Endowment

The Institute's endowment is managed under the direction of its Vice President and Chief Investment Officer. Approximately 83 percent of the endowment is invested by external fund managers; the remainder is internally managed. External managers are used principally to manage alternative investments, including hedge funds, private equity, and derivatives.

At the close of fiscal year 2011, the endowment value was approximately $16.1 billion, an increase of $1.3 billion from the end of fiscal year 2010.

The composition of the Institute's endowment by investment category on August 31, 2011, is reflected in the graph below.