Virginia Commonwealth University, Richmond, reported an 11.9% return net of fees for its $1.84 billion endowment for the year ended June 30, said a spokesman.
Annualized investment returns were 3.81% for three years, 7.15% for five years and 4.1% for 10 years.
The asset allocation as of June 30 was 43.1% alternative strategies, 21.1% domestic equities, 15.2% fixed income, 12.5% international equities and 8.1% cash.
Virginia Commonwealth University Investment Management Co. was formed in November 2015 to manage assets for the Virginia Commonwealth University, VCU Health and affiliated entities.