Williams College’s $2.4 billion investment pool, composed mostly of endowment assets, returned a net 9.9% for the fiscal year ended June 30, beating its 3.8% policy benchmark, according to a performance report by the Williamstown, Mass., school.
Venture capital produced the highest return at 59.4%, driven in part by high private company valuations, the report said. That was followed by buyouts at 18.1%; real estate, 15.9%; global long/short equity, 11.7%; global long equity, 6.4%; non-investment-grade fixed income, 2.1%; investment grade fixed-income, 1.3%; absolute return, -0.8%; and real assets, -12.6%.
As of June 30, the pool had a target asset allocation of 25% long global equity, 19% absolute return, 17% global long/short equity, 10% non-investment-grade fixed income, 9% buyouts, 6% each venture capital and real estate, 5% real assets, 2% investment-grade fixed income and 1% cash.
For the three, five, 10 and 20 years ended Sept. 30, the pool returned an annualized 14.1%, 12.9%, 8.8% and 11.6%, respectively.
Chief Investment Officer Collette Chilton could not immediately be reached for further information.