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Endowments and Foundations

Michigan State endowment charges to 15.4% return, surpasses benchmark

The $2.7 billion common investment fund of Michigan State University, East Lansing, produced a 15.4% preliminary return for the fiscal year ended June 30, well ahead of its 12.7% benchmark return.

Annualized returns for longer time periods were three years, 4.5% (benchmark, 4.2%); five years, 8.4% (8.1%); and 10 years, 5% (4.3%), a performance report showed.

June 30 returns exclude performance of most private investments in the endowment for the most recent quarter.

Philip Zecher, MSU's chief investment officer, said returns of public equity and hedge funds were the biggest contributors to June 30 returns, in an email.

MSU's asset allocation as of June 30 was 34.8% global equity, 24.5% hedge funds, 19.2% private equity/venture capital, 8.2% emerging markets equity, 5.9% fixed income, 4% private real assets, 2.2% private real estate and 1.2% marketable real assets.