The Arizona State University (ASU) endowment outperformed many of its peers during fiscal year 2022 and reached the industry’s list of top 100 endowments by size for the first time.

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The endowment, which is managed by the ASU Foundation for A New American University, rose 17 spots to No. 99 during fiscal year 2022 out of 689 institutions in the National Association of College and University Business Officers-TIAA Study of Endowments annual study. ASU ranked ahead of the following PAC-12 schools: University of Arizona Foundation (No. 115), Oregon State University Foundation (No. 167), Washington State University (No. 117) and University of Utah (No. 104).

A combination of strong investment returns and increased philanthropy bolstered the endowment’s market value from $1.25 billion to $1.39 billion at the end of fiscal year 2022, which ended June 30, 2022. According to the survey results, the 2.4% investment return for fiscal year 2022 places ASU’s endowment in the top decile of peer institutions with endowments of $1 billion or more.

“We’ve made several strategic enhancements to our investment approach in recent years, including building on internal investment resources, capitalizing on proprietary investment opportunities, enhancing our partnership with BlackRock and strengthening the alignment of our investments with the mission of ASU,” said Jeff Mindlin, chief investment officer for the ASU Foundation. “We saw strong outcomes from our innovative, sustainable approach in areas such as renewable power, clean tech and education technology.”

More than 100 new endowed funds were added to the ASU endowment in support of students, faculty and other programs. The ASU endowment is made up of more than 2,300 endowed funds that are restricted to a specific use or distribution schedule and are permanent gifts that are invested as a pooled fund to provide long-term financial support to ASU for scholarships and fellowships, professorships and chairs, research, athletics and other enrichment activities.

“As a public enterprise, Arizona State University looks to its visionary and dedicated philanthropic network to help support its growth and success,” said ASU President Michael M. Crow. “Through the incredible confidence and generosity of donors at all levels, ASU has seen unprecedented investments during the past six months, and our community is deeply appreciative and inspired to keep this momentum.”