Cornell University, Ithaca, N.Y., announced Thursday its endowment returned 3.4% for the fiscal year ended June 30.
Endowment assets rose to $6.3 billion from $6.2 billion in the previous fiscal year, a gain of 1.6% despite “challenging market conditions,” Chief Investment Officer A.J. Edwards said in a university news release.
The endowment had a 15.8% return for the fiscal year ended June 30, 2014. During the past five years, the annualized rate of return was 10%, the news release said.
“The largest returns for the 2015 fiscal year are from private equity, real estate, hedge funds, domestic equity and enhanced fixed income,” the news release said.