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Endowments and Foundations

Cornell posts 12.5% fiscal-year return

Cornell University, Ithaca, N.Y., reported Friday its endowment returned 12.5% for the fiscal year ended June 30.

The university said the endowment reached an asset record of $6.8 billion as of June 30, up 7.9% from the $6.3 billion at the end of the previous fiscal year.

The university did not provide benchmark or long-term returns. The endowment returned 3.4% in the previous fiscal year.

In an announcement posted on the university website, the university said public equity and private equity were the best-performing asset categories. The announcement didn't provide details and didn't discuss other asset classes. John Carberry, a university spokesman, didn't provide additional information by press time.

The office of university investments reviewed "each asset class and its overall approach to managing the endowment," the announcement said. "These efforts are intended to boost performance over the time, increase endowment flexibility, reduce fees and increase responsiveness to changing investment trends."