The University of North Carolina’s endowment returned 37.8% for the fiscal year ended June 30, nearly double the 18.9% median return for endowments managing more than $500 million.

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One of the biggest contributors was an investment in SpaceX made more than 15 years ago, when UNC invested just a few million dollars through a fund that held the company. Ahead of SpaceX’s IPO, UNC sold about $1 billion of its shares and still held more than $1 billion worth as of August.

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UNC’s results highlight the potential of a broader investment strategy, particularly when it comes to private markets and early-stage companies.

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Moving beyond traditional portfolios

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For endowments, the question is no longer simply how to manage a portfolio of public equities and outsourced investments. The institutions that have built some of the strongest track records, including Yale and Stanford, have taken a broader approach, allocating to venture capital, private equity, real assets and other private markets.

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That approach gives investment teams access to opportunities well beyond the public markets, including companies at much earlier stages of their growth. But it also requires a different way of managing the portfolio.

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An investment team needs visibility across public and private holdings, commitments, capital calls, liquidity, performance and exposures. As allocations expand across more managers, funds and asset classes, the amount of information to manage grows with them.

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A broader portfolio creates more complexity

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Moving into private markets and early-stage investing can make a portfolio more difficult to manage. Information can come from custodians, fund administrators, manager portals, capital statements, PDFs and other sources, often across multiple entities and investment structures.

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Keeping that information accurate and bringing it together in one view becomes increasingly important as an endowment expands its investment strategy.

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Institutions by MYFO brings public and private investments, entities, documents, performance and cash flows into one place, giving investment teams a clearer view of the portfolio.

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As endowments expand across more asset classes and investment structures, having the right infrastructure to bring that information together becomes increasingly important.

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To learn more about how Institutions by MYFO can help, book a demo.

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Sources

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Investing.com, "UNC Endowment Returns 37.8%, Fueled by Early SpaceX Investment"

Forbes, "Several Major Universities Post Double-Digit Endowment Gains In FY 2025"

Bloomberg, "Yale's Famed Endowment Model Falters at a Tough Time for Colleges"

Top1000funds, "Robert Wallace Talks Strategy, Execution and Governance at Stanford"