Michigan State University posts 41.7% return for fiscal year

Michigan State University's $3.9 billion common investment fund, primarily made up of endowment assets, returned a net 41.7% for the fiscal year ended June 30, said Philip Zecher, chief investment officer, in an email.

The fiscal-year return exceeded the common investment fund's internal policy benchmark of 32.9%, Mr. Zecher said.

For the three, five and 10 years ended June 30, the fund returned an annualized net of 17.1%, 15.7% and 10%, respectively, compared with their respective benchmarks of 11.8%, 11.6% and 8.2%.

The fund returned a net 5.1% for the fiscal year ended June 30, 2020.

Mr. Zecher said the East Lansing-based university does not report asset class returns or benchmark information, but he added that the "strong performance was led by our (private equity and venture capital) portfolio and that the (venture capital) portfolio returned over 100% for the year."

As of June 30, the actual allocation was 44.4% private investments, 31.3% global public equities, 16.4% hedge funds, and 7.9% fixed income, Mr. Zecher said Nov. 12.