According to data collected by Pensions & Investments, investment assets for the 49 largest U.S. foundations totaled nearly $173 billion in 2012 – the latest available data.

The Bill & Melinda Gates Foundation Trust far and away continues to be the largest with $32.4 billion in investment assets, followed by The Ford Foundation ($10.2 billion), The Robert Wood Johnson Foundation ($8.6 billion), and the W. K. Kellogg Foundation ($7.3 billion) and The William and Flora Hewlett Foundation ($7.2 billion).

According to P&I’s analysis, the average allocation was 31.5% equity, 8.5% fixed income and 60% other. In 2008, the average asset allocation was 41.8% equity, 10.7% fixed income and 47.5% in other.