Overview
- Harvard reported on Thursday that its endowment grew to nearly $68 billion after a roughly 27 percent investment return for fiscal year 2026, driven largely by private equity and technology bets.
- The university disclosed a large SpaceX stake and heavier AI and tech exposure as key return drivers, while private equity now makes up about 46 percent of the portfolio.
- Despite a modest $100 million operating surplus, Harvard recorded a deficit in unrestricted funds and must account for an anticipated roughly $300 million annual cost from the new 8 percent endowment tax.
- Legal fees and federal investigations have pushed costs higher and university leaders cut payroll through hiring and wage freezes and the Faculty of Arts and Sciences eliminated 165 positions this summer.
- Philanthropy rose to about $1.5 billion with a record $684 million in current-use gifts, HMC opened a San Francisco office to deepen AI investing, and CEO N. P. Narvekar has begun retirement planning that could affect future stewardship.