Michigan State University's $3.1 billion common investment fund, primarily made up of endowment assets, returned a net 5.1% for the fiscal year ended June 30, said Philip Zecher, chief investment officer, in an email.
The East Lansing-based university's fiscal-year return exceeded the common investment fund's internal policy benchmark of 0.5%, Mr. Zecher said.
For the three, five and 10 years ended June 30, the fund returned an annualized net 8%, 6.9% and 8.3%. Benchmark information was not provided for these time periods.
Mr. Zecher said the university does not report asset class returns or benchmark information, but added, "We had strong performance from our alternative investments, with hedge funds slightly beating out global public equity portfolio."
As of June 30, the actual allocation was 38% private investments, 32% global public equities, 20% hedge funds, 8% fixed income and cash, and the rest in emerging markets equities.
