Michigan State University's $2.9 billion common investment fund returned a net 11.1%, 70 basis points above its policy benchmark, for the fiscal year ended June 30, said a news release from the East Lansing, Mich.-based university.
For the three, five and 10 years ended June 30, the fund returned an annualized net 7.2%, 8.4% and 6%, respectively, above their respective benchmarks of 6.9%, 7.5% and 5.2%. The fund returned a net 15.4% for the fiscal year ended June 30, 2017.
"While our public equity and hedge fund portfolios beat their respective benchmarks, performance was driven by strong returns in our private equity and private real estate portfolios," said Philip Zecher, MSU's chief investment officer, in the news release. Further asset class return information was not provided.
As of June 30, the fund's actual asset allocation was 31.5% global equities, 23.5% private investments, 22.4% hedge funds, 8.4% fixed income, 7.4% emerging markets equities, 4.4% private real assets and 2.4% private real estate.
Mr. Zecher could not be immediately reached to provide further information.