split for venture vs. buyout.

How to approach: Extremely relationship-driven. Warm intros via existing SMC GPs, Stanford alumni networks, or shared board relationships matter. Cold outreach rarely works. Materials must be institutional-grade; they will diligence process and people as hard as returns.

What to bring:

• PPM, LPA summary, and clean track-record attribution

• Portfolio-construction memo (stage, sector, check size, reserves)

• Founder and LP references

• Alignment note with Stanford’s Ethical Investment Framework where relevant

• Clear ask (target commitment range) and capacity status

4. Princeton University Investment Company (PRINCO)

Official office: Princeton University Investment Company (PRINCO) university office (not a separate legal entity) established in 1987 to manage Princeton’s endowment through a global network of external firms.

Why GPs care: Top-five U.S. endowment by size, among the highest endowments per student, and an equity-biased portfolio that explicitly includes private equity and venture capital strategies. Small, flat investment team - relationships and intellectual fit matter.

Verified facts (check latest report):

• Endowment $36.4 billion as of June 30, 2025; FY2025 investment gain 11.0% (PRINCO; Supporting the University; Report of the Treasurer 2024–25).

• Vast majority of the endowment (~$35.9 billion) is managed by PRINCO (Treasurer’s report).

• 20-year average annual return cited by PRINCO: 9.5% (Organizational Model).

• Treasurer’s report describes alternatives including “Private Equity strategies that invest in private companies and venture capital opportunities.” PRINCO does not publish a primary-source VC allocation % in the materials reviewed here — omit or confirm directly.

How to approach: PRINCO is known for a concentrated manager roster and a high bar. Emerging managers typically need a warm path in, often via another top-tier endowment GP, a Princeton network intro, or a consultant who already covers the account.

What to bring:

• Short, sharp investment memo (thesis, edge, pipeline)

• Track record with deal-level attribution

• References who know how you behave in hard markets

• Operational readiness (fund admin, custody, compliance)

• Honest discussion of fund size vs. Princeton’s typical check scale

5. MIT Investment Management Company (MITIMCo)

Official office: MIT Investment Management Company (MITIMCo) is the unit of MIT that manages the Institute’s endowment, retirement, and operating funds. Explicitly oriented toward early partnerships with managers.

Why GPs care: Among major endowments, MITIMCo is unusually public about emerging-manager willingness. Its own site describes partnering “from Day One” and sometimes serving as a manager’s sole external LP.

Verified facts (check latest report):

• Endowment $27.4 billion (excluding pledges) as of June 30, 2025; unitized pool return 14.8% for FY2025; 10-year annualized return 10.7% (MIT News).

• Prior year: endowment $24.6 billion; FY2024 pool return 8.9%.

• From MITIMCo’s “Our Approach” page (mitimco.org/partners/our-approach): emerging-manager program can invest in firms with $5 million or less AUM, PMs with only a few years of experience, and investors with little or no track record.

• Homepage: “we partner with investment firms early, often from Day One, and sometimes serve as their sole external partner” (mitimco.org).

How to approach: Read their emerging-manager criteria literally. If you fit (true early-stage firm, unconventional structure, strong people), lead with that fit — not a generic “we’re the next Sequoia” pitch. Still bring institutional materials; “emerging” is not an excuse for sloppy ops.

What to bring:

• Clear statement of why MITIMCo’s Day-One posture matches your firm

• Investment process and decision rights (especially for small teams)

• PPM / term sheet outline and proposed vehicle

• Character and judgment references

• Operational plan (even if lean): admin, valuation, reporting

6. University of Michigan Investment Office

Official office: University of Michigan Investment Office manages the University Endowment Fund (UEF), a unitized pool of 13,000+ separately administered endowment and quasi-endowment funds.

Why GPs care: One of the largest public-university endowments, with a published allocation that is heavily tilted toward venture and private equity.

Verified facts (check latest report):

• University Endowment Fund valued at $21.2 billion as of June 30, 2025; ranked tenth among U.S. higher-ed endowments and third among public universities in a June 30, 2025 survey cited by Michigan (2025 University Endowment Fund Profile).

• Long Term Portfolio FY2025 net return 15.5%; 10-year 9.9%; 20-year 9.2% (same profile).

• Asset allocation as of June 30, 2025: Venture & Private Equity 43.3%; Real Assets 23.5%; Absolute Return 14.0%; Equities 12.9%; Fixed Income 3.4%; Cash 3.0%.

• Policy framework: long horizon, equity-oriented strategy, reliance on carefully selected external managers; annual distribution rate 4.5% of a trailing 28-quarter average market value.

Michigan’s profile combines venture and private equity into one line — it does not break out VC-only %.

How to approach: Public university process can mean more stakeholders and formal documentation. Warm intros still help. Be ready for consultant or internal research screening before you see the CIO’s office.

What to bring:

• PPM, audited track record (or clear unaudited attribution)

• ILPA DDQ and ESG / DEI responses if requested

• Fee and waterfall summary that stands up to public-sector scrutiny

• References from other public LPs if you have them

• Liquidity / pacing plan aligned with a large, slow-moving pool

7. UTIMCO (University of Texas / Texas A&M Investment Management Company)

Official office: The University of Texas / Texas A&M Investment Management Company (UTIMCO) was created in March 1996; day-to-day manager of endowment and other assets for the UT and Texas A&M Systems under fiduciary oversight of the UT System Board of Regents. President, CEO & CIO: Richard Hall.

Why GPs care: Enormous scale, a diversified portfolio that explicitly includes private equity and venture capital inside Global Equity, and an active private-markets staff (multiple Managing / Senior Managing Directors for Private Equity on the leadership roster).

Verified facts (check latest report):

• As of August 31, 2025 (UTIMCO fiscal year-end): Total Investments ≈ $85.2 billion; Total Endowment Funds ≈ $67.9 billion (PUF $40.3B, GEF $27.3B, plus Permanent Health Fund and Long Term Fund components) (UTIMCO Performance Summary Aug 2025).

• 2025 Annual Report: Endowments’ net asset value reached $67.6 billion at FY2025 end (up from $25.7B ten years earlier, after $18.8B of distributions over the decade); FY2025 endowment return 10.0% vs. policy 6.7% (UTIMCO 2025 Annual Report).

• Investment philosophy: Global Equity portfolio “includes investments in public equities, private investments, venture capital and directional hedge funds.”

How to approach: Large public/system LP with formal governance. Expect process: RFP-like diligence culture, heavy documentation, and multiple internal stakeholders.

What to bring:

• Institutional data room: PPM, LPA, DDQ, audited financials, track record

• Clear Texas / U.S. strategy relevance if any (not required, but helpful context)

• Operational DD package (admin, cyber, valuation policy)

• References from other large public plans or endowments

• Realistic minimum check discussion — they write large tickets

8. Notre Dame Investment Office

Official office: University of Notre Dame Investment Office invests the Notre Dame Endowment Pool (NDEP) and other university financial assets. Long-horizon, mission-connected partner culture with external managers globally.

Why GPs care: Large private Catholic research university endowment with a very high private-equity weight inside the NDEP and a stated preference for true partnership with managers. Strong brand for Fund II/III closes; selective on Fund I.

Verified facts (check latest report):

• Notre Dame Endowment Pool assets $25.43 billion as of June 30, 2025 (vs. $22.57 billion at June 30, 2024) (FY25 Consolidated Financial Statements).

• Within NDEP at June 30, 2025: Private equity $12.54 billion (notes state private equity “primarily includes domestic and foreign buyout and venture capital funds”). Public equities $6.58B; multi-strategy $5.75B; short-term $0.56B.

• Uncalled commitments related to NDEP private equity: about $2.86 billion at June 30, 2025.

• Investment Office site: “A deep connection to Notre Dame’s mission and a true partnering approach with investment managers globally” (investment.nd.edu).

How to approach: Relationship and values fit matter. Mission alignment is real for this LP, be prepared to discuss how you partner with founders and how you conduct yourself as a fiduciary.

What to bring:

• PPM and deal-level track record

• Thoughtful note on partnership model (reporting cadence, co-invest, transparency)

• Character references

• Ops / compliance package

• Fund size and pacing that can absorb an institutional commitment without distorting the strategy

9. Wisconsin Investment Management Company (WISIMCO) / University of Wisconsin Foundation

Official office: Wisconsin Investment Management Company (WISIMCO) - investment division of the Wisconsin Foundation and Alumni Association (WFAA) that manages the Endowment Investment Portfolio (EIP) for UW–Madison support. Generalist investment model; heavy orientation to long-term growth assets including private capital.

Why GPs care: Mid-sized endowment with a published private-capital allocation, an explicit “partnership” philosophy in manager selection, and a team that still has bandwidth to underwrite newer managers, more accessible than the mega-Ivies for many Fund I–III GPs.

Verified facts (check latest report):

• Endowment Investment Portfolio net asset value ≈ $4.92 billion as of June 30, 2025 (WISIMCO Strategy & Performance; WFAA FY2025 Financial Report).

• FY2025 EIP return 16.2% net of external manager fees; 3-year 13.8%; 5-year 11.1%; 10-year 8.2%.

• Asset allocation as of June 30, 2025: Global Equity 54.6%; Private Capital 30.9%; Real Assets 11.6%; Cash and Fixed Income 2.9%.

• WFAA total investments on the balance sheet: ≈ $5.96 billion at June 30, 2025 (broader than EIP alone).

• WISIMCO strategic beliefs emphasize a fifth “P” - partnership, beyond people, process, philosophy, and performance; prefer single-vehicle / single-strategy relationships with aligned incentives (wisimco.org).

How to approach: Lead with partnership and alignment (they say they care). Warm intros help; a respectful cold outreach with a tight memo can also get a look because of scale. Email listed on site: [email protected] / investments contact.

What to bring:

• 5–8 page investment memo + one-page tear sheet

• Track record and pipeline examples

• Alignment / GP commitment disclosure

• References

• Proposed reporting package (they value partners who share insight across the portfolio)

10. Rice Management Company (Rice University)

Official office: Rice Management Company (RMC) invests Rice University’s long-term pool; CIO & President: John D. Lawrence ’97. Actively managed endowment with substantial third-party manager partnerships and some internal assets.

Why GPs care: Rice is one of the clearest public examples of a university endowment that still runs a large, named venture capital allocation and discloses performance. For emerging venture GPs, that transparency is a signal: VC is a core sleeve, not a token line item.

Verified facts (check latest report):

• RMC long-term investment pool $7.9 billion as of June 30, 2025; total university endowment (including directly held real estate outside RMC) $8.5 billion (investments.rice.edu; FY2025 Endowment Report).

• FY2025 RMC return 11.4%.

• Venture capital ≈ 23% of total RMC assets; VC portfolio return 17.7% for FY2025. Public equities also ≈ 23% of RMC assets (gained 16.0% in FY2025).

• Endowment funds ≈ 40% of Rice’s annual operating budget; ~$1.1 billion university budget in FY2025.

How to approach: Houston-based, relationship-oriented, manager-selective. Warm intros via existing RMC venture GPs are ideal. Because VC is a large sleeve, they will compare you against a real peer set, differentiation and team quality matter more than a generic “access” story.

What to bring:

• PPM and VC track record with clear stage/sector attribution

• Pipeline and sourcing edge (especially if non-coastal or specialized)

• References from founders and prior LPs

• Ops readiness and valuation policy

• Thoughtful fit vs. a portfolio that already has deep VC exposure

How to approach endowment LPs as an emerging manager

A few patterns hold across this list, whether you are pitching Yale’s Prospect Fellowship or a mid-sized foundation endowment like WISIMCO.

1. Warm > cold. Most of these offices are flooded with decks. An introduction from a trusted GP, founder, or allocator beats a cold email nine times out of ten. MITIMCo and Yale Prospect are partial exceptions because they publish inbound paths — use those.

2. Match the mandate. Do not pitch a $50M Fund I into an LP that typically writes $50M+ checks without a capacity plan. Conversely, do not undersell a differentiated Fund I to an office (MITIMCo, Yale Prospect) that explicitly wants early.

3. Bring institutional materials even if you are Fund I.

Typical package:

• PPM and summary LPA / term sheet

• Track-record tape with attribution (or, if pre-track-record, detailed deal examples and prior-firm attribution)

• ILPA DDQ (or equivalent questionnaire)

• Ops overview: fund admin, auditor, custody, compliance, cyber

• References (LPs, CEOs, partners)

4. Respect consultants and OCIOs. Some endowments underwrite directly; others lean on consultants (e.g., Cambridge Associates and peers) for research coverage. Getting into a consultant’s manager database is parallel work, not a substitute for a relationship with the endowment.

5. Play the long game. Many first meetings are not a close — they are a place on a watchlist for Fund II. Leave a crisp data trail so the next touch is easy.

6. Update your numbers. Every AUM and allocation figure in this article is dated. Before you put “University X has $Y billion and Z% in venture” into a pitch, open their latest report.

Presenting fund materials to LPs

When you are ready to share a PPM, DDQ, track-record tape, and references with endowment LPs (and with the consultants who cover them), keep fundraising materials in one controlled place. Pageform is built for fund managers who need an LP-ready share experience - permissioned access, version control, and a cleaner alternative to mailing zip files of diligence docs. Use it when you want LPs to review materials without losing the thread of what you sent and when. For ongoing LP updates after the close, the same habit shows up in how emerging managers run LP reporting.

Disclaimer

This article is educational only. It is not investment advice, an offer to sell or solicitation to buy any security, or a recommendation to approach or commit capital to any endowment or fund. University endowment values, asset allocations, staffing, and manager preferences change every fiscal year. Figures above are drawn from publicly available primary sources (and clearly labeled secondary sources) available around September 2026 research; always verify against the latest official endowment report, investment-office publication, or audited financial statements before relying on a number. Past performance of any endowment or asset class is not indicative of future results.