UNC endowment basks in blistering 42% return

The UNC Investment Fund, which includes the $5.1 billion endowment of the University of North Carolina at Chapel Hill, reported a return of 42.3% for the fiscal year ended June 30.

The fund's return well exceeded its primary benchmark return of 32.6% for the period, according to an investment report included with materials for UNC's Wednesday board meeting.

For the three, five and 10 years ended June 30, the investment fund returned an annualized 16.2%, 14.5% and 10.8%, above the respective benchmarks of 13%, 11.9% and 9.1%.

The UNC Investment Fund had returned a net 2.3% for the fiscal year ended June 30, 2020.

The report did not provide returns for all asset classes, but did note that private equity returned 90.6% for the year ended June 30. Within private equity, venture capital funds returned 142%, while buyout and growth equity funds returned 44% for the period.

The report did not specify whether returns were gross or net of fees.

The investment fund's target allocation is 30% long-biased equities, 22% private equity, 15% long/short equity, 10% diversifying strategies, 9% fixed income, 8% real estate, 4% energy & natural resources and 2% cash.

The UNC Investment Fund, which invests a total of $10 billion for schools in the University of North Carolina system and affiliated endowments, is managed by UNC Management Co., based in Chapel Hill.

UNC officials could not be immediately reached for further information.