Virginia Commonwealth University Investment Management Co. said its $1.7 billion long-term assets pool returned a net 13.9% for the fiscal year ended June 30, said Bruce MacDonald, CEO and chief investment officer.
The return fell just short of its long-term benchmark return of 14.2% for the period, according to an Oct. 23 news release from VCIMCO.
Despite falling short of the benchmark, VCIMCO’s pool of endowment and other assets of Virginia Commonwealth University and its affiliates had the third-highest return among the 31 college and university endowments whose returns for the period have been tracked by Pensions & Investments as of Oct. 25.
The median return of the college and university endowment universe is 10.7%.
For the three and five years ended June 30, the assets pool returned an annualized 3.2% and 9.2%, respectively, above the respective benchmarks of 3% and 7.4%.
VCIMCO had returned a net 9.9% for the fiscal year ended June 30, 2023.
Returns by asset class were not available.
As of June 30, the actual allocation of the long-term assets pool was 67% equities, 16% cash (including hedged exposure), 14% credit and 3% real assets. Within the equities allocation, 15% of the total pool is in private equity, said MacDonald.
