Arizona State University Foundation, Tempe, reported its $1.3 billion endowment returned a net 24.9% for the fiscal year ended June 30.
The foundation's return fell short of the 26.5% benchmark for the period, according to an annual report posted on its website.
For the three, five and 10 years ended June 30, the foundation reported average annual compound returns of 13%, 11.7% and 7.8%, respectively, compared to respective benchmarks of 11.9%, 11.3% and 8.3%.
The foundation's endowment returned a net 4.8% for the fiscal year ended June 30, 2020.
The report did not provide returns by asset class.
The endowment's target allocation is 30% equities, 21% private equity, 20% fixed income, 15% diversifying strategies and 14% real assets.
Jeffrey Mindlin, chief investment officer of ASU Enterprise Partners, which oversees the foundation, could not be immediately reached for further information.